PROXIMAX SIRIUS BLOCKCHAIN REIMGINED AND EVOLVED
Technology has revolutionized the financial industry, and currency trading in particular. Though cryptocurrency exchanges share basic characteristics and requirements with traditional stock exchanges, the offer an entirely different level of transparency and decentralization to their users. The volume of cryptocurrency trading has significantly grown since the beginning of the year. There are now more than 1000 cryptocurrencies with total capitalization of over $100 billions and the number of currency exchanges and traded pairs is rising. Bitcoin, for example, has already reached $50 billion in market cap and a daily trading volume of over $1 billion. More importantly, crypto exchanges enable anyone to participate in the peer-to-peer trading, providing opportunities for all-scale traders and investors. All this will not have been possible without the help of blockchain technology.
Blockchain technology has revolutionized the financial industry, and currency trading in particular. Though cryptocurrency exchanges share basic characteristics and requirements with traditional stock exchanges, the offer an entirely different level of transparency and decentralization to their users.
Blockchain is an undeniably ingenious invention. The brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto in 2008. But since then, it has evolved into something greater.
A blockchain is, in the simplest of terms, a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain). The first cryptocurrency developed under blockchain is the renounced bitcoin. Bitcoin has no central bank and isn’t linked to or regulated by any state. The supply of the cryptocurrency is decentralised. It can only be increased by a process known as “mining”. For each bitcoin transaction, a computer owned by a bitcoin “miner” must solve a difficult mathematical problem. The miner then receives a fraction of a bitcoin as a reward. Not without a few of it challenges such as Reputation for criminal activity, Potential for theft, Ease of use, Volatility, Scalability, etc. Other digital currencies have tried eradicating these problems but hasn’t been able to not until the arrival of Proximax.
ProximaX is an advanced extension of the Blockchain and Distributed Ledger Technology (DLT) with utility-rich, industry-standard services and protocols.
ProximaX combines blockchain, storage, streaming and an advanced consensus algorithm to enable a rich, all-in-one platform for broader cross-industry application and decentralized app development.
ProximaX Sirius platform is all-encompassing, and can be used to power a diverse range of use cases ranging from simple standalone applications to complex systems solutions, according to the needs of the user.
The fully decentralized configuration of the ProximaX Sirius platform integrates with peer-to-peer ("P2P") off-chain components such as content delivery networks ("CDN") and other Sirius offerings. This liberates app developers to expand their creativity in building great P2P applications without fear of non-compliance or being vulnerable to attacks.
ProximaX: CHAIN CONSENSUS
ProximaX’s blockchain Sirius uses a Proof of Stake (PoS) consensus algorithm because of its stronger throughput than the alternative Proof of Work (PoW) system found in the first generation blockchain protocols. The model for Sirius was adopted from NXT, and enhanced.
In the standard NXT version blocks were generated every minute. ProximaX needs only 15 seconds to do the same task; showing a four times efficiency boost. Because the full token supply is predetermined, the transaction work and fees of the PoS system in the Sirius Chain is one of redistribution.
PoG (Proof of Greed) is a mechanism developed by the ProximaX team to limit the transaction fees a node can charge. The Sirius Chain aims to redistribute a higher probability of success to consumers who opt for lesser fees. This feature is another novel development because many blockchain networks do not have adjustable fee frameworks.
BENEFITS OF PROXIMAX
Staggering Cost Savings: The powerful combination of both blockchain with other proven off-chain distributed technologies enables developers to easily create applications and system solutions without in-depth knowledge of blockchain. As a result, this saves development time and reduces the total cost of ownership ("TCO").
Highly Scalable: Able to handle large increases in users, workload and transactions. Users can store and stream data of large sizes in the distributed layers whilst transactions are conducted speedily on the blockchain with security, transparency, immutability, irreversibility and traceability.
Highly Configurable: Available in both permissionless and permissioned environments. The permissionless offering is deployed as a public blockchain solution, governed by a robust set of consensus protocols while the permissioned environment is a private blockchain to service enterprise clients.
Highly Secure: Distributed architecture makes cyberattacks practically impossible, as it would require all nodes containing a piece of data to be simultaneously compromised. This contrasts greatly with centralised architectures where mass data leaks have become commonplace.
Transparent: All stored data is encrypted and time-stamped by default, which ensures complete security and an audit trail, in addition to being immutable and irreversible.
100% Availability: The use of Integrated and Distributed Ledger Technology ("IaDLT") means that business uptime is guaranteed.
Speed: Peer-to-peer technology in a distributed environment provides high data transaction throughput.
Easy-to-Use: The ProximaX Sirius’ APIs and SDKs are available in a broad range of programming languages making it easy to integrate with a wide range of applications.
Flexible: Networks can be cross-chained, even outside the ProximaX Sirius platform, for example with the bitcoin network.
