Give it up for ProximaX - The Next Generation of Blockchain with Innovative Solution to Current Blockchain Disasters

INTRODUCTION

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The age of information was given to us by the internet. Let's be realistic with ourselves, we live in a digital world. We hardly go to Blockbusters to rent DVDs. As a matter of fact, not so many of us even own DVDs. We have Hulu, Sceneonetv, Amazon Prime and Netflix. We order things from Walmart, Amazon and other online stores. This is sure a continuous list.

The internet has become a very important part of our daily lives. It is a primary means by which we all communicate, create, share, play, work, learn, shop and manage our finances. The foundation of this technology is in jeopardy as it is controlled by centralized computing. It suffers from adequate security, privacy, scalability and it is increasingly prone to fraud. Together, this threat will eventually interrupt or impede the technology we have become so reliant about. Hence, the need for a more reliant technology. Moreover, have you ever thought of it this way? Since we live in a digital world, Isn't it hightime we started owning digital data?

This is exactly where the essence of Blockchain comes in place. In 2008, Satoshi Nakamoto came up with the creation of Bitcoin along with Blockchain in a view to make you and I own our digital goods, assets and data. With the existence of Blockchain, there is strong proof that you own your money, you own your vote, you own digital copies of your health records and all of your personal information and finances.

He came up with something that has promised us the age of digital ownership rather than that of information so as to give power back to the people. Blockchain technology promised us more robust, secured, scalable decentralized and distributed network, which eliminate costly intermediaries as a result.

However, other versions of Blockchain have proved too complex, insecure and unscalable to give smooth transition and a good account of this so called more reliant technology. For this reason, the next generation of blockchain with an innovative solution to this problems was creatively brought into existence, and this is known as ''ProximaX''.

WHAT IS PROXIMAX?

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ProximaX has designed a suitable platform to help foster easy-to-use application and service development. There is more to ProximaX than just the blockchain technology. ProximaX is designed in such a way that it serves as a set of tools which can be used for building applications by developers while taking good advantage of the special benefits that blockchain technology has to offer.

ProximaX is a next-generation Integrated and Distributed Ledger Technology development platform powered by blockchain technology.

WHY PROXIMAX?

THE EXISTING BLOCKCHAIN DISASTER

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Numerous blockchain projects has been brought into existence but most of them are yet to fully show off the full potential of the blockchain. Most of them are offering only a minute fraction of the blockchain capabilities. Some projects deals mainly on building a highly secured blockchain, other focus on either storage or streaming while other on great transaction speeds. This has brought about an unsettled environment that makes it quite difficult for developers to launch applications since most existing blockchain projects lacks one or two of the necessary tools needed to facilitate its creation in a single project.

Using this as a relationship of resemblance or equivalence between two situations, Imagine playing eleven defenders in a team without a goalkeeper, the midfielders and strikers, or playing eleven midfielders without a goalkeeper, the defenders and the strikers. Imagine how catastrophic things would be for that kind of team. This is an analogic representation of the current issue causing disaster within the space of blockchain development. Most of the existing blockchain projects lacks cohesion, and as such, developers find it hard to develop applications since they have to stick together components that don't function properly or come up with their own solutions which are oftentimes costly and time consuming.

PROXIMAX TO THE RESCUE - The Solution

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ProximaX is focused on being a saviour out of this whole mess by creating a fully fledged platform for universal application development with blockchain technology acting as the unique link that provide stability and security among the builders, funders and consumers of its new technological concept. ProximaX is far greater and more resourceful than making a new use-case from a blockchain or killer app.

The ProximaX Sirius platform is very advanced and it possess all the necessary features which can be leveraged on by users to power various forms of use cases ranging from simple stand-alone applications to complex ones according to their needs. The integration of the fully decentralized configuration of the ProximaX Sirius platform with peer-to-peer ("P2P") off-chain components gives application developers the freedom to build on their creative ability in building unique P2P applications without fear of non-compliance or being more likely to be exposed to the chance of being attacked.

ProximaX has successfully implemented the Intergrated and Distributed Ledger Technology ("IaDLT") to work hand in hand with API-driven architecture in file hosting services, content control, file sharing, multimedia & message streaming, content creation and the act of monetizing such contents, and the increasing demand for Know Your Counterparty ("KYC") applications. Being an IaDLT means that the ProximaX Sirius Platform embody the following characteristics:

• Stored and hosted in 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.

