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Crypo passive income: What is Project X? ($PXT nodes) How to create a node & more…

Project X nodes passive income
Maxed out! 100 Project X nodes :)

Crypo passive income: What is Project X? ($PXT nodes) How to create a node & more…

UPDATE: on 7th July 2022 one of the Project X contracts was compromised, PXT tokens taken from the rewards wallet and sold en-mass causing the price to plummet. As a result, Project X halted trading of PXT, carried out an analysis of what happened and began formulating a plan to compensate holders and node-owners.

A decision was made that compensation would be made via distribution of tokens to a new project, Halon Finance.

Much of the same Project X features/roadmap is expected to remain (eg competitions, gift cards etc), however there would be no ‘nodes model’. The means of deciding on distribution would be as fair as possible.

I’m keeping the Project X article below for reference, however please note that the project itself no longer exists and the community / holders are transitioning to Halon.

I understand there is a lot of Twitter noise and ‘rug' calling but this is not the case and, whilst I do not agree with all the decisions made by Project X, both after the exploit AND before, I standby that the owner has demonstrated to me to be an honest individual with good intentions.

Read more on Halon.

Project X is a passive income crypto that has 100 founding members and launched in December 2021 using a ‘nodes’ model on Avalanche network.

It is community-led and its vision is to become trustworthy, sustainable and transparent source of passive income that enables anyone with internet access to build wealth. 💸

It costs 10 PXT tokens to create a node which generates 0.17 PXT per day, however, there are taxes involved (and fees as of April 2022) so read on to find out more…

Background

In 2021, a group of StrongBlock $STRONG node investors came together to share token finds and strategies and talk about passive income opportunities in the crypto space.

Discussions transitioned towards how a sustainable and transparent project might work, and from that Project X, X-Founders and the X-Collective was born.

100 Founding Members: aka The X-Founders

X-Founders is the name given to the 100 ‘founding members' of Project X; the people who put their hand in their pocket, forked up some cash and said, “Hell yes, let’s do this”. Each founding member got allocated tokens at fair launch price (ie the same price at which the project launched to the public) in return for footing the cash. They also have the option to vote on some decisions and discuss direction.

By launching with a large group of 100 stakeholders, it meant no one person would hold too much power in terms of token ownership, and there would be a collective of knowledge available for the team.

The founding members are a diverse mix of crypto veterans and enthusiasts spread over the globe; mixed age, race, gender, religion, location and educational/professional backgrounds. If you hop on Discord or Telegram, you'll find some of them in the community (all links can be found on the Project X website: https://projectx.financial).

Some founding members are part of the core team, some play more active roles than others (I am passive – I am not part of the team nor have an active role), but all founding members share the same primary responsibility; to nurture and support Project X in its vision of being a sustainable, inclusive, ethical, and community-driven passive income project that is innovative and agile.

Crypto passive income

Unlike traditional crypto nodes and masternodes coins, Project X is a token designed to generate passive income. It does this though what is now widely known in the cryptosphere as a ‘nodes model', based on how StrongBlock distribute their rewards.

Project X tokens are purchased ($PXT) and a node can be created with 10 tokens. The Project X team may use the funds to invest in other projects or develop initiatives with the aim of generating PXT revenue to sustain rewards for node owners.

After you have created a Project X node, it starts generating rewards (currently in the $PXT token) which can be sold or used to create more nodes. More utility for $PXT is coming, however at it's core, Project X is a crypto passive income.

Mission statement

“Design, build, and operate a healthy and sustainable passive income cryptocurrency with a highly involved, inclusive, and ethical community of global supporters.”

Project X, mission statement

How do Project X nodes work?

Firstly, everything happens on the blockchain, Avalanche network. Similar to Strong nodes, you will need a MetaMask or TrustWallet to connect. And please… FOR THE LOVE OF GOD, USE A HARDWARE WALLET!

I'll cover how to create a Project X node later in this article (for anyone already experienced in Strong nodes or similar “node” projects, creating a Project X node follows the same process).

Yes kids; use a fecking hardware wallet!

So…back to it;

10 PXT tokens are required to create a Project X node. These are non-returnable (see tokenomics & distribution for further info).

Each node rewards 0.17 PXT per day, delivered consistently throughout the day, every hour.

Each wallet can contain a maximum of 100 nodes.

