Here is a blogpost ab out it:
https://medium.com/tenx-wallet/three-technical-requirements-to-connect-blockchains-without-a-token-98d693084849And here a 1hr youtube video:
https://www.youtube.com/watch?v=w8e2ke8U5eE Answers:
1. How are you associated with the COMIT network project?
COMIT is open source but we at TenX are the first ones to work on it.
2. Regarding the COMIT network, will people be able to exchange currencies on their phone app? Will this be without fee and will the COMIT network be monetized in any way besides the TenX debit card?
Yes, this should be possible. The fee will be set by the individuals providing the exchange - since it is competitive we expect close to nil fees.
3. Are you planning on building a desktop decentralized exchange based on the COMIT network, or are there any plans to do so by anyone else that the community knows of?
both - open to do it ourselves or work with others.
4. Will any other project utilize the COMIT network for decentralized exchange or just the TenX debit card?
Definitely.
5. How will your TenX card based on the COMIT network compete with the Bancor, Cosmos, Polkadot, Internet of Coins projects? Why should we invest in your project and not wait for the next debit card based on these upcoming decentralized protocols?
All these projects are awesome, but actually can work with us. There is no either or.
6. If there is a superior decentralized exchange protocol in the future, one that can incorporate cross blockchain smart contracts for example, how can the COMIT network evolve?
Since it is open source, let's see where this goes.
Hope that helps. Pls watch the video and/or read the article I wrote. Thanx
Thank you Playgrounder for your thoughtful response. It definitely helps and I have read the article and watched the video. Two follow up questions:
1. As far as I can tell from your business model, the value of the PAY token to investors is dependent on people using your debit card to pay merchants with crypto. I am somewhat confused about your plan to spend a lot of money on developing routing and providing liquidity to the COMIT network. I understand how improving the COMIT network would decrease costs of using the card, even making the card more useful. Yet if the COMIT network is open source, a rival could simply open up their own debit card after you have developed the COMIT network, offer greater incentives to users, and people would use that platform. How do you plan to mitigate this threat?
2. In the video, it says that all payments through the COMIT network will go through TenX. It even says if that one day the debit card is not needed, payments to PAY token holders would still occur, but at a lower commission (0.05% instead of 0.5%), because PAY token holders would be paid a percentage of the COMIT transactions which are expected to have very low fees. I am still unclear about how we would be paid a percentage of COMIT transactions in that case if COMIT is open source. If it is open source, other companies can offer services such as decentralized exchanges on it, and customers wouldn't necessarily have to go through TenX. Why would people use TenX if there was no need for a debit card?
Thank you again for your thoughts and I look forward to your response.