ProximaX is a blockchain project founded by Lon Wong and Alvin Reyes. The project aims to establish a sustainable and fast network protocol that will improve upon modern blockchain structure. Main focus of the project’s work is making a number of comfortable services for decentralized applications (dapps) developers. The project is powered by its own cryptocurrency - ProximaX token (XPX). For the encouragement of new users to participate in the ProximaX development, an incentivisation activity will take place.
The founder of the project, Lon Wong is famous for being one of the founders of the NEM.io foundation. It may be one of the reasons that the NEM project’s products and vision are strongly reflected in his new project. ProximaX is aimed on providing decentralized application developers with an intuitively understandable software development kit (SDK). This kit allows user to establish an abstract ProximaX Protocol layer into a layer on top of the NEM blockchain layer, to provide various dapp protocols’ maintenance. It is stated in the ProximaX whitepaper that the protocol will become an alternative to the modern IT services like Infrastructure as service (IaaS) and Software as Service (SaaS). However, it will also be an upgrade of the current blockchain protocols.
Some of the problems of modern IT services that the ProximaX team plans to fix include:
- Security vulnerabilities
- Central entity’s domination
- Lack of consensus
- Scaling limitations
It is also said in the ProximaX white paper that most of existing blockchain structures are excessively demanding on computing power and are not fast, scalable and cheap enough to become a truly useful business tool for decentralized application developers.
The ProximaX protocol is based on the core of the NEM blockchain and consists of multiple subprotocols and layers. The platform is open-source and its core code can be red, copied and developed on the platform’s GitHub account.
The ProximaX data storage is based on DFMS or distributed file management system. It is an autonomous and decentralized network that provide client-side encryption and is protected from traditional data storage problems. This storage allows a user to store both public and private information and, due to the Interplanetary File System implementation, it provides a large number of advantages.
- Files are easy to access due to multiple replications of them among peers
- The storage is able to continue maintenance even after several peers are down
- Data is compressed and stored effectively
- Content-based retrieval function
- High scalability due to the distributed structure and effective resource management
- Immutability of uploaded files
- Offline access through caching
- Web service API
ProximaX utilizes PeerStream Protocol (abbreviated as PSP). This technology, currently under development, aimed on establishing private peer-to-peer messaging functions, routing and online presence. PeerStream is a strong solution that is of high utility in the establishment of secure and private TOR-like networks. Such systems can be effectively implemented for the interconnection of users in decentralized applications and the Internet of Things (IOT). The PeerStream protocol technology, being fast and secure, allows the ProximaX network to use it for decentralized verification and authentication, anonymous and private routing as well as for distributed content creation.
Blockchain structure and consensus mechanisms
Due to the fact of ProximaX protocol is largely based on the previous project of Lon Wong - NEM, it shares much of the NEM’s features. For example, the Proof-Of-Importance consensus mechanism that was initially implemented in NEM will be inherited by the ProximaX network. However, the network will also have two additional consensus mechanisms. Overall, ProximaX has three approaches to consensus:
- Proof-of-Importance - a consensus, reached by assigning “importance” to users based on measuring of their stake in the network and a number of transactions made by user and to his wallet.
- Proof-of-Storage or Proof-of-Capacity - a consensus method that request users to proof their ability to store a non-trivial amount of data. In the ProximaX whitepaper this approach is compared to Proof-of-Work as these consensus mechanisms are similar. The only difference is that while PoW requests a execution of a computational task, PoC demands storage space.
- Proof-of-Bandwidth - a consensus mechanisms that requires multiple oracle verification mechanisms for the network’s p2p nodes bandwidth contribution validation.
XPX distribution was made via the Initial Coin Offering of the project. Transactions of the XPX will require a fee paid with XEM token - token of the NEM platform. The total supply of XPX is nine billion tokens. Five billion of those tokens were sold via Private and Public Sale. Other 4 million are retained by the ProximaX team for marketing, funding and salaries. The token sale was performed from April 15 to April 30 and gathered 28,7 million US dollars, which is around 26% of intended hard cap. Funds that were gathered via the ICO are promised to be spend on the development of such products and technologies as:
- PoC and PoB consensus mechanisms
- Monetization model for ProximaX-based dapps
- Setting up of the initial 200 nodes of the network
- Enhancement of media delivery, fault tolerance and scalability, client-side software development kit and other features
The token is now traded on three cryptocurrency exchanges:
ProximaX (XPX) price online via CoinMarketCap: