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GoodX (XFN) ICO Review

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GoodX is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

Essential Information

Ico TimeUnknown – Unknown
Token NameGoodX
Token SymbolXFN
WhitepaperView Whitepaper
Website LinkHome
Price1 XFN = 0.01 USD
PlatformStellar
Soft Cap50,000,000 USD
AcceptingBTC, ETH, XRP, BCH, LTC, XLM, Fiat

More about GoodX (XFN) ICO:

GoodX Finance Network AG is a Swiss company that is being run by a diverse, experienced and talented team based in our offices in Switzerland and Estonia. We are a fintech company with a mission to provide financial services to individuals and businesses regardless of their location, nationality, or social status. GoodX Finance Network AG together with its subsidiaries (GoodX Pay Ltd. and GoodX Payment Cards OU) is creating a platform for its customers to manage fiat currencies, cryptocurrency, investment gold, and other assets from one interface with zero fees. GoodX developed a mobile and web application that allows users access to an endless flow of liquidity and convenient way of managing their personal finance. Through the GoodX app, users can open instant accounts and personal European IBAN accounts and receive the world’s first credit card enabling payment in crypto or investment gold besides fiat currencies. Additionally, through GoodX app consumers can perform cross-border payments with a wide range of different asset classes. Users can create free instant accounts with a personal IBAN through the GoodX app. The accounts can be opened in US dollar, British Pound Sterling, Euro and other major currencies. Moreover, within the app the users can buy Bitcoin, Ether, Ripple, Bitcoin Cash, Litecoin, Stellar Lumen, GoodX Token (XFN), GoodX Stable Coins and investment gold! Having all these assets placed with the digital wallet of GoodX and connected to credit card allows users to benefit from liquidity, make any amount of purchases with merchants collaborating with GoodX, easily transfer money abroad, and exchange assets or currencies at real time rates.

Swiss company GoodX Finance Network AG together with its subsidiaries (GoodX) is creating a platform for regular consumers to manage fiat currencies, cryptocurrency, investment gold, and other assets from one interface with zero fees. GoodX mobile and web apps feature seamless conversion and transfers
between different assets with highly competitive spreads. Today, GoodX offers an everyday multicurrency multi-asset payment and credit solution worldwide. We envision that further growth would eventually make GoodX the largest source of liquidity in the world, decentralizing and democratizing access to finance across the globe.

Token Generation Event


GoodX Finance Network AG seeks at least $50 million (USD) funding in exchange for utility tokens issued during the uncapped Token Generation Event (TGE) scheduled for [date]. The funds will be used to establish the pool of liquidity for servicing the initial client base and to rapidly scale its fully-developed mobile multicurrency multi-asset platform. Our 3-year goal is to scale the mobile payment and credit platform to 3 million* active users worldwide, which will enable the rapid scaling of GoodX. After gaining the initial user base, the growth in assets and increasing network effects will attract additional liquidity.

Problem and market


Today people move between countries, work for companies in several jurisdictions, and have colleagues, friends and relatives in more than a dozen countries. People might have debt in one currency, income in another, and savings in a third. Some countries have a lack of investment opportunities and others suffer from high interest rates. Yet the antiquated banking system prevents a free flow of liquidity between assets and regions. Some countries also have restrictive monetary policies
that makes it difficult to send money abroad. Meanwhile, neither gold, the oldest form of saving, nor new digital assets can fully substitute the fiat financial system.

Solution

GoodX has created a mobile and the web app for financial services with multiple assets and currencies managed from one user interface. Through the GoodX app, users can open internationally compliant instant accounts and personal European IBAN accounts and receive the world’s first credit card enabling payment in crypto or investment gold*. GoodX enables consumers to make instant and guaranteed payments worldwide, performing a wide range of financial transactions with different asset classes.

MISSION


GoodX has the mission of providing financial services’ access to individuals and businesses regardless of their location, nationality, or social status. Through leveling the playing field, GoodX is making it possible for anybody to become a consumer or supplier of liquidity, whether it’s fiat currencies, cryptocurrencies, precious metals, or other types of liquid assets.


THE GLOBAL FINANCIAL MARKET


Digital technologies give the humanity a chance to revolutionize the very nature of money. We are witnessing the next transformation of money from fiat currencies to native digital assets. At the same time, the instability of the global financial system makes a strong case for retaining gold as a reserve asset. Today three types of assets are considered means of payment, stores of value, and, to a lesser degree, even units of accounts.

CHALLENGES


At present, neither the traditional fiat-based financial system, nor alternatives in the form of digital assets or gold can fully satisfy the requirements of everyday consumers and savers. Fiat saving accounts offer barely any yield. Crypto assets are hard to convert to and from fiat and are difficult to use in daily life. Meanwhile, investment gold is hard to store and manage. And various fees and commissions snowball when converting from one asset to another.


