PDX, a globally compliant digital currency, is now prepping the next stage of its expansionary journey. It will launch its own Initial Coin Offering (ICO) of more than $1 billion later in early 2020. But unlike many blockchain-based start-ups planning to raise funds to transform traditional industries, PDX has formulated a solid strategy that will ensure it maintains success post-ICO instead of becoming another fictional blockchain story.
The rise of cryptocurrencies and particularly bitcoin has made “ICO” a buzzword in daily conversation. Over the last three or so years, a large number of ICOs have been conducted, but the degree of success has varied significantly. Figures from icodata.io shows that $346 million has so far been raised in 2019 from 83 crypto fundraising events, $7.8 billion was raised in 2018 from a total of 1,253 projects while 2017 saw 853 projects collect over $6.2 billion from token sales.
However, data from Bitcoin.com confirms that nearly 50 percent of ICOs conducted in 2017 have failed while an additional 113 projects of the 902 launched in the same year have either ceased to exist, stopped, or are struggling. Similarly, 264 cryptocurrencies that were active at the start of 2018 have so far failed.
PDX- Building Upon a Strong Framework
Unlike most start-ups that approach the ICO market without a viable business roadmap or model, PDX has laid out its entire vision for tokenizing its financial services in a way that will reward all users.
Its pre-ICO gross market capitalization, based on all 1 billion tokens including those created and reserved for future issuance, is $50 billion, which makes it one of the largest cryptocurrencies out of more than 3,000 in existence today.
PDX Coin’s projected gross market capitalization on completion of the ICO which, if all were issued, place it among the world’s largest cryptocurrencies based on market prices for all nearly 3,000 cryptocurrencies in existence as of October, 2019.
With a projected maximum of approximately 92 million tokens in general circulation 12 months out from closing of the ICO, PDX’s estimated open-market capitalization, based on all tokens assumed to be in circulation at the ICO completion and including founders tokens, based on the projected ICO Offering Price will therefore be in the order of US$4.6 billion.
A Properly Designed Ecosystem
The reason why PDX stands out against other digital currencies is because of its well-designed ecosystem that accompanies its tokenization efforts. Its valuable utility, and the velocity of tokens through the ecosystem, means it will likely see its tokens appreciate significantly as demand for its unique financial services grows and pressures token prices.
To achieve a true ICO success, PDX has leveraged blockchain technology (and is also investing in AI and quantum computing/quantum cryptography) which will ensure participants have access to even better service. Currently, PDX will be built against and based on Ethereum’s industry standard ERC20 protocol but may at some point elect to switch across to the Dfinity protocol, a purported technically and functionally superior (to Ethereum) open source protocol.
Dfinity is being developed by the US firm Dfinity , and promises a considerably more powerful and faster version of Ethereum, with vastly more processing capacity. Dfinity itself is viewed as a “sister” platform to Ethereum, and PDX’s robust technical platform means it can be switched to any alternative and superior protocol at any time.
The PDX platform is designed specifically with the intention of allowing seamless financial interactions globally and ensuring a high-quality experience thanks to tokenization; and, thus satisfies all the crucial requirements for a successful decentralized and disintermediated platform.
The PDX technical platform, which has already been fully-developed, employs smart contracts that digitally facilitate, verify, and enforce the negotiation of a contract when performing transactions.
Smart contracts are self-executing contracts with the terms of the agreement between two parties being directly written into lines of code. The agreements and code contained therein exist across a decentralized and distributed ledger. This, essentially, allows credible transactions and agreements to be conducted among disparate, anonymous parties without the need for third-party intermediaries (such as a central authority, legal system or external enforcement mechanism).
Additionally, the use of smart contracts in the PDX ecosystem will ensure the digital currency will be both scalable and autonomous. It can handle a very large number of users and transactions in advance of its 2020 public launch, which implies the system will sidestep most of the problems experienced by early cryptocurrencies which needed immense processing resources and power to scale services.
PDX’s Strong Asset Base
Of the factors that ultimately lead to fundraising success, PDX Coin is in a much better place compared to other companies planning to raise capital through ICO. Due to its strong offering alongside a supportive asset base, PDX could prove to be the most exciting coin offering of 2020.
The organization’s Swiss parent, PDX AG, also owns US-based PDX Energy Inc. and as a result PDX Coin has the backing of underlying tangible assets, that is, physical reserves of crude oil and natural gas, and other energy assets,
PDX AG is the principal shareholder in US-based PDX Energy, Inc. (PDXE), which is a roll-up entity for certain oil and gas assets in Texas and Oklahoma in the US, and in Africa. PDXE’s two largest drilling and development projects are located in Zavala County, Texas, and in Chad. Both are large-scale shale oil and gas projects, and together are estimated by Ralph E. Davis Associates, a Houston-based independent petroleum engineering firm, to contain in excess of 600 million barrels of proved, probable, and possible recoverable reserves of crude oil and crude oil equivalents (think natural gas, condensates, etc.)
Original Oil In Place (OOIP) is in excess of 5 billion barrels, of which only the referenced 600 million barrels is estimated to be recoverable, using current drilling and production techniques, but this number could well increase substantially over time, as production and drilling techniques in the oil and gas industry continue to evolve.
PDX Coin will have a provisional hard cap of one billion tokens. Actually, each token expected to be in general circulation by the end of the 12 month period following the ICO (estimated at as many as 92 million tokens, including those in the founders’ wallets and based on possible and projected additional sales and Issuances above the ICO target) will be supported by control of an estimated 6+ barrels of oil equivalent (BOE) in the proved, probable, and possible (“3P”) recoverable reserve categories (as those terms are defined by the American Society of Petroleum Engineers and by the Securities Exchange Commission), and more than 50 barrels of OOIP. These petroleum resources place a solid floor on the PDX valuation, but do not at all limit the tremendous upside that will flow as the PDX Coin use cases manifest.
The bottom line is that PDX offers all of the advantages of blockchain-enabled digital currencies while providing a verifiable asset base to protect its value, stability and security as a medium of exchange.
PDX’s post-ICO cryptocurrency exchange, payments processing capability and physical banking infrastructure and deposit base guarantees that it will be widely adopted and, thus have a greater utility. It will be traded on as many cryptocurrency exchange platforms as possible, across the globe, with fast transaction times and minimal transaction costs. Not only that, but PDX’s merchant payments platform with a crypto wallet interface, means that now consumers will be able to instantly and easily make payments in stores and on line with any merchant point-of-sale terminal signed up to the app, just as easily as using cash or a card is today.
From the merchant’s perspective its even more attractive, because PDX’s banking and payments processor units mean that, by virtue of the blockchain, for the first time merchants will be instantly settled rather than having to wait three or four days for final confirmation, and all the middle men are removed from the process. No charge-backs, no fraud, instant cash settlement in any currency, and fees slashed from 3 or 4 percent, to less than 1 percent. Oh, and one other big advantage for the consumer: an end to debit or credit card fraud, and identity theft.
Want to learn more about PDX? Please check out this White paper.