Other metrics:

  • Fees (management, regeneration etc): 3% of the cost of a node per month
  • Claim tax: variable*
  • Buy tax: 0%
  • Sell tax: 0% (variable*)
  • Transfer tax: 0%

Sustainability measures are in place and modelling has carried out for many scenarios; however, rewards and current operating metrics are subject to change, they are not guaranteed. *Variable fees/taxes will change based on market conditions and other factors. The real-time fees will always be visible in your dashboard.

For example, initially there was 0% claim tax and sell was 15-30%, however in April 2022 when the new contract launched, this was changed to a ‘claim tax', which means PXT could be listed on CEXs.

Regeneration fees are also being introduced April 2022 and will vary based on node cost (PXT token price), payable up to 3 months in advance and with a 30-day grace period. And most recently, a variable claim tax has been introduced – it goes as low as 1% for waiting 30+ days between claims.

Ensuring fees are fully disclosed is part of the transparency ethos which you can read about in the whitepaper; Project X values integrity and no project in this space can guarantee everything remains the same forever.

Links for the whitepaper etc can be found on the Project X website: https://projectx.financial.

Regeneration fee examples:

If PXT is trading at $3, a node costs $30 (10 x PXT). The fee per month, payable in AVAX, would be equivalent to $.90 per node (0.3% * £30 = $0.90)….so if you have 50 nodes, 50 * $0.90 =$45/month, or if you have 100 nodes it would be $90/month (100 * $0.90).

Does Project X have actual nodes?

As you may already know, the word “node” is not accurate for many “node-style” passive income cryptos.

The word “node” was hijacked from StrongBlock $STRONG nodes and has become an accepted term to describe any project that has a user interface and passive income model inspired by StrongBlock.

Yes, Crypto Twitter (aka CT) has spoken and, whether you agree with it or not; it is what it is! 🤔

Anyway; yes — Project X nodes do exist. Real ones!

At time of writing, Project X has one Avalanche validator node and all Project X nodes have Avalanche RPC endpoints — ie. Nodes as a Service, aka; NaaS, or even Blockchain as a Service, aka; BaaS. Although the focus of Project X is firmly on passive income.

Tokenomics and distribution

There are 990,000 PXT tokens. Project X launched with 1,000,000 tokens however on 20th January 2021, 10,000 tokens were burnt — 100 tokens burned by each of the 100 founding members!

The PXT tokens used to purchase the node are distributed within Project X as follows:

  • 7.0 $PXT – transferred into the Rewards Pool
  • 2.0 $PXT – swapped to $AVAX and transferred to the Treasury
  • 0.5 $PXT – swapped to $AVAX and added to the Operations Pool
  • 0.5 $PXT – swapped to $AVAX and transferred to the Smoothing Reserve

This distribution is subject to change as and when is required for sustainability. Which brings us on to, yes…

Sustainability

Core to Project X, alongside transparency and trust is sustainably for which there are several measures already in place and an entire section dedicated to it in the whitepaper.

All of the metrics have been developed as variables that can be adjusted as required.

The rewards pool was based on predictive modelling of other node-style projects and launched with more than 40% of the supply — 440,000 tokens; almost twice that of other projects; Yes, the $PXT rewards wallet is very healthy!

This is deemed likely to be sustainable in its own right, and does not take into consideration treasury, validator nodes, accumulated sell tax, cross-chain revenue streams and smoothing reserve.

Additionally, an Over The Counter (OTC) service was setup for people who want to buy-sell large sums of $PXT without effecting the charts, which can have a knock-on/snowball effect on price, and provide bots with space to snipe tokens. For OCT trades, Project X facilitates a sale outside of the market.

A database is being developed to track and analyse the overall project to monitor runway and assist in decision making. Not only numbers, but sentiment analysis too, which we all know plays a massive part in project success. 😜 #smart

To protect the project, a bug bounty of up to $10,000 is available depending on the severity and exploitability of any bug found. 🪲🔨

And, of course there are the 100 founding members aka X-Founders, looking after the baby, supporting the charts and all working towards sustainable long term growth for everyone (rather than quick pumps and dumps often seen in startup projects which only benefit a few and reck many!). As the project grows and more people get involved, obviously the markets start taking more control as the baby grows.

Note that as will all projects in the crypto space, despite good intentions and/or honest people, nothing is guaranteed!

