Like every other technology invention, the blockchain has its own shortcomings. Critics of this innovative technology will always amplify these shortcomings and argue why blockchain technology will never see mainstream adoption. However bad they might make it look, the fact remains that blockchain technology has broken new grounds and is here to stay. Since the introduction of Bitcoin in 2008, there have been such widespread and undeniable application of blockchains across industries that it threatens mass adoption. Whether it is in medicine, education, governance, insurance, manufacturing or even transportation, the power of blockchain as a distributed ledger and immutable storage have proven useful. Other industries not yet affected by blockchains in a positive way are already building blockchain projects or considering deploying one to tap from it. As the blockchain gradually gains more grounds, the horizon promises to be really exciting. And it only remains to be seen how fast it gains mainstream adoption.

As noted earlier though, the blockchain has some technical and operational challenges that hinder its growth. For blockchain development to be accelerated and to consolidate on grounds already gained, these functional obstacles need to be cleared. Consider some of them.

Some challenges of blockchain Technology today

Here are 4 of the many challenges of blockchain technology that must be quickly addressed if mass adoption can become a reality.

1. Scalability: The number of transactions that can be processed by the blockchain is considerable small when compared with the centralized systems it hopes to replace. Take for example payment processors. Visa is able to handle more than 1500 transactions per second while Ethereum processes 15 transactions per second. Bitcoin handles less than 10 transactions per second. With this low amount of transactions in record time, high end data processing needs of some industries cannot be possible with the blockchain. Little wonder it has struggled to gain mass adoption in industries where speed is key like in payment processing. Scalability remains the oldest and biggest challenge that all blockchains face.

2. Security: Though the blockchain is hailed as one of the most secure technologies, systems intrusions happen almost everyday. The cryptocurrency industry has been worst hit with some exchange platforms reportedly losing millions of dollar worth of bitcoin as a result of hacking. The regular incidences of blockchain hacking has raised concern among industry leaders of our centralized systems. If the blockchain is not more secure than the traditional centralized data processing nad storage system it hopes to replace, then there is no point adopting the technology.

3. Cost: The cost of implementing blockchain infrastructure is still very high. This one big reason most organizations stick with traditional systems that are relatively inexpensive. As a medium for data storage, the blockchain is still very expensive when comapared with running severs or using cloud storage. Additionally the cost of energy required to run and maintain blockchains could be very high, plus other operational costs. This is another roadblock to mass adoption. To encourage organizations and individuals to run blockchain projects, it most be cheaper to do so than with traditional systems.

4. Implementation: This has to do with deploying a new project or transferring an already existing system to the blockchain. This is another area that some organizations do not seem to dare. Something can and do go wrong and a system failure could halt an organization's normal activities on its tracks. It requires a high degree of technical know-how to redeploy to the blockchain. It is equally challenging to run some projects fresh on the blockchain, especially with regards to the unique structure of an organization's mode of operation. Current blockchain infrastructures are designed as one size fits all, this makes it really difficult to adapt them to an organization's unique needs. LAck of easy and non-technical implementation has been a major drawback of blockchains.

The above four challenges do not represent an exhaustive list. It simply gives an insight into some difficulties that must be overcome to ensure further progress. There are have some blockchain projects that tried to handle one or more of the above challenges with minimal success. However, non has been able to do so in a scale that ProximaX Sirius did. What is ProximaX Sirius and how has it addressed the above and more of the problems of today's blockchains? Take a look.

The Solution - ProximaX Sirius

The need for an integrated blockchain development ecosystem is really overdue. So its really exciting to welcome this amazing project called ProximaX. ProximaX is a platform for the development of a wide range of entreprise applications and services with the blockchain at its core. This project is built on a unique blockchain called ProximaX Sirius. The Sirius blockchain which utilizes a Distributed Ledger Technology (“IaDLT”) and API's, contain all the development tools needed to build industry-standard applications as well as services such as file hosting, Software-as-a-service, video streaming, content creation, KYC and other infrastructures. These development tools and components are are integrated into the Sirius chain, enabling developers to utilize an integrated toolkit for the deployment of blockchain projects or services.

