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Dear community, it’s been a long time coming but the day is finally here. This update gives you an overview of our new rewards token, dives into specific questions you may have, and addresses what it means for you as a token holder.

We are issuing a new ERC-20 rewards token called the TENX Token to eligible members of the TenX community. Further details on the eligibility requirements are set out below.

New TENX Token

What is the TENX Token?

The TENX Token is a ERC-20 rewards token on Ethereum with features of ERC-1400. Depending on factors such as TenX Pte Ltd’s earnings, financial position, cash flow, capital needs and general business condition, rewards on the TENX Tokens may be paid in the form of a tradeable cryptocurrency (i.e. PAY). An announcement of the amount of rewards to be paid and when such rewards will be paid will be made every quarter.

What are the key deadlines to receive TENX Tokens?

  • A snapshot of all PAY Token holders on the Ethereum blockchain will be taken on the 30th of December 2018 at 10:00 pm SGT (GMT+8), with the first Ethereum block that gets mined during that minute.
  • Claiming, KYC approval and issuance will occur in Q1 2019 with exact dates to be confirmed.
  • We intend to declare rewards in Q2 2019.

Important:

You need to control your private key of the public address, so Exchange addresses or Wallets, where you do not control the private key, will NOT be taken into consideration during the issuance. People in the USA, China and sanctioned countries are NOT eligible (details below).

What time is this in my time zone?

10pm GMT+8 means it is 3pm in Germany or 9am in New York. If you are unsure, use this calculator: https://www.timeanddate.com/worldclock/converter.html?iso=20181230T140000&p1=236

What is a snapshot?

The Ethereum blockchain is a public ledger that stores information on which address controls how many PAY Token at any given moment. A snapshot works like a picture of the ledger of a specific block (in this case the first block mined on the 30th of December 2018 at 10:00 pm SGT (GMT+8). If you control PAY tokens with your private key (so you do NOT have your tokens on an exchange or wallet where you do not control your private keys) you will be considered in the snapshot.

What happens if I miss the snapshot deadline?

If you do not own PAY Tokens on the snapshot deadline or if you don’t control them with your private key, you will be unable to receive TENX Tokens.

How long do I have to claim my TENX Tokens?

We are committed to and focused on getting every one of our eligible token holders their TENX Tokens. To facilitate this, we will be extending the token claim window for as long as we can to accommodate claims.
(updated 25 June 2019)

Is this a Token sale or ICO?

No, the TENX Token will be issued for no consideration. “No consideration” is legal lingo for “not having to pay or provide value”.

How many TENX Tokens will be created?

There will be exactly 205,218,256 TENX Tokens created.

Are there additional token features?

Yes, we have included features such as the ability to whitelist specific addresses for transferability or trading block outs for TenX employees.

What is the ERC-1462 extension?

ERC-1462 is an extension to ERC-20 standard token that provides compliance with securities regulations and legal enforceability. For more details please visit: https://eips.ethereum.org/EIPS/eip-1462

Who is eligible for the issuance?

Natural persons (as opposed to a private or public organisation) who

  • are not citizens of North Korea or residents of the countries set out in the next section
  • pass our KYC / AML checks
  • hold PAY Tokens on the snapshot deadline
  • control your private key of the public address, so no Exchange addresses or Wallets, where you do not control the private key.
    3 July 2019 update: If your PAY Tokens were on an exchange during the 30 December snapshot and you meet all other eligibility requirements for the TENX Tokens, please contact Customer Support here.

Which countries are eligible for the issuance?

Citizens of any country except citizens of North Korea (the Democratic People’s Republic of Korea)

Residents of any country except residents of Afghanistan, China, Crimea Peninsula, Cuba, Eritrea, Gaza Strip, India, Iran, Iraq, Kosovo, Lebanon, Libya, Myanmar (Burma), North Korea (the Democratic People’s Republic of Korea), Palestine, Somalia, South Sudan, Sudan, Syria, United States of America, Venezuela, Yemen.

Can I see the source code?

We will make the source code public in due time here: https://github.com/tenx-tech/tenx-token/

Will TENX Token be a security token?

This decision is not for us to make, and depends on the laws of each relevant jurisdiction.

What exchanges will list the TENX Token?

We believe that the token may be listed by the end of Q1 2019, and will inform the TenX community upon confirmation of a listing by an exchange.

Will the company TenX receive the TENX Token?

Yes, the company will also receive 1 TENX Token for every 1 PAY Token it holds on the snapshot time. The intention is to reinvest the rewards into the ecosystem and community through education and expansion.
(updated 25 June 2019)

What will be the price of the TENX Token upon the issuance?

Eligible individuals do NOT have to pay to receive the issuance, but must pass the KYC requirements laid out below. The price of the token will later be determined by principles of supply and demand.

Which wallets do you recommend for the issuance?

For security best practices, we recommend you use a hardware wallet such as the Ledger Nano S and Trezor in combination with www.myetherwallet.com, www.metamask.io, or www.mycrypto.comwhere you control your private key. Remember, if you don’t know your private key or seed, you will NOT receive the issuance.

Will I have to provide my private key?

Let us reiterate: You will NOT have to provide us or anyone with your private key. If anyone asks you for your private key, they are out to stealyour coins!

Does owning the TENX Token represent a share or ownership of TenX?

Holding a TENX Token does not represent a share in or ownership of TenX.

Do you have Terms & Conditions for the TENX Token?

Yes. https://tenx.tech/en/tenx-token-terms/

PAY Token

Will the PAY Token stay?

Yes.

What will be the price of PAY after the snapshot?

The price will depend on supply and demand.

Why are you not bringing the rewards to PAY?

We intend to integrate the PAY Token into our ecosystem to perform various utility functions, and do not envision the PAY Token to function as a rewards token.