PROXIMAX: SIRIUS CHAIN
Sirius Chain is based on the latest version of NEM’s blockchain called “Catapult” (Dragon version). Catapult provides a predefined set of features that are applicable to most if not all business use cases. This makes Sirius Chain extremely attractive for building any type of service either as an extension or as an application vertically on top. ProximaX Sirius relies on Sirius Chain to facilitate transactions for the platform’s core services. Given that Sirius Chain will perform some “heavy-lifting”, ProximaX developers further enhanced some of Catapult’s core elements, in turn improving its performance. It is the best fit for the platform as it is economically efficient, and has minimal hardware resource requirements, making it easier to invite blockchain participants, and balance the network.
Benefits of Sirius Chain Development
Ability to process transactions securely, quickly and efficiently, at a rate of thousands per minute or more.
Provide incentives to encourage existing and new participants to expand and secure the network.
Scale globally with a minimal resource footprint.
Offer a range of basic transaction types that launch cryptocurrencies past their core use of a payment system alone.
Provide an agile architecture that facilitates the addition of new core services, and the creation and deployment of advanced applications.
Be able to run on a broad range of devices, including mobile phones and IoT.
STORAGE & SUPERCONTRACTS: The ProximaX team enabled the distributed file management system. Here the storage of files are done via (Distributed file management system).Information sources are encrypted and are partition in bits. Its algorithm is designed that it stores data across storage nodes.
Its often serviced via either of these two methods.
• The Sirius Streaming service allows the prerecording of data on the Sirius storage.
• Another is that viewers can have direct access live streamed data. Due to the proper management of Sirius storage facilities, a large volume of data can be uploaded and streamed at a low cost from the viewer’s end.
SIRIUS STORAGE STREAMING: Sirius Storage supports streaming transfers, which allow you to stream data to and from your Sirius Storage account without requiring that the data first be saved to a file. Streaming transfers are useful when you want to upload data generated from a process directly into Sirius Storage, or when you want to download data from Sirius Storage into a process.
Storage streaming goals;
The goal of the storage streaming service is to provide an autonomous and economically fair way of streaming pre-recorded or persisted data from a persistent device such as a Replicator node.
Fair streaming protocols: Allows streaming between nodes that do not know each other yet trust each other through a common cryptographically signed data.
LIVE STREAMING: refers to online streaming media simultaneously recorded and broadcast in reel time. its basic goal is to The goal of live streaming is to create a platform for streaming live data from a single sender source fanning out to multiple distribution points to one or more receivers in an autonomous and economically fair way.
A figure on live streaming protocols
Live Streaming Node Actors
- Stream Discovery node: Maintains a list of authenticated streaming nodes.
- Stream Landing node: Receives content from a Stream Sender and broadcasts it to one or more Stream Distributor nodes and/or Stream Receivers. A Stream Landing node is selected from a list of Stream Verifier nodes.
- Stream Verifier node: Verifies live streaming status, reports performance of Stream Landing nodes to a Stream Sender, which can trigger re-election of faulty Stream Landing nodes.
- Stream Distributor node: Multiplies content (fan-out) and distributes it to one or more Stream Receivers.
- Stream Sender: Broadcasts live streaming data (sender, start point).
- Stream Receiver: Receives streaming data (recipient, end point).
SIRIUS DATABASE: Sirius database is highly encrypted such that it operates on a private-only service mode. No external protocols can access this database technique is adopted so that public infrastructures can access its core services.
SIRIUS CONTENT REVIEW: Based on it algorithm design, it allows content managers to create processes which ease reviewing. As a Sirius content review manager, you can come up with an easy, understandable algorithm to produce rapid solutions to the public problems. Hence have an aged over other blockchain infrastructures.
Proximal makes use of a decentralized ecosystem applications which can be categorized as either a decentralized application(DAPP), a semi-centralized application, or a non decentralized application. These applications are either direct user of the platform’s core services (B2B) or an application that uses the platform to provide services to its own end-customer that can utilize the platform.
ProximaX KYC is a Know-Your-Counterparty application that is built on top and powered by the ProximaX Sirius platform.Central to any KYC application is the way the KYC data is managed. In a scenario that a customer is uploading a passport copy, the file is sharded (a process to break up KYC data) and each piece is encrypted and stored into multiple and distributed nodes.
To re-assemble and grant access to onboarding teams, the customer uses a private key (similar to a password). The beauty of ProximaX KYC is that when one node becomes unavailable, the next nearest available node will instantaneously take its place, thus ensuring zero-downtime.
Privacy is maintained through pseudonymisation by using a combination of a public key (concealing the individual’s identity) and a cryptographically unique hash for the KYC file (akin to fingerprint).
The blockchain at the core is used as a secure and incorruptible index to locate and manage KYC data. A distributed file management system and a distributed database are used to store the KYC data.
Application Onboarding : ProximaX KYC is such an amazing platform whereby it’s designed in a way that any application owner can build he/her application on the platform with ease. Application owners can use the following core component features:
Account, Namespace, metadata, supercontract.
Application offborading: ProximaX has made it so simple that to offboard an existing application, all the app owner has to do is to close the Sirius as the coding belongs to the supercontract in the Sirius storage.