The ProximaX is an umbrella of all the tools needed for DApps deployment powered by the blockchain. On the ProximaX Sirius chain, each DApp or service category has an independent environment and contains a library of all the components needed to completly deploy a service. All these categories are integrated into the Sirius chain. Hence, ProximaX Sirius is a one-stop solution for developers and enterprises to build a variety of in-house blockchain projects on a distributed but secure network, in compliance with industry established blockchain standards.

Here are the main components of platform ProximaX Sirius

ProximaX building blocks or Core Services

ProximaX is able to achieve an integrated development platform built on the blockchain. There are 5 core services or building blocks available on ProximaX. The following sections explains the function of each building block and how it integrates into the entire ecosystem. Each of these core services feeature its own tokenomics and is discussed too.

1. Sirius Chain - The platform backbone

Everything on ProximaX which includes the development environment, tools and other components are built on the blockchain called Sirius Chain. The Sirius chain is a typical blockchain which inherits the features of all blockchains. The Sirius chain is a distrubuted ledger of records where all transactions on the ProximaX platform are permanently recorded and stored. Data stored on the Sirius Chain is completely secured using different blockchain cryptogrphic techniques. This ensures that all data generated from transactions on the Sirius chain is intrusion and tamper-proof.

Like other blockchains, transactions on the Sirius chain are guilded by self-enforcing agreement or smart contract under which interacting parties agree to abide by. Having a wide range of services available for development, each category of service has its unique smart contract written in some way onto the Sirius chain. Service units exist on the Sirius chain. They are unique smart contracts enforced by the Sirius chain for each unique service category. This simplifies providing rewards for tools used or services deployed on the platform. Sirius blockchain powers each major category of service on the blockchain. These categories are integrated into the blockchain, though with unique token economy, smart contracts and independent development environment.

Sirius chain uses Proof of Stake consensus to determine how blocks are added to the blockchain. The Sirius chain is an upgrade of NEM’s Catapult. Building on the work already done on NEM’s Catapult, Sirius is greatly enhanced to grow and accomodate more services, and this also enhances scalability of the network. In addition to Proof of Stake, Sirius also features a unique Consensus called Proof of Greed. This algorithm prevents nodes from accepting big workloads that pay more when nodes have nothing or less to do. This stabilizes the process of adding blocks by all the nodes and ensures there is a fair share of the load, while enhancing the time needed to approve transactions on the platform.

Functions of the Sirius chain

(i) Account creation: Users of the platform can create accounts using the Sirius chain. The account is where each user can store their digital assets on the blockchain. Each account is secured with a private and public key.

(ii) Namespace: A namespace is tied to each account created on the Sirius chain. It is a unique locator like your house address on the blockchain. It is unique and identifies each account created on the chain.

(iii) Mosaic: A mosaic can be thought of as tangible objects or assets stored on the blockchain. Mosaics are variable on the blockchain. It could represent a token, real life object such as a car, or the properties of a digital asset. A mosaic remains constant.

(iv) Metadata: The Sirius chain like other blockchains is an immutable storage. This means that any data written to it can never be modified, deleted or destroyed. To make room for some data with variable values such as namespaces and addresses, the Sirius chain creates metadata for them. Metadata are additional data linked to predefined data on the chain. This makes room for flexibility in modifying addresses and other data whose values may need to be changed.

(v) Multilevel Multisignature: If more than one person - for example a team - owns or controls an account, then this multilevel multisignature feature will help to implement approval of transactions on such accounts. This feature also created by the blockchain will make it possible to comprehensively many accounts created by a team.

(vi) Cross-chain Transactions: It is possible to transact across two Sirius blockchains using this feature. Cross-chain transactions is a regular feature of some blockchains. The process - also called atomic swapping - ensures the trading or transacting of digital assets across chains without the need for a centralized intermediaries.

(vii) Aggregate Transactions: This feature enables the merging of transactions into a single batch or group. This enhances the concurrent execution of data that require a more than one transaction - for example atomic swapping.

Sirius Chain Tokenomics

The native token that powers all transaction on the Sirius chain is XPX. The token is used for staking, paying for services used on the platform and providing incentives.

Check pages 15 - 17 of ProximaX WhitePaper for Sirius Chain Fee Structure.

