Pundi X has been tapped as a partner for the futuristic city development in Phnom Penh — the 100-hectare mixed-use private development project in the Cambodian capital whose digital infrastructure will be permeated by blockchain.
Smart city blockchain infrastructure builder Limestone Network will be providing the technology layer to the new central business district bringing to life an ultra-efficient ecosystem whose road traffic and commuting systems, power and water, and public safety systems will be operated and secured over the blockchain.
“As a matter of course, the vibrant commerce and lifestyle hub will also be transacting over the secure blockchain, and we have chosen Pundi X to provide the smart city development with their pioneering blockchain-based POS solutions,” said Eddie Lee, co-founder of Limestone Network.
Pundi X will be deploying its XPOS, XPASS and XWallet technologies to make multiple virtual currency transactions available to all the residents in the new city. XPOS makes it possible for any participating merchants to accept virtual currencies. Meanwhile, XPASS is the physical wallet that can be topped up with all major virtual currencies and tapped at the XPOS for instant transactions that happen in less than 0.5 seconds.
Like buying bottled water
“To residents, workers and visitors at the smart city development, secure digital payments that happen in literally a split-second will become a way of life,” said Pundi X CEO and co-founder Zac Cheah.
“At the smart city, virtual currency exchange and transactions will be as simple as buying bottled water at stores,” added Cheah.
XPOS and XPASS will be used throughout the smart city at restaurants, cafes, clinics within the shopping malls, and will also be deployed in other smart developments such as condominiums, hotels and data centers.
The XPOS is virtual currency neutral (all preferred tokens such as BTC, ETH, BNB, NPXS are accepted) while merchants also have the option to have their settlement done in fiat money.
Life on the Blockchain: Unparalleled Business Continuity, Living Standards
Limestone will be laying a digital ecosystem that allows real-time analysis of living and moving data. The end result is a greener city through optimal energy production, enhanced security via distributed ledger technology, and an urban civilization that allows people to live simply taking many of life’s conveniences efficiently and naturally.
“Through offline networking and discussions, we have heard back from many blockchain and tech developers who have already expressed interest in building on top of this infrastructure to eventually connect the dots to make the city an even more intelligent and efficient one.”
For this beta rollout, Limestone Network is deploying 10 XPOS devices with the initial merchants and gradually building up to 1,000 XPOS units for the pilot launch for the city by 2021.
“We have admired Pundi X’s technology ever since they started in 2017. This partnership will allow us to tap into their existing technology and technological advancements. The XPOS will power a new and vibrant commerce at the new smart city development and will be central to our smart city showcase in one of Southeast Asia’s fastest growing economies,” concluded Lee.
About Limestone Network
Limestone Network was created with the vision to transform the long established real estate industry imbuing it with smart digital capabilities. This is accomplished primarily by integrating blockchain technology to the physical real estate assets thus forming a digital network that connects urban cities into the daily lives of the residents, exchanging information seamlessly in the background to bring convenience, efficiency and enhance security in people’s day to day business and life.
Limestone Network is a member of Cambodia Fintech Association.