PlatformX (PX) is a project by InBloc that aims to provide blockchain solutions to enterprises and individuals in need (both public and private).
InBloc owns 50% of the PlatformX tokens and has a stock-like structure unlike many other cryptocurrency projects.
In order for an entity A to pay $300,000 to use PlatformX service, they have to purchase the PX coins at an exchange worth that amount and pay to InBloc.
InBloc burns the coins that they receive. As a result, the total number of existing coins is reduced by the amount and that leads to increase in the coins’ value.
The corporation has to maintain a 50% share of the PX coins, so they can sell the excess amount to exchanges and make a profit.
(For example, if the total supply was 200 and the inBloc owned 100, if a company bought 10 coins and paid to InBloc, InBloc would burn the 10 coins. The total supply now would be 190 but InBloc would have 100, which is more than 50% (95). InBloc can now sell 5 coins to make a profit).
The PX coin will be listed on IDAX this month and three enterprises have requested to use InBloc’s service, one of which is sinsung engineering, a Korean solar company.
Since the price on the exchange will be the same as the private sale price, a steady upward growth of price is expected.