Potential Web services that could be deployed using Sirius

Sirius blockchain is the powerhouse of DApps development and web-based blockchain services. The potential usecase is varied and many. Consider this two:

Freewa: Freewa is file hosting service for storing open source softwares. This service runs on the Sirius chain utilizing the Sirius storage and database. Developers can upload their open source programs and also get incentivized in a native token called Ftoken. This service is fully developed and power by Sirius chain.

Verifiy: Verifiy is a company that handles identity verification using Sirius chain. Its a simple service with an annual subscribtion where users pay for verified digital documents to be stored on the blockchain. Using a private key, these documents can be shown to any vetting organization for verification. Verifiy is fully powered by Sirius chain.

2. Sirius Storage

Sirius not one processes data, but also doubles as a storage. Sirius storage utilizes a Distributed File Management System (“DFMS”). This system maximizes security by storing data on devices connected peer to peer and domiciled on a distributed network. Hence, data stored is not under the control of any central point or even third parties. Enterprises are sure to implement additional data security procedures if they wish, without fear of unauthorized intrusions. Additionally, for work done on storing data on independent storage devices on the chain, pre-designed smart contracts are used such as the public key infrastructure.

Since storage is such a key feature of any development platforms, Sirius Storage supports all common file types such as audio, video and text. Various parties - called node actors - are involved in Sirius Storage. They include the following:

● Acceptors: Nodes that provide file propagation for Replicators and file delivery for end consumers.
● Replicators: Nodes that replicate files and store replicated content.
● Storage Verifiers: Nodes that identify Replicators that no longer store the required files
or have gone offline, and if identified, initiate further replications of those files.

Functions of the Sirius Storage

The following are some of the useful work done by Sirius Storage:

1. Storage Preparation: This has to do with getting the devices ready for storage and letting all the parties involved - the Acceptors and Replicators - know of a storage request. The process begins when a user requests and pays for storage on the chain. Terms are agreed with Acceptors and Replicators and finally the data is stored based on terms of the contract.

2. Upload: After a user requests for storage and the storage devices are readied, the Sirius Storage performs the function of sending files to the storage devices on the distributed network.

3. Delete: Users can request files on storage to be removed. The Sirius Storage supports this activity and empowers The Replicators to remove files on demand.

4. Modify: This command enables users to change the contents of a file in storage or completely change their storage location.

5. Rename: Users can request to change the name of a file or a directory where files are stored. The Rename command is used to achieve this aim.

6. Copy: This command makes it possible to move stored files from one location to another.

7. Directory: The command lists all the directories and the files inside them. Replicators or consumers can run this command to join the storage contract and add files to the storage drive.

8. Synchronize: The synchronize command is a low-level request below the common operations that initiates
a synchronization process amongst Replicators that are involved in the storage contract.

Sirius Storage Tokenomics

The storage tokenomics define how nodes involved in Sirius Storage are rewarded for the work they do on the chain. The image below explains this tokenomics:

Potential Web services that could be deployed using Sirius Storage

Storing files on devices on a distributed network could be a very useful service for some industries today. Here is a company that could be launched using Sirius storage:

Realdiil: Realdiil is a real estate directory with agents scattered across the globe. These agents enlist available properties to the platform for buyers to see. Realdiil launched using Sirius Storage since this platforms enables its agents to enlist properties in real time no matter where it is. And since this listing is on a distributed network, Realdiil canreally boast of being a real estate business with global outreach.

3. Supercontracts

Smart contracts are a regular feature of blockchains. ProximaX goes a level above that. It features supercontracts that are standalone set of rules that define the nature of transactions on the chain. Superconstracts are coded instructions stored and executed by the storage nodes and for which rewards are given. The supercontracts for each service category also defines the nature and amount of rewards to be given after its execution. Using supercontracts, interacting parties are sure to get what they bargained for, from transactions on the blockchain.

Supercontracts on this platform are not stored on the blockchain since this will make it impossible to be modified. This is a weakness of blockchain smart contracts, which are not editable in the case of changed conditions that require altering the contract. Sirius supercontracts are stored on the Storage and not on the blockchain, and can be modified after approval from nodes.

Functions of the Sirius Supercontracts

Supercontracts perform a number of functions which include the following:

1. Preparation: A blockchain developer works on the supercontract to get it ready. Using a programming langugae of choice, he codes the terms and build necessary form fields that must be filled by the parties in contract. Once he is done with programming the instructions into a standalone executable script, the supercontract is ready to be sent to storage.

