Following the hype around December of 2017, 2018 became the year of cryptocurrencies. Thanks to the democratized and decentralized model of blockchain - the technology that underpins cryptocurrencies – industry experts saw an opportunity for industries far and wide to use this new form of money as a new way to transform their payment systems.
However, the 65 percent fall in Bitcoin prices from January to February 2018 and the significant loss in value of the MVIS CryptoCompare Digital Assets 10 Index by September 2018 made the decline of the cryptocurrency market, in percentage terms, greater than the bursting of the Dot-com bubble in 2002. In November 2018, the total market capitalization for Bitcoin fell below $100 billion for the first time since October 2017. As a result, Investors, Central bankers among other industry observers have identified Bitcoin and other cryptocurrencies as speculative bubbles.
Clearly, the first-wave cryptocurrency economy was marred by a number of fairly unique and complex challenges. This was largely due to the fact that the cryptocurrency market was relatively in its infancy.
Developing a viable cryptocurrency requires a different approach, and that’s why the PDX team has experienced much success so far with the project. PDX is a viable investment, versus other cryptocurrencies, and stands apart from the pack entirely on its own merits, and irrespective of the "crypto market" generally.
PDX has long term fundamental viability, which will drive demand and value into PDX over time. Investors are not just investing in a cryptocurrency, they are also investing in a banking and payments technology platform for the 21st century, one that will change payments to the same magnitude that debit and credit cards did back in the 1970s. They will be getting in now on what will be the "new normal" in another 15-20 years.
PDX is a true currency, with actual utility, and for that reason it’s one of only a handful that will survive. The vast majority of cryptocurrencies out there today can never be thought of as viable "currencies". They are either scams, or are effectively glorified gift cards, because they have no use or utility outside of the products or services offered by their creators.
They can't be spent anywhere, they have no infrastructure behind them, and no purpose other than a cynical cash grab by non-financial types that can't get questionable projects financed in any other way.
PDX Coin has been created and structured so as to become a leading safe-harbor tokenized store of value. PDX’s value inherent in a transferable digital token will enable holders to store and preserve wealth, and engage in commercial and consumer transactions. PDX will be subject to the relevant laws in all applicable jurisdictions.
Financial statements related to PDX and its oil reserves will be prepared in accordance with U.S. generally accepted accounting principles or similar standards as may apply in other jurisdictions, and may be subject to independent audits. Holders of PDX Coin tokens are expected to be taxed only upon any gains (or losses) from their sale of PDX Coins.
The PDX team is now laying the groundwork with it’s development and engineering team to shortly commence the development of a proprietary crypto-to-fiat payments app that interfaces with both merchant point-of-sale terminals, physical and online, as well as a consumer's digital wallet.
In fact, the core technology platform has already been developed. It will be the key payments portal for PDX Coin, obviously, but will also accept a limited number of other larger and highly liquid cryptocurrencies such as BTC and ETH, as well as a couple of stable coins. The final development phase will begin in Q1 2020, ahead of PDX’s ICO commencement.
PDX will offer simplicity and ease of use for the consumer - no more difficult than paying with cash or a visa card is today. For the merchant PDX offers a host of benefits:
1. Transactions are instantly verified and confirmed through the blockchain. No chargebacks.
2. No more waiting 3 days to be confirmed and paid.
3. Elimination or at least significant reduction of fraud.
4. Merchant gets instantly settled in whatever currency they choose.
5. Interchange fees reduced from 3 or 4%, to no more than 1%.
6. Peer-to-peer - all the middlemen are gone, except PDX’s bank, which is there for less than 30 seconds.
Over time, and for obvious reasons, this will take off in a big way, and it’s a "Visa-killer". Kroger, for example, are already experimenting with no longer accepting Visa or Mastercard, but accepting BTC and other cryptos. The merchant software PDX’s team is developing will help this process and turn it into a trend. On the merchant's end of any transaction, the PDX payments app will be embedded into their existing POS terminals.
They won't need new hardware. The consumer will go to the store, point their phone-enabled wallet's QR code at the POS terminal, and the transaction is completed and instantly confirmed. Simple. And the merchant won't even necessarily "know" they are being paid in crypto, because our banking platform will instantly convert the crypto used in the transaction to whatever other currency the merchant prefers.
For the consumer, the PDX payments app is embedded in their wallet, and is simple and easy to use. All they have to do is point it at a POS terminal in a store, or transmit their QR code online. Voila - bill paid or purchase confirmed!
Merchant uptake is one of the the key drivers to mass global adoption. It’s all marketing, and the slow seep of time, and ever-increasing acceptance. The plan is to onboard as many merchants as possible all over the world. The consumer will follow, and this will drive the strength of daily demand for PDX, with the token price expected to rise accordingly. As for building our payments processing capability, we have among other things applied for an Electronic Money Institution license in Lithuania.
PDX, a globally compliant digital currency with actual utility, is at the core of a powerful new banking and financial services ecosystem based on encrypted and permissionless peer-to-peer (i.e. no middleman) payments and money transfers, globally, that solves multiple problems.
PDX offers all of the advantages of blockchain-enabled digital currencies while providing a verifiable asset base (physical reserves of crude oil and natural gas, and other energy assets) to protect its value, stability and security as a medium of exchange.
PDX Coin holders will be able to make instant payments and transfers anonymously, and instantly, anywhere in the world, and their data will be stored on an immutable blockchain, making it indestructible, theft-proof, and impossible for anyone else to know without their knowledge and approval. Transactions will be recorded in a blockchain distributed ledger, and, as a result, these transactions will be trustless, censorship-resistant, permission less, and private. Unlike other forms of asset control or money transfer, once a transaction in PDX is confirmed by the blockchain network, it will become irreversible.
PDX will initially be based upon the Ethereum-enabled blockchain platform, in order to provide a robust and decentralized method of verification, tracking and exchange. The Ethereum blockchain is expected to provide an auditable and cryptographically secure global ledger and will facilitate transactions with other familiar currencies and assets.
PDX Coin, founded on the blockchain, is a revolutionary technology that is going to transform many industries across the globe.
PDX is being designed to represent the seamless electronic transferability of the value inherent in its underlying physical assets. PDX’s specific structure, independently certified underlying value, and potentially lower market volatility may provide economic advantages to its holders.
These characteristics, together with a focus on transparency and regulatory compliance, position PDX Coin to be a top safe haven digital currency capable of appealing to investors and consumers worldwide, regardless of size or sophistication.