KredX is a multi-featured blockchain platform consisting of a social network, debit cards, exchanges, and a mining system, among other modules. Find out how it works today in our review.
What Is KredX?
KredX, found online at KredX.io, is a blockchain platform that promises to “condense the entire world of cryptocurrency plus more together into one streamlined user-friendly platform.”
Using the KredX platform, anyone can “harness blockchain technology to revolutionize their lives” by accessing a range of features and services. These features and services can be accused using a new cryptocurrency called Kredits (KRX).
Some of the key products and services include a social networking platform, an encrypted messenger, and a cryptocurrency exchange.
By combining multiple online platforms together into one, KredX aims to provide a more convenient experience for users:
“Having all these features together not only saves you time and money by you not having to hold multiple accounts with multiple different Cryptocurrency platforms to get your business done,” explains the Bitcointalk forum thread announcing the launch of KredX.
How Does KredX Work?
KredX aims to provide the following products inside one single blockchain platform:
A Decentralized Social Networking Platform:
This social network will offer users full privacy and ownership over their profiles. Users will be able to interact and connect with each other through this social network.
A Multicurrency Wallet And Optional Visa Card:
This wallet allows users to store all of their cryptocurrency, then access a Visa card that can convert their cryptocurrency to fiat in real time.
A Fully Functional Cryptocurrency Exchange:
This cryptocurrency exchange will allow users to make trades instantly. The exchange will also integrate with the social network, allowing users to share their trading activity on the social network for other traders to copy.
A Miner That Rewards Users For Using The App:
This is an in-app miner that gives users KRX just for using the app and being part of the network. Mining will only occur while the app is open and in use.
A Blockchain Creation Platform:
This platform allows users to fork KRX into their own new cryptocurrencies, then create their own tokens and blockchains.
A GPS-Based Interactive Location Map:
This can be used to display other users, local businesses, professionals, and places of interest. It seems to be built with a similar goal to Google Maps in mind.
A Multi-Ring Signature Encrypted Instant Messenger:
This messenger will be fully integrated into the social network.
By having all of these features together, KredX plans to help users avoid logging into multiple accounts or manage different cryptocurrencies.
Two of the key technologies powering the platform include ring signature technology and key images. These features allow Kredits (KRX), the in-platform currency, to be a totally private, anonymous, and analysis resistant cryptocurrency.
The KredX website mentions two different types of tokens available for use on the platform. There are Kredits (KRX) tokens as well as KredX Tokens (KRT). KredX Tokens (KRT) are designed to raise funds for the creation and development of KredX, while Kredits (KRX) run the KredX blockchain.
How Do Kredits (KRX) Tokens Work?
Kredits (KRX) have a total supply of 440,000,000,000. There’s a block frequency of 10 blocks per second, or 864,000 per day, with a daily emission of 38,016,000. The total supply of tokens will be reached in about 31 years.
Some of the key features of KRX tokens include egalitarian proof of work, adaptive parameters, unlinkable transactions, fungibility, ring signature, analysis-resistant blockchain, double spending proof, key images, full anonymity, and a double spend check.
Kredits are designed to be a private and anonymous cryptocurrency. Proof of work is egalitarian because it follows a strict 1 CPU = 1 vote system to ensure a balanced, decentralized network.
The KredX Token Sale
KredX is also having a token sale for KredX Tokens (KRT). Unlike KRX tokens, KRT tokens are not mined. They’re sold through the crowdsale. Funds raised from the token sale will be used to finance development of the platform.
The tokens are ERC20 tokens built on the Ethereum blockchain. The developers are accepting Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dash, NEM, Monero, and ZCash during the token sale. Tokens are priced at $5 for 100 KRT during the first month, rising to $10 for 100 KRT by the end of the sale (month 3).
There’s a total supply of 440 million tokens.
The KredX Token (KRT) sale is taking place from October 3, 2017 to January 3, 2018.
Who’s Behind KredX?
KredX was founded in 2016. The company is led by Daniele Ronchese (Head of Blockchain Development), Gabriele Ronchese (Head of Marketing), David Rees (Head of Sales), and Neeraj Pandey (Head of App Development). The development team is based in India.
By the way, there’s a Bangalore, India-based tech company named KredX as well. However, they specialize in invoice services for businesses. Despite the same name, the two companies appear to be unrelated. KredX (the blockchain company we’re reviewing today) is found at KredX.io
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