The number of blockchain projects keeps increasing in the industry. However, the users are experiencing minor changes in their real lives, even though the technology is getting better and better. Unlike most of the blockchain systems that are striving to become bigger and over-emphasizing on technology, Pundi X is focusing on creating a blockchain for real use cases. The team has a philosophy where it does not necessarily want to come up with a superior chain but a project that can be applied to real life issues. The website states:
“A good Blockchain should have a user experience and performance that are way more superior than the current product in market.”
Pundi X f(x) Blockchain
The project’s mainnet is currently operating on internal test environment and is referred to as f(x) blockchain. The blockchain has come to be referred to as the high speed/high security community protocol. Pundi X development team says that for them to launch a blockchain, it must support at least 200,000 transactions per second (TPS) and ensure that they have a 10X improvement on what Visa is currently doing; 7,000 – 20,000 TPS. F(x) blockchain is developed using the sharding technology. According to Pundi X:
“Sharding is a process of dividing a global network into pieces of a local network. Each local network would then take charge of two-thirds consensus so that a particular transaction is verified in the local network and then broadcast to the global network.”
The team believes that with sharding, they can achieve 200,000 TPS for real world applications. The technology has a high dependency on the availability of nodes and the rate of confirmation depends on the node counts.
10X for scalability
Scalability, on the other hand, is major aspect of the f(x) blockchain. Before the blockchain is launched Pundi X says that they must achieve 10X the scalability levels currently available in the market. This means that users will be able to pay for goods and services at speeds faster on a platform that handles more than 200,000 TPS. With this, large firms such as McDonald’s will have the ability to reduce the waiting time between ordering and checkout. To achieve this, Pundi X will have to have the largest nodes in the blockchain industry; larger than Ethereum’s.
The team has a plan to release 100,000 XPOS in a period spanning three years. The scalability will continue to rise with the increasing number of XPOS devices. In addition to that, Pundi X f(x) will have 10X the speed of consensus currently available on the fastest blockchains.
In other news, Pundi X as a global blockchain provider platform is working with XPASS card platform to provide transactions in one of the largest Ultra Music Festivals in Taipei Taiwan. The independent electronic dance music will bring together over 30,000 XPASS holders. This event will work as a test ground for the strategic partnership between the two companies. The XPASS cards will be made available to the attendees of the festival and will be used to buy food, merchandise among other things. This according to Pundi X CEO Zac Cheah is a “major moment for mass adoption.”
Pundi X (NPXS) is currently trading at $0.001871 after a more than 14% rise in value in the last 24 hours. The crypto is ranked 45th with a market capitalization of $181 million. It has a trading volume of $11 million at the time of writing.