2. Upload: The executable file holding the contract is sent and stored into Sirius storage and linked with a unique identifier for ease of execution when the parties transact on the blockchain.

3. Execution: Utilizing Sirius SDK, the blockchain developer builds a callback mechanism for the supercontract. With the unique identifer, the supercontract can be called back for execution at any point in time.

4. Results: When the supercontract is executed, it is successful if the terms of contract are fulfilled, otherwise it fails. Nodes that executed the supercontract are incentivized irrespective of the success or failure of the contract. The results are immutably stored on the blockchain.

5. Deletion: A supercontract object can be removed with a multisignature transaction signed by multiple
parties including the creator. When a supercontract is removed, the entire codebase is
removed from the storage layer.

Supercontracts Tokenomics

There are at least 3 different stages that a super contract passes through for a complete execution. In each of these stages or layers, payment is made to various players. First, a fee is paid to Acceptors and Replicators. before a supercontract is sent to Sirius storage. Second, Executors are also paid to run the supercontract. Third, the result of execution is stored on the blockchain and nodes that will confirm that transaction will be rewarded too.

In each of these 3 stages of supercontract execution, incentives are paid to players.

Potential Web services that could be deployed using Sirius Supercontracts

Contracts are a regular feature of blockchains and they could help to automate lots of centralized services such as the following:

Nsurred: Nsurred is a top Insurance company in America and has considered using blockchain to design and implement Insurance packages for clients. Since insurance terms includes loads of conditions that must exist before claims are made, Sirius Supercontract is chosen by this company to develop its Insurance terms for clients. Since these terms built into a supercontract is stored on a distributed network, Nsurred can make it available to clients and its offices across the globe.

4. Sirius Streaming

Data streaming is a big industry in today's technology business. ProximaX also feature this capability but much better on a distributed way. ProximaX allows for data to be recorded in advance and stored on the blockchain from where it is streamed to the target audience. ProximaX also supports live streaming of data which involves using tools on the blockchain to capture and transmit data without storing it on the blockchain. The streaming feature will allow developers to build streaming applications in the manner of Youtube, but on a secure distributed blockchain platform. Here are some capabilities of the two types of streaming:

1. Storage Streaming: This involves transmitting data already recorded and stored on the blockchain. To achieve this, acceptor nodes pre-load the files to be streamed, to Replicators. The Replicators role is to transmit the data to the target audience. The data transmitted among various Replicators are validated by Storage verifiers.

2. Live Streaming: Live streaming involves simultneously capturing and transmitting data to end-consumers without first storing pre-recorded data on the blockchain. Nodes must be approved to stream live data. Before any node can become involved in live streaming, Discovery nodes that act as decentralized actors must first discover and add the node the the list of approved nodes.

ProximaX has built its streaming API to enable developers create streaming platforms that transmit data to a single or multiple audience. Incentives are paid to approved nodes that participate in live stream based on work done. For each node to increase its chances of being selected to live stream, it must provide details of its bandwidth which shows it has more than enough resources to livestream. Nodes with bigger bandwidths stand a better chance of being selected than ones with fewer resources.

There are standard procedures followed when streaming data between nodes on the platform. This procedure is called Live Streaming Protocol. It was designed to optimize streaming time and avoid delays related to the blockchain transactions. The image below illustrates the live streaming protocol:

Check page 35 of ProximaX WhitePaper for a step-by-step example of one Stream Sender to multiple Stream Receivers

Potential Web services that could be deployed using Sirius Streaming

Live streaming a billion dollar industry today although it is heavily centralized. Sirius Streaming will offer the normal streaming services we have today plus a blockchain advantage. The following web services could be launched based on Sirius streaming:

1. Discovanature: This could be animal and plant documentary channel built using Sirius streaming. Subscribers will enjoy watching their favorite animals on the platform and even get involved by sending their mini-documentary videos to get paid by the platform.

Sunlyriks: Sunlyriks is an upcoming song artist that built his streaming platform using Sirius. He transmitts live performances as well as uploading recorded songs he produced. Through Sunlyriks, subscribers can get up to date with Sunlyriks new releases.

