Proximax:Blockchain Development Reimagined and Evolved.
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IN today's article we will be discussing Proximax and its contribution to the blockchain ecosystem, by the entirety of this post the questions below would have been highlighted and questions, answered, Here are the questions and I hope you have a great experience exploring the basis of this article:
- What is Proximax
- What are the benefits of using Proximax over other blockchain development platforms.
- What is the benefit of having all the tools required to develop any type of project in one place.
- What are the core features of Proximax.
- How Proximax could be used to build web services and projects like youtube, Facebook, and other influential brands.
Proximax
Proximax is a next-generation Sirius powered integrated and distributed based ledger development platform with blockchain technology as its infrastructural backbone. Proximax operates on a multitude of plug-ins or core services such as (streaming, storage, and supercontracts) bound by a common blockchain protocol for identification, incentivization, message recording, state management, and asset management and exchange.
Proximax appearance in the playing field is quite convenient considering the level of difficulty and challenges that developers face while creating dapps and other web-based services. Proximax has all it needs to reduce the difficulty level one these numerous features include the ecosystems different active nodes actors, each(node) providing their own unique services wrapped in an accessible application programming interface (“API”) through a set of software development kits (“SDKs”) and HTTP/S endpoints.
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Proximax provides developers the keys to creating Dapps(decentralized applications) and system solutions for commercial uses. Proximax has drawn a broad line when it comes to its uses cases ranging from minor to major projects like KYC processes, business continuity, video streaming, health, identity, IoT devices and robotics, big data applications, records, and reporting systems, traceability, legal and notary services, land registry, trade finance, payment and settlement, security issuance, management and exchange, workforce collaboration, messaging, and supply chain management. Proximax is made up of different core services that share the workload of the platform based on its category each with a state of its own, independent from other services and bound by the Sirius chain.
Advantages of Proximax over other Blockchain Development platforms
Proximax has proven to a better choice when compared with other blockchains infrastructural development which is often flawed in various ways ranging from issues of scalability, security, and cost of operation. With features and offers available only on the Proximax network. Here are a few of the challenges Proximax has solved:
Scalability: One of the oldest flaws of blockchain is the issue of scalability, networks like Etherum are struggling in their transaction throughput due to the growth in the network. Unlike their rivalry centralized counterpart that offers a much larger amount of transaction throughput, making it difficult for significant growth in the blockchain generally.
Proximax however has improved its network significantly to accommodate the ever-growing strength of the network. Proximax is able to handle large increases in users, workload, and transactions. Proximax offers users the ability to stream and store data of small and large sizes while processing transactions speedily and with optimal security.
Security: Security today in the blockchain is a precious commodity, due to the recent attacks on large networks and exchange where customer data and funds are carted away with, this has raised concerns for investors who are now in fear of investing in the blockchain as a whole. Proximax has a countermeasure to repel an attack on the network, as it would require all nodes containing a piece of data to be simultaneously compromised, Which is extremely impossible.
Transparency: Proximax creates a network of data stored by encryption.
Cost of Development: Creating a decentralized application or internet solution using blockchain technology is relatively high and requires an in-depth knowledge of blockchain technology. Proximax steers this challenge in another direction with its combination of both blockchains with other proven off-chain technologies enabling developers to easily create applications and systems solutions without in-depth knowledge of blockchain. This measure however saves development time and the total cost of ownership ("TCO").
Easy to Use: Proximax Sirius’ APIs and SDKs are available in a variety of programming languages making it easy to integrate with any Decentralized applications or system solution.
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Sirius Chain
Proximax is powered by blockchain technology, which is used to power the platform, record all activities and actions carried out in the platform. Blockchain technology is an innovative technology for handling data and activities carried out in a block by redefining a structure and securing data using different cryptographic techniques to chain those data structures together. This simple concept of chaining blocks enables data to be stored in a trustless manner while incorporating high security using encryption techniques. To achieve all this in the Proximax platform, Sirius is implored to handle the job.
Proximax Sirius chain is powered by the latest version of NEM’s blockchain called “Catapult” (Dragonversion) Catapult provides all the predefined set of features needed to create almost any type of service solution in the world today. Sirius chain creates simple contracts that can be used for different business purposes. for instance, the Sirius chain is used to create smart contracts guiding the creation of tokens that represent a tangible value in the real world and used as a process of digitalizing businesses. Proximax also implores the use of service units to tie each core service a representation that is allied with the intentions of the units. With these service units, the platform is able to create a token economy infrastructure for incentivization that is tied up with node reputation, thereby enhancing the overall utility, performance, and security of the network.