A pictorial view of how ProximaX Sirius KYC works
Proximax falling into a decentralized networks. The sustainability and governance of this networking system gives room to the design and implementation of tokenomics.
Defining the common economic incentive framework for the work done and also maximizing returns for each participant and ensure network existence are its core values.
The basic principles adopted in ProximaX’s tokenomics design include:
● Self-organization and synergy of rational behavior of system elements.
● Adaptability to adverse tactics and internal attacks.
● Fuel the use of the core services in the infrastructure
● Extendible infrastructure to facilitate plug-ins for inclusion of additional core services.
ProximaX Sirius which makes use of decentralized networks interconnections are categorized based on the Internal and External system, of which consists of;
● ProximaX’s Native Token (XPX)
● Service units
● Custom tokens (mosaics)
External consisting of;
● Payments made by end-consumers:
ProximaX Native Token(XPX): Its functions are to stake into the networking system blockchain to register interest and produce ProximaX. ProximaX blockchain works perfectly without liquidity and convertibility issues like other cryptocurrencies.
Service unit: The presence of several integrated services benefit from the use of several types of gas “for example Ethereum’s Gas token” is service unit in ProximaX Sirius. These services are used by the consumers to pay for platform service, to incentivize node for running a service and to represent the capacity if a node for providing a service.
Service units approach enables ProximaX Sirius to have a multidimensional inner economy where it saves as a backbone used to power services rendered by different node actors. This approach helps facilitate the future expansion of the platform’s services by enabling the creation of new types of service units (i.e. AI/ML unit; Distributed Computing unit).
Mentioning a few of its types are;
● Storage unit (SO) for data storage. A unit represents the ability to store data. 1 SO corresponds to 1 GB of space per month.
● Streaming unit (SM) for streaming. A unit represents the data motion between nodes or nodes and consumers. 1 SM corresponds to 1 streamed GB.
● Supercontract unit (“SC”) for execution of supercontracts. 1 SC corresponds to 1 supercontract instruction code.
● Review unit (RW) for feedback and content review. 1 RW corresponds to 1 XPX worth of paid content.
Custom Tokens (Mosaics): They are seen as variables on the blockchain protocol to consumers create digital asset representations on the platform. Thou act to the function defined For example, mosaics can represent a currency, a consumption measurement, or any physical real world assets. There can be customized with unique properties which includes divisibility, duration, initial supply, supply mutability (i.e., changeable quantity) and transferability.
In any decentralized system, it is important to define the set of actors that will work on a designated task. The ProximaX Sirius platform has several actors in its ecosystem due to its multiple core services.
To accommodate the multiple ecosystems, there are currently three server node types that can perform different functions simultaneously.
ProximaX Application Uses cases
User reviews are one of the key criteria for ProximaX Sirius exchange rating. Other include reputation of exchange and geographical restriction as well as several points we apply to recognize the best exchange in this nominee: user-friendliness, security, transaction and deposit fees, payment methods, verification requirements, exchange rate, customer support, and intuitive user interface. There are challenges in privacy, confidentiality, data security and integrity, and centralized systems in this internet age. Although there had been attempts by the private internet-related organizations to resolve these challenges, the solutions appear to be selective and only gears towards their business motives at the expense of consumers’ interests.
ProximaX utilizes the IPFS P2P Storage and streaming technology, while combining it with the API-driven NEM technology to build a solid, bulletproof file system that has the security, immutability, and reliability of blockchain, coupled with the availability of a distributed peer-to-peer storage network. ProximaX Sirius has also been able to come up with something amazing features like 24/7 customers service, easy regulations, verification requirements, etc. It is a platform to develop innovative applications such as, but not limited to, KYC, medical health records, land registry, trade finance documentation, certificates, time stamping and proofing, identity management, and Internet of Things (IoT).
Previous researches has pointed out that network capacity is one of the major bottlenecks for blockchain systems. In order to increase performance, ProximaX Sirius focuses on improving the efficiency of network utilization. ProximaX also proposes a number of improvements to deal with real-world networking scenarios.
There is no question amongst experts in this domain that blockchain is a progressive starting point in technological innovation. However, it is just that: “a start.” Blockchain and Distributed Ledger Technology (DLT) is a market catalyst to adoption and transformation. As a driver of new currencies like Bitcoin, it is purpose-built. On its own, it is limited and requires significant additive solutions and protocols in parallel to provide useful, easily adopted services that can cross the divide between a “pure technology play” to real-world application and utility. This lies at the crux of what ProximaX serves to solve. Current in-market implementations and developing blockchain projects have only solved for utility in small and limited implementations or have overshot the mark with largely unsustainable, albeit powerful, virtual machines. Consider these projects as prototypes, permutations in the inevitable and continual march that will produce the standards of the future. ProximaX proudly stands on the shoulders of those prototypes. ProximaX is a leap forward, providing a holistic solution that combines on- and off-chain services and protocols, now purpose-built for utility and the necessary replacement of end-of-life, traditionally centralised architectures. It is a revolution: Blockchain reimagined and evolved.