PRIMARY TECHNOLOGY LAYERS OF PROXIMAX

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There are multitude of plug-ins known as the ''core-services of ProximaX Sirius" that form the backbone of ProximaX as a whole. Those core services such as streaming, storage and supercontracts are then linked together by a common blockchain protocol for incentivization, message recording, identification, state management and asset exchange. The blockchain protocol is designed to have an inbuilt standardized framework which allows for more core services to be plugged-in to make good use of the platform’s extendable infrastructure to its fullest extent. The primary technology layers of ProximaX include the following:

1. Sirius Chain

This is the technology layer that forms the blockchain of the ProximaX platform. It performs the purpose of storing or recording all events and actions that take place within the ecosystem of core services. This layer of technology called Sirius Chain also provides the necessary tools and structures that can be put into practice to carry out different business purposes. A very good example is the creation of digital tokens to represent real world assets and at the same time using them as part of the process to digitize various businesses across the universe. Another example is the act of tokenizing services in such a way that each token can represent a unit of measure, such as for "work done". For instance, 2 tokens per 3 miles of distance moved can be accepted by a drive from his passengers. The achievement of these use-cases is made a reality by Sirius Chain.

Sirius Chain Goals

• Processing transactions in a manner that is secured, quick and efficient, at thousands per minute rate or greater.

• Using incentives as a means of reward towards encouraging the expansion and security of the network from existing and new participants.

• Global scaling at a minimal resource cost.

• Providing a wide range of transactions types that gives more use cases to Cryptocurrencies than just a payment system alone.

• Providing the necessary architecture needed to bring about a smooth addition of new core services, and the design of advanced applications.

• Ability to run on various devices, including but not limited to mobile phones and IoT.

Sirius Chain Core Functions

• Account: This is an inbuilt feature of Sirius Chain known as the key pair, and it consist of the private and public key. The private key to a given account give a user control over that account.

• Namespaces: Namespaces give users the ability to create an on-chain unique place for their assets and business on Sirius Chain.

• Mosaics: Mosaics are fixed assets on Sirius Chain that can be used as a representation for a set of multiple identical assets that do not change. They bring about uniqueness and flexibility on the platform.

• Metadata: Metadata is used in solving the default immutability of data stored on Sirius Chain by creating a data attachment to the objects that have been defined or established previously on Sirius Chain, which in turn result in the creation of a level of flexibility for data storage.

• Multilevel Multisignature:
  Multilevel multisignature is applied in the creation of multilevel agreements on Sirius Chain.

• Cross-chain Transactions: Cross-chain transactions also known as Atomic Swap are transactions between two Sirius chains. These may be private or public chains. This feature can be very useful in carrying out the exchange of assets between two parties that do not belong in the same chain.

• Aggregate Transactions:

Aggregate Transactions performs the role of combining multiple transactions into one batch of transactions, bringing about
trustless swaps, and other advanced logic.

Sirius Chain Consensus

• Proof of Stake Optimization: The consensus algorithm used by ProximaX Sirius Chain is a Proof of Stake (PoS) consensus algorithm, and this is simply because it possess a throughput that is stronger than the alternative Proof of Work (PoW) system used in the first generation blockchain protocols. The model for Sirius Chain was an enhanced adoption of NXT. The generation of blocks were done every minute in the standard NXT version. But it takes ProximaX only 15 seconds to perform the same tasks; which implies that its efficiency is four times greater than that of the standard NXT version.

• Proof of Greed Extension: PoG (Proof of Greed) is a new mechanism developed by the ProximaX team to impose limitation on the transaction fees a node can charge. The Sirius Chain is modeled in such a way that consumers who opt for lesser fees enjoy a redistribution of higher probability of success. This is another unique development within the ProximaX ecosystem because the fee size of many blockchain networks is not adjustable for both validators or consumers as it is with PoG on ProximaX.

Potential Sirius Chain Attacks

The two major vectors of attack against the ProximaX network alongside the measures taken to solve them include the following:

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

• Solution: In order to eliminate the possibility of Zero-fee attacks, ProximaX has taken measure to make sure that those Validators that take some certain amount of 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

• Solution: This is prevented with the implementation of PoG since it ensures a fair selection and distribution of rewards to validators.

2. Sirius Storage

Sirius Storage is the technology layer of ProximaX that uses a Distributed File Management System (“DFMS”) to initiate the storing of both structured and unstructured binary data into a set of peer-to-peer storage devices hosted by more than one owner and selected in advance by a consensus mechanism which is controlled by the network. Sirius storage serves the function of being a storage platform and also the repository for supercontracts. Storage nodes perform the function of Executor nodes which deals with storing codes that belongs to supercontracts and at the same time facilitates code execution via its virtual machine.

3. Supercontracts

Supercontracts are derived from source code by compiling or assembling and linking and they are made up of a logical flow for digital contract obligations. The derived source code or execution code is recorded in storage nodes which handles the execution of supercontracts.

4. Sirius Streaming

This core service called the Sirius Streaming of ProximaX platform is in two forms. We have the storage streaming where data is recorded in advance or made permanent on Sirius Storage and streamed to multiple number of different viewers. There is also live streaming where every action including recording of data, transmission and immediate distribution to viewers is done live. Storage streaming leverage on Sirius Storage to carry out its function.