FIAT CURRENCIES


Liquidity – or cash and assets that can be quickly converted to money – is unequally distributed around the world due to regional barriers and regulatory silos. The flow of this liquidity is controlled by a very limited number of global financial institutions, with their own agendas – Goldman Sachs, JP Morgan, Citibank, Deutsche Bank, and other tier-1 banks. Even people who have excess liquidity face high fees and commissions at every step.
As a result, businesses and consumers around the world suffer from several distinct problems.
• Slow and expensive banking services. Banks still rely on legacy software developed in the 1970sxv. Despite huge IT budgets, banks spend most resources on maintaining old services instead of launching innovative products. Meanwhile, banks charge exorbitant fees for basic products, such as SWIFT payments.
• Lack of direct access to investments for individuals in developed countries. Nearly a decade of quantitative easing has compressed yields. This means most savers and ordinary investors in Europe cannot put their money to work. They are limited to the range of opportunities offered by local banks due to regional restrictions of traditional banking.
• Limited access to banking services in developing countries. 1.7 billion people around the world remain unbanked, according to the World Bankxvi. It is estimated that in Asia only only 27% percent of adults have a bank account, and only 33% of firms have a loan or a line of creditxvii.
• Expensive cross-border transfers. Banks exploit their entrenched positions to not only charge fees but also give customers poor exchange rates, requesting up to six times as much as the new fintech companies, according to some media reportsxviii.

CRYPTOCURRENCIES


In responses to problems with the fiat banking system, Satoshi Nakamoto created Bitcoin as a decentralized digital cash system. Nearly a decade since its launch, Bitcoin and various altcoins emerged as a new asset class worth over $400 billion (as of 1 May 2018). Yet, the adoption of cryptocurrencies is hindered by the lack of reliable crypto-fiat gateways and high volatility. There are several distinct challenges when it comes to using cryptocurrencies for everyday use.

• Converting fiat to crypto and back is expensive and cumbersome. Growing demand and limited supply allow exchanges to maintain high margins, making it more expensive for consumers to convert assets. Registration and verification procedures are also often overly complex for new users. Furthermore, banks often cancel payments to and from crypto services because they perceive these transactions as high risk.
• The spending of cryptocurrencies is not practical. Very few merchants accept Bitcoin and even fewer accept other cryptocurrencies. There are no simple and reliable ways for paying with crypto using existing financial instruments, such as credit cards.
• High volatility limits the use of cryptocurrencies as a store of value and means of payment. It’s not uncommon for cryptocurrencies to drop or surge by 10% a day. A swing of that multitude in fiat assets would cause alarm bells, and everyday savers are simply not used to it. This high volatility makes transactions more difficult.

INSTANT FREE GOODX TRANSFERS AND CONVERSIONS


In a few taps, GoodX users can instantly send payment to anyone in the network for free. By selecting “GoodX” as a payment method, the user simply chooses the recipient’s mobile phone number, the asset and an amount to send it to anyone anywhere. The recipient will immediately receive the asset with an instant conversion if an exchange is required, for example, if BTC was sent to someone who prefers EUR. All conversions use the best rate on top exchanges or the Interbank Exchange Rate for fiat currencies.
GoodX also supports a wide range external payment options for conventional bank transfers (e.g., SEPA, SWIFT) and crypto wallets.
Users can instantly exchange any of their assets on the platform for GoodX Stable Coin, a Stellar-based crypto asset, which enables reliable, volatility-free payments even with only a basic Level 1 verification (confirming email and a phone number). Today, three stable coins are available: GoodXEUR, GoodXUSD, and GoodXGBP, which are always backed 1-to-1 with Euros, USD, or GBP held in escrow accounts at the EU-licensed GoodX Partner Financial Institution. As Stellar-based assets, GoodX Stable Coins could be used by all Stellar users even if they don’t use the GoodX platform. It will be immediately tradable on the Stellar Decentralized Exchange (SDEX). GoodX doesn’t charge any fees for issuing and returning Stable Coins.

CREDIT PRODUCTS


GoodX has created the world’s first credit card that enables payments with crypto and gold. Each GoodX credit card is issued based on the user’s personal IBAN account in EUR at the GoodX Partner Financial Institution. Within the GoodX platform, this IBAN account is linked to the user’s crypto and investment gold accounts. Each time a user pays with the card, he or she doesn’t need to have fiat currencies at the personal IBAN linked to the card. GoodX uses its fiat liquidity offering free instant overdraft to cover card transactions. After that, to repay the outstanding balance of the overdraft, based on the user’s setting in the app, GoodX immediately converts the user’s crypto or gold assets on the platform into the fiat currency. All conversions use the best rate on top exchanges.
Users can also activate a constant overdraft for the credit card using any of their assets on the platform as a collateral. In that case, their expenditures are limited only by the size of their crypto and gold holdings on the platform. While the constant overdraft service is active, GoodX offers its fiat liquidity to cover all users’ card transactions. Users can partially or fully pay off the overdraft at any time using any of their assets. They also have an option to keep their crypto and gold assets and repay the overdraft by depositing additional fiat funds.

Currently, GoodX is offering its users three types of contactless credit cards:
• GoodX First Edition Credit Card;
• GoodX Superior Credit Card;
• GoodX Premium Metal Credit Card.
To create these cards, GoodX uses the latest achievements in technology, materials, and modern design. All GoodX cards support NFC payments.

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