Meet ProximaX! The First Blockchain Solution to drive a True Service-Based Economy in a Fast, Secure and Scalable Environment!

in #contest2 years ago

Eureka!! A Word of Discovery

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More than two centuries have gone since Archimedes found a solution to the king's puzzle but still his legends lives on. And the most dramatic part of this story was that he mistakenly stumbled on the formular to solve the king's puzzle after toiling day and night to no avail. And when he did found out, he shouted Eureka! Eureka! Eureka means I have found it.

In similar fashion, this short story captures the mood of millenials when satoshi stumbled on the idea of Decentralized blockchain to re-invent the way we handle, store and exchange value, albeit in a trust less manner as opposed to the old traditional payment system which has obvious disadvantage in terms of security and user control; a problem which was addressed through the advent of conventional blockchains like Ethereum and Bitcoin.

However, this conventional block chain are not fully adaptable for major use cases apart from its native cryptocurrency and this is due to some obvious drawbacks experienced by users and developers. Some of which are enumerated below

  1. Exponentially growing block chain users slows down the overall block chain performance. Further compounding the speed-related issues when it comes to block chain deployment as a Service (BaaS)

  2. Secondly, until the little cogs that
    makes the economy of the previous internet era to thrive are brought together, blockchain mantra of replacing the old system completely may be in lieu for the foreseeable future.

So when Proximax came out with an improved and better plan to integrate all the different facets of a fully fledged blockchain, it was indeed a repeat of history; its Eureka!!! to all the puzzle of building world class applications on a fast, scalable and secure blockchain framework.

A Breath of Fresh Air - ProximaX Blockchain

Without mincing word, blockchain technology has the potential to completely be the defacto framework for hosting applications that transcends any geographical location. However, as of yet, this is not the case due to the convoluted nature of the working parts needed for the actualisation.

The kill to building truly world class applications that behaves in a fast and secure manner rest on the benchmark of numerous build tools availability, fast and secure development framework and a data streaming enabled environment which until now have being compromised in one way or the other due to poor implementation on other platforms.

Therefore,ProximaX represents the best chance of driving new economies on the blockchain due to its gospel of building a coherent economy; one with better development tools, speed and scalability for developers to build truly world class applications.

ProximaX Blockchain to the rescue!!

Due to key innovations in core blockchain concepts,ProximaX via its Sirius chain enabled blockchain is equipped to host unprecedented number of applications for different economies. The Sirius chain which act as the backbone for the ProximaX framework has numerous build tools including smart contracts, a blockchain enabled token called service unit and a POG(Proof of Greed) consensus mechanism to be able to run core services on ProximaX network.

ProximaX invents on both the Service and Abstraction Layers

ProximaX vision is to “Empower the development of highly secure and cost-efficient applications” with built-in multi-sig and cross-chain capabilities. A development process which is fast-tracked via the availability of APIs and SDKs in a wide range of languages such as TSJS, Java, CSharp, Swift, Dart, CLI, Golang, CPP, PHP, Rust and Python. However this five key cardinals;
Blockchain, Streaming, Storage, Database and an open consensus constitute the basis for a true Application-based Next-Generation Economy.

Hosting on the Blockchain Guarantees Network Security

One of the first core services to be hosted on the ProximaX blockchain is Data Storage. Therefore, the team realise the need for a robust data management system and hence the need for a distributed file storage network like the blockchain.

ProximaX via the help of the Sirius chain employs a DFMS ( Distributed File Management System ) protocol to encrypt and store large data into smaller units that can be stored on different nodes across the network as reached by the blockchain consensus.

This helps to keep the data distribution and storage process unbiasable, unpredictable, verifiable and ultimately scalable without compromising network performance especially security.

PeerStream Protocol (PSP) to drive autonomous End-to-End Streaming

One of the derivable benefits of utilising the PSP protocol is that it empowers developers to build high-end applications which can rival indigenous applications in terms of high security, performance, real-time messaging and streaming services autonomously. The appeal of using a privacy routing protocol, PSP also transcends beyond face value as it also helps to insulate and eliminates the risk of maintaining exit nodes and out-proxies.

Therefore, with this tool in place, developers have the obvious advantage of building a fully fledged application capable of handling large scale interactions such as live streaming(end to end user interaction) and storage streaming (view previous interactions)

Structured Consensus Mechanism reduces Network Complexity and Increases Node Participation

The governance of the each economy on the platform is driven via a multi-layered consensus protocol which allows participants such as proximaX nodes, app developers and content creator to be rewarded based on their business model for contributing storage and bandwidth resources to the network.

