Prestige Networx

What is Prestige Networx

Today, in our banking and credit card systems, certain industries such as the adult industry, digital downloads, and money transfers are classified as “High Risk”, due to the nature of their business. “High Risk” businesses are required to pay higher fees. In certain situations, these businesses may not be eligible to use traditional banking methods. People who work in these “High Risk” businesses are often discriminated against not due to their work being illegal, but instead their association with certain industries.

This paper describes the Prestige Networx, a decentralized platform that enables “High Risk” businesses to transact business without engaging with the current financial system. The Prestige Networx platform will reside on the NEO Blockchain making use of a proprietary NEP-5 token (PXCX) to streamline the process of “High Risk” businesses transacting business. To fund development and future expansion into related services, Prestige Networx will issue 750 million tokens for sale.

The Problem

Adult entertainment is a $100 billion dollar industry that suffers from an immense payment problem. The current financial system discriminates against the adult entertainment and several other industries by deeming them “High Risk” and flagging them for closer scrutiny.

The Solution

Prestige Networx is developing a decentralized payment processing platform on the NEO Blockchain, which will use our utility token to reduce the cost and barriers to entry that many “High Risk” merchants face. Prestige believes that the blockchain and cryptocurrency offer a distinct advantage to the merchants and performers in the adult industry over the centralized system currently used by banking and credit card companies. Where it is legal and consensual, no defensible reason exists to discriminate against the industry or the workers within the industry. While we aim to support the adult industry as well as several others deemed high risk, we will not provide support to illegal activities such as sex trafficking, underage, or non-consensual sexual behavior or similarly related activities. As we’ve stated, the adult industry is not our sole focus, but the industry offers an excellent initial use case for our tokens.

The Prestige Networx will offer a payment platform for merchants, artists, performers, and independent contractors in industries that the banks and credit card companies classify as “high-risk” merchants. For the merchants, we will offer a substantially lower transaction cost, a faster method to enroll, and the guarantee that their service will not be revoked and they will benefit for the first time from a realtime payment system. Our unique and comprehensive understanding of the industry’s various pain points enables us to offer a solution critical to solving these issues.