5. Sirius Database

Some enterprises or even individuals may deploy applications that required external data storage other than the blockchain. In that case, Sirius database could be useful. Although not built on top the blockchain, Sirius database will provide independent storage capability for any applications that call for private off-chain data storage. This extends the customization level of Proximax to a level where the individual needs or preferences of projects are accommodated.

Sirius database make use of BigchainDB (“IPDB”) that stacks MongoDB. Here are some advantages of this database system:

IPBD is powered by a traditional distributed database in MongoDB which implicitly has the characteristic of scale (throughput, capacity, and low latency) and is querriable. It is padded and engineered to have blockchain characteristics such as decentralization, immutability, data assets, and digitized contracts.

IPBD writing takes less than a second because validation is based on the consensus of voting nodes. It has its own querying feature on top that leverages on the underlying document-based database query functionality.

Potential Web services that could be deployed using Sirius Database

The need to store data generated by organizations and IOT devices is on the rise. So Sirius database will have a huge market as follows:

Drivsef: Drivsef is a company that manufactures self-driving cars and would want to use Sirius database to store all the data generated by its self-driving cars. The data include road markings, objects around the car, weather, etc. Because this is big data that needs to be made available to car assembly plants across the globe, it is best stored using the blockchain which makes Sirius database the right choice.

6. Sirius Content Review

This is value added service offered by Proximax. Content review such as in blog, could be done using this service.

Sirius Chain - all the blockchain development tools in one place

The challenges of blockchain technology are many and well pronounced. We have seen several blockchain projects attempt to solve these problems. Some progress has been made, but the major challenge remains that there is no single platform that attempts to overcome these challenges by providing tools needed to implement a functional project on a single blockchain. A little progress here and there, yet, it remains difficult especially for blockchain developers to integrate all the tools they need in one development environment.

Sirius provides a complete blockchain development toolbox for developers. This will enhance efficiency as it reduces the time required to conceive, develop and deploy blockchain projects. Since all the tools and components are integrated on one platform, the blockchain developer simply takes what they need without leaving the immediate environment or paying costly fees for a particular tool or feature in another platform.

For entreprises that want to develop blockchain projects, the integrated development toolbox will also help them to finish projects earlier. It also gives them the flexibility to develop blockchain projects custom-made for their organization since the variety of tools needed to work on such projects are already available on Sirius.

Usecases

Blockchain wallet

Emoni is a payment processing company that wants to also offer clients a way to store cryptocurrency. The management has researched blockchains before, but are not convinced with the blockchain development platforms they saw. But after attending a bianual blockchain event in the city, they heard about Proximax and decided to investigate. Their in-house developers found that all the tools needed to build a cryptocurrency wallet is found on Proximax. After the board approved it, Proximax was used to develop a brand new cryptocurrency wallet for customers and they enjoy the service till this day

Blockchain-based gaming

John is a blockchain enthusiast who also loves gaming. He spends most of his time playing games with friends and also reading about blockchains. John become so passionate that he planned to build his own gaming platform on the blockchain. He started making research about hiring a blockchain developer. He found Eric who charged a high fee because the entire project cannot be completed on one development platform since tools are scattered across different platforms. Worried about this development, John decided to find blockchain development platforms online. He stumbled upon Proximax and recommended it to Eric. Eric was surprised to find a development platform that has all the tools he needed for the work, at a cheap rate too. Eric accepted the work and charged john for his expertise alone, since John has alreaded created account on Proximax. The blockchain gaming platform was developed and deployed. John is happily getting his friends to join his network.

Blockchain Betting

Conclusion

Sirius is the web developers dream come true. Imagine having all the tools you need to finish any work in one place. Proximax integrated development environment will provide the kind of technical infrastructure needed for blockchain projects.

Proximax will also power the mass adoption of blockchain technology with its numerous services available on the platform. Whether an organization simply wants a blockchain storage space for its files, a distrbuted live-streaming project for its clients or simply a censored community blog on a blockchain, Proximax has everyone covered. You simply walk in, and select the kind of projects you want to build on the blockchain and its done.

By utililizing blockchain technology, Proximax will pioneer disruption of major centralized industries and open new frontiers previously unexplored by any existisg blockchain platform.

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