TL;DR: CompetitionX is the first Utility for PXT2 outside of node creation to be announced and will be a Fun and Engaging way to potentially win great prizes!
What
CompetitionX is an upcoming competition platform from ProjectX wherein you’ll be able to utilize PXT2 tokens to enter Daily & Weekly drawings to win valuable prizes, ranging from Crypto & NFTs to Cruises and Beach Vacations.
Why
Simply put: Utility.
CompetitionX will be a fun way for node holders (and others outside our ecosystem 👀) to utilize their PXT2 tokens for something other than node creation or swapping for AVAX, thus reducing sell pressure and being our first announced utility for PXT2.
In addition, we are delivering a Fiat on-ramp to allow Users a simple way to purchase PXT2 using a credit card. This will greatly reduce a barrier of entry into the ProjectX Nodes ecosystem.
For example, for a User today to purchase PXT2 and enter competitions, they have to:
- Sign up with a CEX (and usually KYC)
- Wire Transfer FIAT into CEX
- Purchase AVAX
- Send to Hot Wallet
- Purchase PXT2 via Dex
- Enter Competitions on CompetitionX
Via new Fiat On-Ramp
- On-ramp via credit card using new FIAT On-ramp
- Swap for PXT2
- Enter Competitions on CompetitionX
Other benefits
- Easy bridgehead into ProjectX nodes
- Allows IRL spending of PXT2 without off-ramping to AVAX thus reducing sell pressure
- New, non-financial marketing instrument allowing a wider reach than just crypto defi Users
- Self-sustaining
- Scalable, based on demand from the Community
How
We’ve worked tirelessly in-house to develop an all new, bespoke smart contract and DApp to deliver a flexible, and exciting new competition platform.
What’s really exciting is the work we’ve done directly with ChainLink ($LINK) to integrate their fantastic VRF (Verifiable Random Number) Service. This will allow us to have true randomness when it comes to our draws on the CompetitionX site.
This will also allow us to deploy on multiple chains in the future.
All prizes will be delivered directly to your wallet or presented to logged in winners as voucher codes depending on the draw and/or prize type.
The best part? Competitions run 24/7/365 so you can win at anytime across the globe.
Wen Live??
Currently, our target date is the week of April 25ᵗʰ (Christmas in April! 🎅)
The four Key areas required for Go-Live and their current status:
About ProjectX
ProjectX aims to be a Core Defi Ecosystem providing sustainable, passive income opportunities for all entities. Initially built as NaaS (Nodes as a Service)/DaaS (DeFi as a Service) hybrid, ProjectX is quickly expanding beyond its roots to gameified utility and TradFi/FIAT access to the blockchain. ProjectX currently has over 350,000 Nodes running and securing the AVAX network.
Learn more about ProjectX by visiting projectx.financial, or reading our Whitepaper at projectxbook.gitbook.io/whitepaper.
Join the discussion via Discord discord.gg/projectxfinance
Follow us on Twitter at twitter.com/projectxfinance