The consensus process of the Sirius chain makes us of proof of stake which could be said as the most efficient and performant algorithm scheme.POS consensus algorithm includes wealth and age as part of the node reputation system that in turn dictates the chances of a node validating transactions across different blocks. It is the best fit for the platform as it is economically efficient, and has minimal hardware resource requirements, making it easier to invite a considerable number of blockchain participants, and balance the network. However Sirius chain offers an extended reputation input known as proof of greed, this consensus mechanism ensures that node gets too greedy when accepting large transactions with large fees while still considering the block generation time. this promotes a fair and balanced ecosystem where incentives and rewards are shared across diverse nodes in the system.
Sirius Chain Goals
In order to create a truly decentralized peer to peer ecosystem,Proximax has set the following goals to see that Proximax network achieves decentralization.
- Proximax aims to achieve optimal transaction speed, at a rate of thousand per minute or more.
- Provide incentives to encourage existing and new participants to expand and secure
the network. - Provide a very scalable system with 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. - Provide compatibility with any device including mobile phones and IoT.
Sirius Chain Core Features
Sirius Chain is made up of the following inbuilt features namely:
- account
- namespaces
- mosaics
- metadata
- multi-level multi-signature
- cross-chain transactions
- aggregated transactions
Sirius Chain Consensus Mechanism
The consensus mechanism is a core component of every blockchain project, to achieve a secure and transparent consensus in the network, a unique process is implored to achieve optimal security while selecting different participating actors for a service. Proximax Sirius chain is a makes use of Proof of Stake(POS) and Proof of Greed (POG).
Proof of stake(POW)
Proximax wisely incorporated proof of stake as Sirius chain consensus mechanism which considers wealth and age as part of the node reputation system that dictates the chances of a node validating transactions in the network. pow has many benefits when compared to its counterpart proof of work which is relatively less economically efficient and tedious to scale as the Proximax network continues to grow over the years. pow adds a considerable amount of security while validating a block due to its validators all have a staked amount in the block.
Recent modification in the NXT’s PoS consensus algorithm has lead to two significant breakthroughs First, parameters are discovered that gives better control over the duration required to sign (validate) a block. A typical NXT's pos takes at least 60 secs to generate a block, the current modifications present a 15secs window to generate a new block. And secondly, its further expansion has solved the problem of long blocks by providing a more specified block time. these modifications prevent the risk of a zero fees attack
Proof of Greed Extension
Proof of gree(POG) refers to an extended reputation input that ensures no node can be too greedy when accepting transactions with large fees while still considering the block generation time. Proximax has added this protocol to help further create a truly decentralized blockchain.
Consumers who wish to make a transaction on the Sirius chain will have to first, confirm the maximum amount of fees they are willing to pay. Unconfirmed transactions in the chain form a transactions pool, from which Validators take transactions, create their own blocks, and request a fee that is not more than the maximum amount specified by a consumer. while making selection PoG’s algorithm takes into account not only the stake and age of a Validator but also the size of the specified fee. The lesser the specified fee, the higher the possibility that its block will be recorded on Sirius Chain. Proof of greed also ends a current challenge faced by both consumers and validators that is a constant fee no matter the transaction type or volume.
Potential attack format on the Sirius network.
Zero fee attack
Considering the nature of the POG algorithm, it tends to punish greedy validators who charge a higher fee rate, however, the danger of a zero fee attack is very much alive where validators choose to charge and process transactions for free and as a result, forge the most blocks and potentially take control of the network.
To combat this, a mathematical solution has been included in the POG algorithm to ensure that Validators take an average fee, this eliminates the possibility of validators caring out a zero-fee Attack.
Large-stake Attack
In POS (proof of stake), each validator will have to stake a certain amount of share, and the higher the amount a validator stakes the more control he has in the block. In a case agreed on validators with a 51% stake in the block attempts to lunch a full-scale attack on the network, a countermeasure is put in place to see that such attacks never surface.
POG is implored to prevent such attacks, using its greed protocol it ensures that there is a balanced scale when it comes to selecting and rewarding Validators, meaning that even a Validator with a small amount of stake in the block has a chance of validating transactions and have its block recorded on Sirius Chain.