Outside factors and market sentiment both are heavy influencer in the price of any token; ie. Project X is a high risk, high potential reward opportunity.

Project X Roadmap

Find the full whitepaper (and 2022 roadmap) at https://projectx.financial

Here are a few proposed forthcoming features…

X-Pad

A community launchpad for blockchain projects.

Mobile app and web redesign

A slicker user experience.

NFTs and node transfers

Some cool stuff gonna happed with NFTs.

X-Chain (name TBC)

An avalanche subnet (update: now a full blockchain!) that will open lots of opportunities.

X-Surprise

There will be surprises outside of the public roadmap, which I'll share below as they become available.

X-List

A helpful tool for everyone – add networks such as Avalanche, Polygon and Binance Smart Chain to MetaMask in a click!

X-Competition

Use your $PXT rewards to enter competitions. Your chance to win Bitcoin, holidays and more!

X-Cards

Use your $PXT to buy / exchange for gift cards on major sites such as Amazon. Coming soon!

How to earn passive income with Project X nodes

Basically, you create nodes, claim rewards (PXT token) and then sell/trade them.

Note that Project X nodes are entirely on the blockchain (same as Strong nodes) and under your control, this is unlike some other passive income opportunities such as Yieldnodes whereby your crypto is managed by a company.

What this means is that you have full control… and also full responsibility!

How to create a Project X node and claim rewards

If you're already experienced in this sort of thing, you'll basically just need AXAX on the Avalanche network (used to buy PXT) and a MetaMask or Trustwallet. You can find the direct links to buy PXT here: https://projectx.financial – you will need 10 PXT for every node you wish to create.

MetaMask or Trustwallet

First, you'll need a wallet and the MetaMask or TrustWallet interfaces. I always use MetaMask.

Please, please, please use a hardware wallet such as a Ledger or Trezor. Too many people are getting scammed or being hacked. Remember; this is on the blockchain and security is your responsibility – protect your crypto.

I always use a Ledger and I recommend to order direct from the manufacturer – don't risk someone messing with your crypto or purchasing a fake; it's not worth it!

I'll repeat this incase you aren't listening;

Yes kids; use a fecking hardware wallet!

Next, you'll need to add Avalanche to your wallet (MetaMask).

I cover this in another article dedicated to MetaMask as it is generally applicable (ie many DeFi projects rely in it, not just Project X).

IMPORTANT: The AVAX token is to Avalanche network what ETH is to Ethereum network — it is the gas used for all transactions and is required REQUIRED for every transaction.

How to get AVAX into MetaMask

You can purchase AVAX on a number of centralized exchanges (CEX) eg Coinbase, Binance, OKEX etc or DEXs, then send it to your wallet.

This is the easiest way if you are just getting started. If you're more experienced you'll probably already know about other options such as bridges.

Note that there are 3 chains on the Avalanche network: Exchange Chain (X-Chain), Contract Chain (C-Chain), and Platform Chain (P-Chain).

ONLY the C-Chain works with MetaMask, meaning that you can only use the C-Chain to transfer AVAX to your MetaMask wallet. Ensure you select C-Chain when sending from a CEX otherwise you might lose your tokens.

How to buy $PXT tokens

PXT tokens are traded on decentralised exchanges (DEXs) on the Avalanche network and paired against the AVAX token.

The easiest way is to use the link at the top of https://projectx.financial – it will always link you to the best place place to buy/sell, wich is currently BogSwap. TraderJoe is also an option and more may become available.

When trading, remember not to use all your AVAX 😉.

Don't make this mistake

You ALWAYS need to have AVAX in your wallet for transactions. Thankfully the gas fees are much, much lower on Avalanche than on the Ethereum network, but AVAX is still required.

So…whenever you trade AVAX eg to buy tokens, make sure you DON'T USE ALL YOUR AVAX…if you do, you won't be able to do any other transactions, because you will have no AVAX for gas.

Similarly, when you are doing other transactions on Avalanche network, eg in the case of Project X creating or claiming nodes, make sure you keep an eye on your AVAX balance…because each transaction uses AVAX for gas….and if you run out, you will not be able to transact.

What do I do if I run out of AVAX?

You'll need to send some more AVAX to your wallet. 🤦‍♀️

Connect & approve Project X

The first time you visit the https://projectx.financial website, you will need to connect and then approve the contract.

