PROXIMAX; THE FUTURE OF BLOCKCHAIN PROTOCOL

in #palnet4 years ago (edited)

Introduction

Blockchain technology has been in existence for quite some number of years now, even though it’s still being tested it has brought solution to a lot of problems across the globe. Blockchain is the collection of data in a regular structure, these data is distributed across a network of computers. The Blockchain technology enables small, medium and big enterprises to perform instantaneous transactions on the network without the necessity of brokers/middlemen such that every transaction that is made on the network remains there forever and can be seen by virtually everyone on the network.
Blockchain network is distributed among many different nodes (computers), for this reason, it is highly difficult for any transaction on the blockchain to be altered or for the network to be hacked. These nodes communicate with each other with the help of a network protocol (rules) which is responsible for the protection against mistake or fraud.

Expectations

Blockchain possess quite a lot of features, but what are the major expectations of a fully functional blockchain network?

  • Transparency
    Everyone on the blockchain network can access whatever information they need at any time, which transactions were made, from whose account it was made, to whose account it was made, at what time were the transactions made and as much as you wish to know. It is a completely transparent network.

  • Decentralized
    This means that every transactions made is not being monitored by anybody, you can transact as much as you want, no middleman to slow your transactions down and inflict transaction charges, no series of processes and protocols to be followed before transactions are made. Everyone has authority over their transactions and businesses on the blockchain.

  • Extremely Fast Transaction Speed
    Bockchain transactions are self-validating, the moment the user approves the transaction, packets are sent immediately. Unlike the transactions that requires middlemen/brokers, transactions on the blockchain takes extremely less time.

  • Highly Secured
    The system is highly secured because the ledger that builds-up the blockchain is distributed among many nodes which makes it difficult for the system to be hacked. More so, everyone on the network has equal rights, no one is superior to the other.

Considering these wonderful features possessed by the Blockchain, there have not been maximum utilization and application in the daily activities of humans. Thinking about how blockchain technology can be applied in our daily activities such as blockchain chats, live streaming, video chats, uploads and downloads. Just like we know that the Blockchain is a work in progress, many different ideas emerge on a daily basis.

Today, the ProximaX platform offering to solve these problems using it’s great ideas built on the blockchain by allowing users not only to use but also to build their own Social media services, streaming services, business services and almost any other services that will function based on blockchain technology.

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What is ProximaX

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ProximaX is an Integrated and Distributed Ledger Technology platform that provides the necessary tools for web builders and developers to have the opportunity to build their own personal applications on the platform enjoying all the benefits of blockchain technology. ProximaX is not only aimed at building new applications or social media platforms, it’s mainly focused on building an avenue where developers all around the globe can come together to share and implement ideas for universal application development with blockchain as the bedrock of the great technological model.
In recent times, a lot of blockchain projects has existed, some are still existing while some are yet to come. Looking closely into these projects, we found out that most times, every project has a particular area of specialization, while some are focused on multiple transactions on a single page, others are focused on trading diverse cryptocurrencies on a platform, some others are focused on transaction speed and timely delivery, some others are also focused on decentralized social network services etc. The problem stated here is that there has not been any platform that combines all these features giving developers easy access to the necessary tools they might be needing. But with the ProximaX Sirus chain, there is a solution.

The Sirius Chain

The Sirius Chain uses an algorithm known as the Prove of Stake (P o S) consensus algorithm. This algorithm requires minimal hardware resources thereby making it extremely easy for developers and users to utilize the platform and still have a stable network.

Main Focus of The Sirius Chain

ProximaX kept some ambitions in mind during the development of the Sirius chain for the purpose of making the platform a complete peer-to-peer and decentralized one.

  • The ability to process transactions with the fastest speed and efficiency coupled with high security.

  • Can be accessed from anywhere around the word.

  • Offer incentives to both existing and new participants encouraging them to spread the news and secure the network.

  • Encouraging the creation and deployment of new advanced applications by providing every necessary tools.

  • Ability to run on a wide range of devices covering all mobile phones, tablets and the likes.

Special built-in features of the Sirius chain.

The under listed are the built-in features of the Sirius chain;

  • Account

  • Namespaces

  • Mosaics

  • Metadata

  • Multi-level multisignature

  • Cross-chain transactions

  • Aggregated transactions.

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The ProximaX Sirius Platform

The ProximaX Sirius platform is built on the Sirius chain which has been able to provide solution to the problems encountered by the preexisting projects, the Sirius solution is a development achieved by integrating the blockchain protocol with off-chain service layers in a Distributed Ledger Technology network containing different layers. The platform is capable of providing all the advantages of a blockchain network to users as well as solving the problems of centralization. The ProximaX Sirius platform enables users and developers to also stream and store large size data within the distributed layers while other activities that requires speed, transparency, security etc. continues to run simultaneously on the blockchain.

