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Pundi X and NEM are in a partnership to help drive the mass adoption of cryptocurrencies, promote their use in global retail and bring them to the next billion users. They seek to empower blockchain developers, token holders and retailers to transact, buy and sell goods and services in any physical store in the world using cryptocurrency.
The NEM XPOS brings together Pundi X, the leading developer of blockchain-based point of sales (“POS”) technology and NEM, the creators of a new blockchain known for its high-transaction throughput, speed and utility. The device will be powered by its native token: NPXSXEM.
Together they have developed a POS device that can be used to buy cryptocurrency using fiat, bank cards, mobile wallets or the Pundi XPASS, a physical representation of a digital wallet. The device will run on the NEM blockchain and carry Mosaic-based tokens such as XEM, XAR and its native token: NPXSXEM.
Clearing transactions on the device or adding to its functionality will require fees to be paid for in NPXSXEM. Publishing any app on the app store for the device will require fees to be paid in NPXSXEM which is also the default currency for settling transactions.
NPXSXEM tokens can also be used as loyalty awards for consumers, and can be deducted from the overall transaction amount.
These features are designed to encourage consumers and retailers to actively use NPXSXEM, promoting the token’s active use.
What is the difference between the NEM XPOS and main Pundi XPOS?
The NEM XPOS, will utilise the NEM blockchain for processing transactions and also list Mosaic-based tokens, such as XAR and XEM.
The Pundi XPOS is also developed by Pundi X Labs, but will run on the Ethereum blockchain.
Nonetheless, the two projects are complementary but independent in their token models. Of all the proceeds from a NEMXPOS transaction, 10 per cent will consume NPXS, the native token of the Pundi XPOS. This, using $10 in tokens on a NEM XPOS will consume $1 worth of NPXS.