As with most DeFi projects, there is no login – connecting and approving with your MetaMask is your “login”.

Click on the “Connect” button on the top-right of the screen.

Click on the CONNECT button

After you have connected, you will need to Approve the contract.

In the top-right, you will now see part of your MetaMask address and below the node count (0/100), you will see the button has changed to Approve.

Approve the contract

When you click APPROVE, your MetaMask will open and ask you to give permission and confirm.

If you are using a hardware wallet (which I hope you are!), there will be a few extra steps to verify on your device (please consult with the documentation for your hardware device).

Approving a contract requires gas. In the case of Avalanche, this is the AVAX token (every transaction uses some AVAX).

As with approving any contract, please pay special attention — are you on the correct website? Do you trust this contract?

Now you have approved the contract (given Project X permission to use your PXT and do it's magic!), it's time to create a node….

How to create a Project X node

Assuming you have at least 10 or more PXT tokens in your wallet, this is very easy.

Select the number of nodes you wish to create and click “CREATE X NODES” eg if you have 50 PXT tokens, you could “CREATE 5 NODES”.

Nodes cannot be transferred to a different wallet so please bear this in mind and create them in a long-term, safe wallet (hardware!).

How to create and claim Project X nodes

How to claim Project X rewards

Simply click on the “CLAIM ALL NODES” button.

Are there any fees?

As of April 2022 there is a monthly regeneration fee of 0.3% of cost of a node and a variable claim tax.

See dashboard for current rate of variable fees.

You can see all the real time metrics are displayed in the dashboard, above the ‘CLAIM ALL NODES' button.

Note that every transaction uses gas (AVAX).

And whilst the Avalanche gas fees are tiny compared to Ethereum, the network can still become congested and there are times when gas is much higher or lower than others.

The Cointool app is a good place to check and you'll get a feel for what is good or bad. You can also look at historical rates on Snowtrace.

Where does the hardware wallet fit in?

The hardware wallet is used to confirm all transactions eg when you trade, create a node or claim.

Use a hardware wallet protect your crypto!

You need to have the hardware wallet plugged in to authorise transactions. Yes, it's an extra step any many people don't use one but if you want to do everything you can to prevent having your MetaMask hacked and thousands of dollars taken, it's best to get one!

Roundup

Project X is a crypto that prides itself on trust, transparency, ethics and sustainability.

The rewards are excellent (maybe too good!) and the associated total fees/tax are fairly low when compared to other projects &/or chains. Full disclosure is given that these metrics are dynamic and may change to support long-term sustainability.

I’m very proud and grateful 🙏 to be one of the founding members and help get something off the ground and yes, at this time in reality it already is one of my top 3, however until it (or any project) proves itself to be consistent over a longer period of time, minimum six months but ideally twelve+ I can't genuinely attest to its performance over time and so it still needs to be viewed as very high risk, very high reward. #excitingtimes

I encourage you to read the whitepaper, join Discord/Telegram to learn more and become part of the X-Community. 👊

All links can be found on the Project X website: https://projectx.financial

UPDATE: on 7th July 2022 one of the Project X contracts was compromised, PXT tokens taken from the rewards wallet and sold en-mass causing the price to plummet. As a result, Project X halted trading of PXT, carried out an analysis of what happened and began formulating a plan to compensate holders and node-owners.

A decision was made that compensation would be made via distribution of tokens to a new project, Halon Finance.

Much of the same Project X features/roadmap is expected to remain (eg competitions, gift cards etc), however there would be no ‘nodes model’. The means of deciding on distribution of tokens would be as fair as possible.

I’m keeping the Project X article below for reference, however please note that the project itself no longer exists and the community / holders are transitioning to Halon.

Read more on Halon here.

Project X nodes passive income
Wallet maxed out w/ 100 Project X nodes 🙂

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Disclaimer: As with everything on this site, this article is for informational purposes only and is not advice of any kind. I simply share my experiences and my opinions for information. I am not a financial adviser and I am not providing investment advice or financial or legal advice of any kind. Cryptocurrencies (and most business opportunities) are very high risk. Many of the opportunities I discuss exist in new, high risk and unregulated markets. Some methods require significant investment of time and/or relevant skills. Please do your own research (DYOR) and due diligence; do not blindly follow anyone!

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