- Concept incorporates model for future expansion
- Slick product presentation
- Anonymous team
- Missing concrete details in white-paper in relation to alleged commercial partnerships
The VCXCOIN project proposes a long-term vision of creating a Blockchain-agnostic interface that acts as a bridge between online retail – specifically the sixteen million retailers that can currently be accessed via the Visa Card Online Services platform – and all future conceptions of blockchain-based assets.
In the short-term, the project proposes an interface that will allow Visa Card Online Services to be accessed specifically through three leading crypto-currencies: Bitcoin, Ether and Dash. The proposition also envisages the ability for holdings in any of one these crypto-currencies to be converted to another within the same family via use of the VCX wallet itself (nb: VCX is the VCXCOIN token symbol).
The wallet’s more general purpose, according to the proposition outlined in the white-paper, is to facilitate payment for standard online retail services with crypto-based assets through the use of a smart-phone based application which will be tied to both a telephone number and email address. It is not yet clear if the proposition incorporates an equivalent desktop / browser-based solution.
Runs on Comit Network
Future iterations of the product will incorporate a broader range of crypto-assets and, as a result, the VCXCOIN proposition discusses its eventual platforming on the Comit Network.
The Comit network has been conceived as a network that will allow collaboration between independent Blockchains in much the same way that TCP/IP allowed discrete intranets to communicate with each other in the pre-internet period.
Any blockchain network that satisfies the four core criteria of having solved the double-spend problem and which offers time-locking, multi-signature fund locking and a Hash256 interface will be eligible to join the network.
The Comit aspect of the VCXCOIN proposition permits a Blockchain-agnostic model which, in turn, offers the ability to onboard broad categories of crypto-assets as a means to finance online retail payments.
Comit integration has not been envisaged before Q3 of 2018 which is a little bit later than the initial product roll-out which itself is touted for release sometime around February 2018. Security-conscious users who prefer to manage their own private keys directly will have to wait until the Comit integration before being provided with the ability to do so.