ProximaX rewards participants in XPX token; the native currency of the platform

Document-based Database to ensure Optimum Loading Time for Applications

This approach is invented inorder to improve the overall user experience of applications hosted on a decentralised environment like the blockchain; enforced by tendermint technology on a document-based database technology stack like MongoDB.

Implementing the above protocol helps to curtail the obvious security loopholes in the latter while the network is able to drive

  1. A simple transfer transaction contracts

  2. Its own asset management

  3. Metadata storage to ensure authencity of data

  4. Applications with powerful indexing and querying functionality to ensure faster data load time and data integrity.

Enhanced Consensus To keep malicious activity at the lowest Ebb

ProximaX blockchain Sirius which is the backbone of the ProximaX network prefers the Proof of Stake (PoS) over the PoW consensus mechanism due to its high throughput. However, as opposed to the NXT standard version, ProximaX blockchain generates new blocks every 15 seconds (4 times faster than NXT ).

Inorder to drive transaction fees to the lowest possible, ProximaX alongside the PoW develops the PoG (Proof of Greed) consensus to drive an adjustable fee framework - This model allocates a high probability of success to consumers who opt for lesser fees!.

This invention helps to curtail this two major attacks,namely

  • Zero-Fee Attacks - Validators may validate transactions for free to combat the PoG system and take over the network by forging the most blocks

The solution ProximaX utilized was to ensure that those Validators which take some pre-specified average fee have a higher chance of forging a block

  • Large-Stake Attacks - This becomes a problem if a Validator with a 51% stake attacks the network, earn the majority of the fees, and begin to reverse transactions

PoG ensures there is a fair distribution of Validator rewards

Source: cateredcontent.

ProximaX's High-Performance Blockchain Lives Beyond Native Cryptocurrency Usecases


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ProximaX`s innovative solutions offers a lasting solution to the convoluted nature of the present blockchain options which offers limited capability of the technology as a tool for meeting the needs of next-generation,service-inclined economy; a word which best enclaves the focus of next-generation economies. ProximaX represents the best chance for new businesses and emerging third world economies to tap into the global economy of the future due to blockchain's universal nature even as its acceptance level increases for different countries worldwide.

However, few of this solutions that really interest me and I have earmarked as textbook highlights for the ProximaX model are enumerated below; albeit it cuts accross varrying sectors of our economy.

  • CashCart

An online shopping platform with a view to driving an integrated service delivery channel from ordering of the goods to delivery on the blockchain. This includes real time monitoring of deliverables via the IoT-enabled tracking system; serving as an integrated e-marketplace for shoppers, delivery agents, heavy shop lifters and merchants.

  • Case Study - Artemiz Innovation

The demands of a trustless information channel increases as different economies have realised or will come to know in due time that maintaining an high integrity communication protocol for both internal and external relevance will be important in maintaning strongholds against their rivals on many fronts which ultimately transcends into economic and social benefits. To this end, Artemiz innovations operates a model that can be replicated for different economies on the ProximaX blockchain such that sensitive data and information can be conducted through a secure channel with little or no trace to the end users.

Why use ProximaX Blockchain?

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  • Secure Data Handling; This is possible due to the underlying blockchain protocol

  • Fast Transaction throughput/Latency; Enabled by employing a fast, efficient consensus.

  • Supports Industry-wide. Application; Due to the converging nature of the blockchain , each sectors of an economy can be represented on the platform via high end applications to meet the need of users.

  • Fair Transaction Fee; Validators spend less power when creating new blocks since the network is deployed on an energy efficient PoS-based consensus. Whereas the PoG consensus encourage fair fee distribution platform for all participants.

The ProximaX Advantage - Features, Benefits and the appeal of a Social Economy

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The Sirius Chain which serves as the backbone of the ProximaX blockchain integrates with Peer-to-Peer off-chain components such as Content Delivery Network (CDN) to facilitate the creation of high end applications by developers while implementing an IaDLT with API-driven architecture to drive a secure, fast full-fledged content sharing, hosting, storage and streaming economy which enables ProximaX to build applications that have shared property of its underlying infrastructures as enumerated below

  • Storing and hosting of data in a decentralised privately-owned or public chain networks.

  • Automatically synchronise and organise files.

  • Secured and supports multiple devices.Seamless sharing.

  • Optimised data retrieval from an efficient database system.

  • Basis of trust embedded into technology solutions.

  • Flexibility in design.

  • Monetising created content.

  • Choice and liberty to filter, flag, and remove inappropriate or illegal content.

  • Contents streamed direct to users without exposing identity and IP, thereby maintaining privacy.