Cutting Edge ProximaX Services

Lots of challenges were faced trying to build services on the blockchain because the developers are required to have a broad understanding of the blockchain technology and its diversified nature. Here are the five (5) core services which is subject to change as the platform continues to grow.

  1. Blockchain services

  2. Storage services

  3. Storage and Live streaming services

  4. Supercontract services and

  5. Content review services.

These services will enable the system to be very flexible and robust in order to accommodate services with minimal incentives.

Benefits of ProximaX

  • Transparency: Every transaction on the network is irreversible, cannot be altered and are time stamped.

  • Security: Due to the fact that the network is built on the blockchain, compromising the network simply means that all the nodes containing a piece of data will be compromised at thesame time which is almost impossible, this makes the network highly secured.

  • Configurability:

  • Highly scalable: The network is capable of handling multiple and large size transactions coupled with all blockchain features while other services such as streaming can continue comfortably.

  • Availability: The network is readily available 24/7 because it makes use of the Integrated and Distributed Ledger Technology.

  • Speed and Flexibility

  • User Friendly

Every user on the platform has equal rights as to what they can benefit, what really matters is their ability to utilize their potentials to exhaust the oportunity. Every user can;

  • Build Social Media Platforms without tampering any privacy.

  • Build Streaming Services operating 24/7 without any break in transmission.

  • Build Business Services and others.

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Sirius Chain Consensus Algorithm

Virtually every project on the blockchain usually have a consensus algorithm of operation, the Sirius chain makes use of the Prove of Stake (P o S) and Prove of Greed (P o G) consensus Algorithm.

  • Prove of Stake (P o S) Optimization

The PoS Optimization algorithm performs better with higher economic efficiency which tends to make it more attractive for network users. For the purpose of general adoption of the ProximaX Sirius services, the network was also made as user friendly as possible.

  • Prove of Greed (P o G) Extension

The PoG is an extended reputation input that monitors every node and prevent them from being too greedy when accepting high charges transaction and still put into consideration the block generation time. In this algorithm, users who want to transact on the Sirius Chain will have to offer the maximum charges they are willing to pay for their transaction. If the chain does not confirm this transaction, then all unconfirmed transactions will form a group and then the validators come in and pick transactions, then request a fee that will not exceed the maximum specified by the user. In this case, the PoG has created an avenue on the blockchain that allows users and validators to adjust amount of transaction charges in favor of both parties.

Risks Associated with the Sirius Chain

  • Zero-fee Attack

This is a situation where fraudulent validators try to manipulate the PoG algorithm by accepting zero fees for validating transactions. This will then form most of the blocks and gradually take over the entire network.

  • Large-Stake Attack

In the PoS Algorithm, the richest and oldest validators are likely to be selected to validate most of the transactions, thereby causing a vulnerability for the system because a validator with over 50% stake can decide to attack the network by launching a Large-stake attack earning most of the fees and attempt to take control of the network. PoG will prevent this Vulnerability because it offers a fair charge between users and validators.

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ProximaX Token

Generally for every project on the blockchain, there is always a digital currency for exchange on the platform, for the Sirius chain the native currency is XPX. This means that every customer willing to make use of the services offered by the platform will have to pay in XPX. Furthermore, the token (XPX) is used to subscribe to the ProximaX Sirius public network which enables them get access to full service units. These service units are used to:

  • pay for platform services;

  • intoduce little charges to nodes for running a designated service; and

  • represent the capacity of a node that provided the service.

Conclusion

The ProximaX platform has succeeded in making life easy for developers providing every necessary tools needed in a single platform. I won’t hesitate to recommend this platform to developers around me, and as a developer who is dreaming to be the next Mark Zuckerberg, ProximaX is the best place for you to actualize your dreams.

Use Case

Mr Ogbonna Ezra, a web developer and a social media enthusiast who builds websites and applications always have issues finding thenecessary tools required to suite the kind of app he wants to build, he always have to try many programs before he can finally get the right one to use which causes him to spend more and waste a lot of time. Sometimes he still doesn't find anyone suitable but he has no choice so he just have to make use of the available ones. Since Mr Ogbonna cam e across ProximaX, all his problems were solved because ProximaX has provided every tools he require to build anything he want. Mr Ogbonna is now a standalone business man who makes more profit from his business with less stress and a faster delivery, his business has really expanded with more clients requesting for his quality services.

ProximaX Team

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Roadmap

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Brief Review

For More Information

Visit ProximaX Website

ProximaX Whitepaper

ProximaX Telegram Page

ProximaX Twitter

ProximaX Instagram

Proximax Reddit

Proximax Medium

ProximaX Youtube

ProximaX GitHub

ProximaX Facebook

PROXIMAX2019

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All Images were sourced from ProximaX Website and ProximaX Whitepaper unless otherwise indicated.

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