What do I need to do to participate in the snapshot?

You have to hold the PAY Tokens on an address that you control with your private key. Important: You do NOT have to fill in your private key anywhere.

What if as a PAY Token holder, I do not want to become a TENX Token holder?

You need not submit KYC or take any further action if you are holding PAY. So you are not obliged to become a TENX Token holder just because you held PAY during the snapshot.

KYC details

What is KYC?

KYC stands for ‘Know Your Customer’. KYC is part of the account verification process which ensures that our services are not inadvertently used to facilitate illegal activities. At the most basic level, it requires that our customers are properly identifiable by TenX before they can use our products and services.

The information we gather serves several purposes: risk management, transaction monitoring and account protection.

How will KYC work with regard to TENX Token redemption?

You will need to prepare and submit the following documents and information:

  1. Your full name
  2. Copy of a valid ID
  3. If you have previously successfully completed registration for a TenX Wallet account, please use the email address that was used for registration
  4. If you have not previously successfully completed registration for a TenX Wallet account, an email address that can be verified
  5. For AML reasons, an indication regarding your occupation, which can be either illustrated by a link to your social media profile (i.e. Facebook or LinkedIn), or if not available or if you prefer not to disclose that, you can choose and select your occupation category from a dropdown list
  6. Your country of residence
  7. Documentary proof of your residence
  8. Your country of citizenship
  9. Your phone number

Next steps for PAY Token holders

If you are a PAY Token holder and would like to receive your TENX Token grant, please take note of this 3-step plan:

  • SNAPSHOT: On 30th of December 2018 at 10:00 pm SGT (GMT+8), a snapshot will be taken with the first Ethereum block that gets mined in that minute. You have to be in control of the private key of the address, where your PAY are. You do NOT have to fill in your private key in order to receive the issuance.
  • CLAIM: In Q1 2019 you will be asked to submit KYC documents in order to receive the new TENX rewards token.
  • ISSUANCE: Pending on passing KYC requirements you will receive 1 TENX Token for every 1 PAY Token you were in control of on the snapshot date.

Additional FAQs (updated 14 December 2018)

How will the KYC process work?

KYC will happen on the TenX platform and the exact details will be shared after the snapshot.

What happens to PAY Tokens that are not claimed?

We are committed to and focused on getting every one of our eligible token holders their TENX Tokens. To facilitate this, we will be extending the token claim window for as long as we can to accommodate claims.
(updated 25 June 2019)

Are countries going to be excluded permanently?

No.

Are you allowed to have multiple addresses for KYC?

Yes.

If TENX Token is bought after it is listed on an exchange will the rewards benefit pass to the new purchaser ?

Yes.

If in the future a previously ineligible person becomes eligible to receive TENX Tokens can they then claim the tokens from the snapshot?

If people become eligible at a later stage, they can buy the tokens with all the benefits but they are not able to claim the tokens from the snapshot.

20 December 2018 Update

How much rewards will a token holder get? Why are rewards dependent on additional factors instead of a fixed ‘X’ percentage?

During our ICO days with Wavecrest as our card partner, we had a clear cost structure for cards and fees, which allowed us to give token holders a concrete rewards payout percentage.

Since the first working TenX cards have been pulled, we’ve learnt not to put all our eggs in a single basket: we are diversifying into different profit models, multiple partnerships, and varying sources of income, which, in itself, has differing profit margins. Furthermore, each of these variances is different in each country and region we will be issuing cards. In view of these factors, it is not possible to have a similarly simple and clear rewards payout percentage.

To provide you with stability as a token holder, we aim to predict as far as possible into the future, and give you 3–6 months of foresight as to the amount of rewards that you will receive. This is a stable model that is adopted by larger companies, and we believe it allows us to provide you with transparency and predictability while maintaining a sustainable business model for TenX.

27 December 2018 Update

Ineligible residents and countries

We’re feeling the frustration and unhappiness of residents in ineligible countries. Many of you have asked if exclusion is the only option. Can you, for example, not participate in the snapshot and still get the rewards later?

With current legislation in ineligible countries, residents are not allowed to KYC yourselves — a requirement for both the snapshot and receiving of rewards. Our compliance and legal teams have looked into countless options on how we might include these countries with regulations that do not permit your participation. Eventually the tough question came up: Do we want to proceed with this or wait another year for a potential solution?

We asked this of the community as well, and concluded that it was important for us to keep moving forward. We understand your displeasure, especially since a lot of the community has been on this wild ride with TenX for a long time.

It’s always been important for us at TenX to be able to pay out rewards, and we hope this gives you a better understanding of the difficult decision we’ve had to made. When your country of residence can legally buy tokens on an exchange, we’d love for you to hold TENX Tokens and start receiving rewards. We’re holding out hope that the legislative landscape will soon allow you to be a part of this.

Is it possible to receive rewards on an address that is different from where the TENX Tokens are held?

No, that is not possible due to KYC and AML regulations. You can only get rewards on the same address as the TENX Tokens, and each address has to be KYC compliant.

28 December 2018 Update

What is the long-term plan for the PAY Token?

What happens to unclaimed TENX tokens?

We are committed to and focused on getting every one of our eligible token holders their TENX Tokens. To facilitate this, we will be extending the token claim window for as long as we can to accommodate claims.
(updated 25 June 2019)

15 January 2019 Update

The snapshot for TENX token issuance was taken at block 6980194 on 30 December 2018: https://etherscan.io/block/6980194

To check if your PAY tokens were included in the snapshot, use the Token Balance Checker, entering block number 6980194 and your Ethereum address.

25 March 2019 Update

The TENX Token claim process is now live, and will be available indefinitely.

For full information on how to claim your tokens, please see this claim guide.


If you have any further questions please…