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Proximax Core Services
Core services refer to predefined plugins built on the Proximax network to share the workload while behaving independently. Sharding the responsibility of the blockchain helps maintain the scalable nature of the network as it continues to grow. There are five core services in the Proximaxnetwork, they are:
- blockchain
- storage
- streaming (storage streaming and live streaming)
- super contracts
- content review.
The Sirius Storage
The Sirius storage is a distributed file management system(DFMS), in that it stores data into a collection of peer too peer hosted by different holders and preselected by the consensus algorithm of the system. The binary data stored is encrypted at the protocol level and then divided into smaller fragments which are then replicated across a consensus-based selection of storage nodes(Replicators). These storage nodes are then rewarded for the work done(storing binary data) by the blockchain using (PKI) public key infrastructure and multi-signature contracts. The Sirius storage system also acts as a storage location for super contracts. The storage nodes also act as executor nodes for data belonging to super contracts in that they don't only store data but executes them with their virtual machines.
Sirius Storage Core Functions
There are several functions that come together to create a suitable storage management system that directly interacts with the Sirius chain since the platform cares for both validator and consumers' data. Below is the list of Sirius core functions:
- Storage Preparation: This feature cares solely for the preparation process of the distributed storage service.
- New Storage Replicator: In a case where consumers request more storage space in the network, the Sirius chain enables a search of inactive replicators and then reassign them to a new request.
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- Upload: After the file has been prepared, the next step is to upload the file by the storage drive.
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- Delete: This is a common request in storage and storage management. When a delete request is issued the replicators nodes in charge of the file delete permanently from their system.
- Modify: This function allows a consumer to make changes in the director of a file. this involves two steps, delete and upload.
- Rename: This feature allows a consumer to rename a specific file from its directory.
- Copy: This feature enables a cross-file transfer between different storage locations.
- Directory: Directory is a command used to return the list of directories and files in the storage drive.
- Synchronize: The synchronize command initiates a synchronization process among Replicators that are involved in the storage contract.
Sirius Storage Node Actors
Sirius Storage implementation is processed with two vital nodes which accept and implement storage request issued by Dapp or private projects. The Sirius Storage actors are:
- Acceptor nodes: Acceptor nodes are propagators of files for Replicators that then store these files. Acceptor nodes charge bandwidth (SM) fees for their service.
- Replicators Nodes: Replicators Nodes, just as the name denotes replicates and stores replicated content. Replicator nodes charge for both storage space and bandwidth.
- Storage Verifiers: Storage Verifiers identify Replicators that no longer store the required files
or have gone offline, and if identified, initiate further replications of those files.
Supercontracts
Traditional digital contracts that are deployed on a blockchain are immutable. that is they are immune to modification, making it impractical for users. This means that if a typical digital contracts were ever to experience glitches, modification or corrections cannot be made without canceling the entire contract. However, Supercontracts resolves this by storing code in Sirius Storage. This way, the code can be easily modified with ease.
Supercontracts refers to executable codes that consist of a logical flow for digital contract obligations. The executable codes of the super contracts are stored at the storage nodes which are also responsible for the execution of super contracts. Execution of codes is viewed as work is done and is therefore rewarded in the system.
Sirius super contracts play their role using the following nodes:
- Run initiator Node: A node that creates an initial transaction for the execution of a subcontract.
- Acceptor: Provides information delivery and data propagation for Replicators and end consumers.
- Replicator: Replicates super contracts source code and stores the replicated code.
- Executor: Retrieves and stores super contract source code.
Core functions of super contracts:
- Preparation: A contact goes through the preparation process first before its viable for the next step.
- Upload: After the creation of the contract the binary file that holds the contract will need to be loaded to Sirius Storage.
- Execution: The next step that follows in the process is the execution of the uploaded file.
- Results: At the end of each execution a contract is either a success or a failure.
- Deletion: After a contract has come to completion, deletion from the system follows to rid the network of the completed contract.
Sirius Streaming
The Sirius streaming of data to different viewers come into forms: storage streaming and live streaming. In storage streaming information and data are pre-prepared and stored in the storage node, which is now broadcasted to different viewers in different locations and times. Live streaming works quite differently since the data is not stored first rather is broadcasted live and transmitted immediately to multiple viewers. A typical example of a streaming platform is youtube and Dtube.
