Libra, the stablecoin which is soon to be launched by the Facebook corporation, has been on everyone’s lips lately, mainly because of the global status of the social media giant. But there are also projects like Dexa Coin that offers basically the same solution, but has been flying under the radar until the announcement of the sale of DEXA tokens, compliant with the ERC-20 standard, which is due to happen later this year.
In a nutshell, Dexa Coin is a decentralized application built on the Ethereum blockchain that affords the possibility of making on-the-spot payments, sending global remittances, and communicating with other users via an in-built messenger.
The similarities with the infamous Libra are obvious, apart from the fact that Dexa is not pegged to any fiat currency, does not run on its own blockchain, and is not putting itself in the regulatory crosshairs.
Although the project team is comprised of specialists from different countries, such as England, Bulgaria, the United States, etc, nearly all of them are currently based in the United Arab Emirates, where the company’s central office is located - Al Barsha, Dubai, to be precise. The company is registered under the name Dexa Coin FZ LLE, and has all the details available on the website and in the whitepaper.
The Dexa Coin vision will be realized in the form of dApp, which creates a unique blockchain address, along with the Ethereum-based Dexa wallet, as soon as the user verifies his cellphone number. At the initial stages of app release, it will allow holding only two types of cryptocurrencies: DEXA and Bitcoin, with some other ERC-20 tokens added later.
The user can load the wallet with DEXA by linking a bank account to the application. This would require passing the verification and compliance procedures. The fiat money from the banking account then can be instantly converted to tokens within the app. Or he can purchase a certain amount of DEXA at the token sale and use them to make domestic or international remittances, instant payments via NFC or QR code. Dexa Coin will also issue a prepaid physical card, which can be subsequently linked to the app and used for payments.
Thanks to the instant messaging feature, users can communicate with other network members as well as with people from their contact lists, which can be exported from the cellphone. The alpha version of the Dexa app is due to be released in Q2 of 2020.
Dexa Coin will hold the ICO in Q4 of this year with the exact date to be announced in the coming weeks. The event will begin with the private sale of 5 billion DEXA at a price of $0.00003 per token. This stage of token sale also provides for a 30% bonus, applicable to all participants. The project accepts Bitcoin, Ethereum, and USD Tether.
|Start||October 6, 2019|
|End||October 16, 2019|
|Soft cap||$400 000|
|Hard cap||$2 300 000|
|Minimum investment||1 DEXA|
|Tokens for sale||50000000000|
|Accepting||ETH, BTC, USDT, XRP, PROB|
Dexa Coin tries to use the hype created by Libra and Gram to their advantage, but it might end up blowing in their faces. There is no doubt that the concept behind this token is understandable and appealing, but I highly doubt that Dexa Coin possesses enough resources for its proper and timely realization. Time is of the essence for Dexa Coin if they want to occupy the niche before Libra gets rolled out.
I can totally agree that Dexa Coin is like Libra with minimum requirements and minimum regulatory pressure for that matter. It would definitely be a fun application to play around with, send a couple of microtransactions here and there. Although is not suitable for storing and operating some serious funds, obviously. I would use it to send a few quid to my mate who's at a pub and ran out of money for another pint.
I like the projects that don’t tend to overcomplicate things. This totally applies to Dexa Coin. The team presented its concept in a clear and understandable manner without the unnecessary pile up of technical terms. Everything is concise and to the point. One thing that Dexa Coin needs to address is a relative absence of well-established blockchain developers on their team.
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