  • Supports Multi-signature

  • Faster Block creation process (4 times faster than NXT)

  • immunity from Zero-fee attack and Large stake attack

  • Proof of Stake consensus provides an energy efficient network

  • Peer-to-Peer communication

  • Low transaction fee

  • Aggregated Transactions - Combine multiple transactions

Industry-Based Applications and Core Services - A key Strategy to ProximaX's Dominance

This is enabled to application owners via the in-built features enabled by the Sirius chain as enumerated below

  • Mosaics - A digital representation of value that may or may not be associated with a namespace. This helps to facilitates the creation of many micro economies within a large one.but

Mosaics can be customized with unique properties such as: √ Divisibility √ Duration √ Initial Supply √ Supply Mutability √ Transferability

  • Account - To identify namespace uniquely

  • Namespace - A plugin that creates a domain representation (name) of a business

  • Metadata - Data associated with pre-built plugins; needed for applications relying on third-party services through the use of URLs (unified resource locations)

  • Supercontracts - Contracts that execute via a distributed manner with a pre-agreed consensus mechanism; developers can access pre-existing sets or create their own.

Note : Supercontracts can be restarted, amended, halted, augmented, discontinued; all off-chain so as to not interrupt the integrity of the Sirius Chain in the event of unforeseen problems

This concept has enabled ProximaX to build some major applications on its platform to fast-track services for various economies which are enumerated in the table below

ApplicationsUseCase
apps-proximax-kyc.jpgProximaX KYCProximaX KYC enables fast and simple end-to-end counterparty onboarding. By using the ProximaX Sirius platform to store and manage sensitive KYC data, it can ensure maximum data security, privacy, with permission-based access.
apps-proximax-suite.jpgProximaX SuiteProximaX Suite is an enterprise-ready, end-to-end office suite where applications such as word processing, spreadsheets and presentations are now blockchain-powered for superior availability, security and privacy
apps-proximax-fileit.jpgProximaX File ItProximaX File It! is a client-based file sharing app that stores and shares files across multiple nodes on the ProximaX Sirius platform
apps-proximax-notes.jpgProximaX NotesProximaX’s equivalent of a note taking tool with the ability to embed images. Files are encrypted for absolute privacy protection
apps-proximax-forensics.jpgProximaX ForensicProximaX Forensics is designed to bring about greater efficiencies and data security, thus enabling investigators and scientists to access digital evidence easily, quickly and also store digital evidence securely
apps-proximax-identity.jpgProximax IdentityProximaX Identity is a highly secure verification system for personal information that can be used as a unified source of data across public and private sectors
pasted image 0 (6).pngAutomated ExchangeThe Automated Inner Exchange** is built on top of the Sirius Chain to exchange the XPX with designated service units. Users can use the inner exchange economy to create new core service (such as a search engine) and their associated tokens.

Source : Proximax Website

Understanding Key Concepts within the ProximaX Ecosystem

The ProximaX token ecosystem has two layers:

  • Internal

The Native Token (XPX) - Powers the blockchain and helps to pay for services

  • External

Service Units - Units of measure of the services performed over the protusers, XPX are traded in for service units via an automated inner exchange. These are consumed to process supercontracts.

»» Service units are used to:
√ Allow the consumer to pay for services
√ Reward the nodes for running services
√ Measure the capacity of a node for executing a service

»» The different types of service units are as follows:

Storage units (SO) - One unit represents 1GB stored per month
Streaming units (SM) - One unit represents 1GB streamed between users
Supercontract units (SC) - One unit represents one supercontract code executed Review units (RW) - One unit represents 1 XPX worth of paid content

»» The initial service unit rates (which are subject to change) are as follows:`

1 SO = USD 0.004
1 SM = USD 0.02
1 SC = USD 0.000005
1 RW = USD 0.005

  • Custom Tokens - Created by users to build DApp (decentralized application) markets throughout the network

  • End-user payments - Any method of payment (crypto or fiat) can be built into any application supported by ProximaX

In Conclusion

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ProximaX will represents one of the first blockchain to implement Blockchain-As-a-Service Protocol on its platform if they can successfully integrates key technologies as they exist in their in their convoluted nature to serve as the underlying framework for hosting next-generation high end applications capable of unsettling existing centralised economy and ultimately replacing old systems with fast, efficient decentralised economies with endless possibilities.

Use Case

  • Creating a Global Economy for Real Estate

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Image Credit

Fraud is common in property registration due to the use of paperworks. The call of Posterity has left the land owners in a state of fear until they finally kick the bucket. This is when this properties become hard to claim for the rightful heir due to bad act, bad record keeping or worst still government policies.

In order to circumvent this misnomer, blockchain technology can easily replace the old system and serve as a secure, efficient store of data for every day use via the deployment of DApps ; which can drive the creation of global economy for the budding Real Estate Market. ProximaX blockchain as a frontier for fast, decentralized service-based economy fits the bill in every aspect.

Roadmap


Token Metric


Meet The team



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