- Storage Streaming: This refers to broadcasting pre-recorded content to millions of individuals across different networks. Sirius storage streaming is tightly connected to Sirius storage where the data to be uploaded is stored. Sirius storage streaming aims to provide an autonomous and economically fairway of streaming pre-recorded data from a persistent device such as a Replicator node. Active storage streaming nodes include the following:
- Acceptors: Pre-load files to be streamed.
- Replicators: Replicate the files and stream file data to end-consumers.
- Storage Verifiers: Verify the replicated data across different Replicators.
- Live Streaming: Live streaming process works in the opposite direction, with no pre-recorded data rather the broadcast is received directly from the broadcasting point to different receivers. Live streaming aims to create a platform for streaming live data from a single sender source spreading out to multiple distribution points in an autonomous
and economically fairway. The active node is listed below:
- 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 the 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, endpoint).
Sirius Database
Sirius Database is an optional external platform that uses document-based storage with added blockchain features. Sirius Database is powered by BigchainDB (“IPDB”) that stacks MongoDB. Sirius Database makes use of Tendermint as its consensus algorithm. This service is only available as a private solution and is not part of the public platform. Dapps or application that needs to operate with a database can implore
this solution to run as a distributed and adjunct service, while the core services offered by the public network is available to such apps thereby creating a hybrid network configuration.
Content Review
Content Review is an additional core service that can be used by content managers to facilitate a consensus-based review process on the entire network. It allows for censorship of content based on this consensus review process.
Sirius Chain Default Fee Structure
Below is the fee structure of transactions carried out in the blockchain:
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More information on the table can be found on pages 15-17 of the Proximax whitepaper.
Sirius Chain Node Onboarding and Offboarding
Every active node in a decentralized network will have to pass through the onboarding process for its process validation work in the network. Sirius chain participants have to download the node software and generate an
account or import an already existing account. The node software will then perform a verification process using the account’s history, age, and wealth to determine the node’s reputation and then a validation task must be done for the node to earn part of the block rewards. The rewards are then transferred to the account of the node. To offboard a node all the participant has to do is uninstall the validators software.
Storage Contract
This is just like the typical terms and conditions. This refers to a digital agreement and acceptance of the terms and conditions of the Proximax network. Any failure to adhere to this agreement attracts penalties. The storage contracts take these 4 processes:
- Consumer pays XPX to avail a specific amount of storage.
- Acceptor is made aware of the storage request. The Acceptor is then paid in SM units,
which are converted from XPX via the Automated Inner Exchange.- Replicators that agree to be part of the contract use a self-assigning and discovery
mechanism. These Replicators compete to deposit their SO and SM units, signifying
their capacity to store and stream across different Replicators.- Then there is the execution of the contract where all parties agree to participate. This
is all done via an automated process at the protocol level.
Proof of Storage
Proof of storage is used to test replicators trust on the file its replicated and stored. This feature is used to confirm if the files stored is accessible and intact. Every storage node is challenged by storage verifers regarding the files stored,this challenge can be resolved however by a Replicator showing proof that it indeed has the replication.
Sirius proof of storage comes in two forms:
- Enhanced Proof of Storage; and
- Simplified Proof of Storage.
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Token ecosystem
Every public blockchain has a well structured token design and implementation to ensure the survival of the project. A blockchain tokenomics creates an incentive infrastructure for work done in the network tied with a reputation system.
The incentivization scheme ensures that all participants are properly incentivized with aligned interests and work together to reach an optimum outcome for the entire network, thereby maximizing returns for each participant and ensuring network existence.
Proximax token infrastructure is classified into
Internal:
- ProximaX’s Native Token (XPX): This token powers the whole blockain a well as payment made in the blockchain.
- Service units: Quantifiable units of measure for the provision of platform services.
- Custom tokens (mosaics): Can be created to power the internal economy of a decentralized application.
External: - Payments made by end-consumers: Any payment method can be integrated with an application, for tokens and fiat.
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Introductory Video
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The Team
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The Advisors
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Roadmap
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More Information Deck
Proximax whitepaper
Proximax uses case
Proximax kyc
Proximax suite
Proximax at a glance
Proximax Telegram
Proximax Medium
Proximax Linkedin
Proximax Facebook
Proximax Github
Proximax Twitter
Proximax instagram
Proximax Reddit
Proximax Youtube
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