5. Sirius Database

This is not classified to be one of the main core services of ProximaX Sirius as it is known to be an optional external platform that leverages on document-based storage coupled together with some blockchain features that has its consensus algorithm powered by Tendermint. This particular service can only be used as a private offering and does not belong to the public platform. This serves as a major tool for Applications that need a database as part of their solution.

6. Sirius Content Review

This is an additional core service which provide the necessary tools needed by content managers to deal with the facilitation of a consensus-based review process on the entire network. It gives permission for content produced based on consensus review process to be censored.

CHECK OUT PROXIMAX APPS

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• ProximaX KYC

ProximaX KYC makes onboarding from one end to another fast and easy for counterparty. Since the storage and management of sensitive KYC data is done by the ProximaX Sirius platform, users are guaranteed maximum data security, privacy, with access based on permission.

• ProximaX Suite

ProximaX Suite is an business-ready, end-to-end office suite where applications such as spreadsheets, word processing, and presentations are powered by the blockchain to bring about superiority in its availability, privacy and security.

• ProximaX File It!

ProximaX File It! is a client-based file sharing application that is used for storing and sharing files across multiple nodes on the ProximaX Sirius platform.

• ProximaX Notes

ProximaX Notes is similar in action to a note taking tool with an added advantage of being able to embed images. An encryption are done for the files to facilitate absolute privacy protection.

• ProximaX Forensics

ProximaX Forensics is a ProximaX App that is built to facilitate greater efficiencies and data security, which in turn makes it quite easy and quick enough for investigators, researchers and scientists to access and store digital evidence privately and securely.

• ProximaX Identity

ProximaX Identity is a verification system that is highly secured for personal information that can be utilized to function as a source of data that operate as a single entity across public and private sectors.

PROXIMAX TOKENOMICS

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The tokenomics model designed and implemented by ProximaX is crucial for their sustainability and governance as it is with all public decentralized networks. ProximaX will be adopting a unique principle in the design of its tokenomics and this 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.

TOKEN ECOSYSTEM

The Token Ecosystem of ProximaX Sirius consists of both internal and external layers which are subdivided into the following along with their basic functions.

1. Internal

• ProximaX’s Native Token (XPX): It powers the blockchain layer of ProximaX and is used to pay for various services on the platform. And as such, it is compulsory for all users who want to utilize the ProximaX services to pay in XPX.

• Service units: This is the units of measure that can be quantified for work done on the platform. XPX is used as a medium of payment for subscribing to the public network of Sirius in exchange for service units via a built-in exchange which is made automatic. The role that service units play on the ProximaX platform is similar to that of Ethereum's gas token. Service units serves the following purposes:

1. They are used by consumers to pay for services on the platform.

2. They are used reward nodes required for running a service.

3. They are also used in representing the capacity of a node for the provision of 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 (mosaics): This can be created by users to power the internal economy of DApps (decentralized applications) throughout the network. Mosaics can be customized with unique characteristics such as Divisibility, Duration, Initial Supply and Supply Mutability.

2. External

• Payments made by end-consumers: Users are provided with the capability to integrate any method of payment for tokens and fiat in an application.

AUTOMATED INNER EXCHANGE

The Sirius Chain of ProximaX has a built-in Automated Inner Exchange that is utilized in the exchange of XPX with designated service units. This economy of this automated inner exchanges can be leveraged by users in order to create new core services (such as a search engine) alongside tokens that are operate with them.

USE CASE

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Olamax Exchange is a local exchange where Nigerian citizens can exchange various forms of cryptocurrencies to other digital currency or fiat currency. They have being around for a while now and are very determined and focused to facilitate the design and improvement of simple, fast, secured and private trading experience for their users.

Fortunately for them, the CEO of the exchange came across ProximaX on a social media platform. They decided to integrate a set of ProximaX App such as ProximaX KYC and ProximaX Identity on their platform.

With ProximaX KYC, onboarding from one end to another was made faster and easier for counterparty. Since the storage and management of sensitive KYC data is done by the ProximaX Sirius platform, users are guaranteed maximum data security, privacy, with access based on permission. With ProximaX Identity, a verification system that is highly secured for personal information that can be utilized to function as a source of data that operate as a single entity across public and private sectors was put in place.

Olamax experience with ProximaX brought about a fresh breath of air in their services and this has made onboarding of new and existing users easy for them.

ENTERPRISE USE CASES

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CONCLUSION

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ProximaX has built a new blockchain that can be trusted to tackle all existing blockchain disasters which include scalability, security and its proneness to fraud. ProximaX has an inbuilt Sirius Chain coupled with other core services that has been leveraged upon by the team to facilitate the new blockchain improvements. They have designed a suitable platform to help foster easy-to-use application and service development.

Another interesting thing about ProximaX is its unique features that have given the ProximaX platform the ability to offer a wide range of use cases to both individuals and enterprise. This will definitely go a long way to facilitate profitability in businesses powered by the platform. ProximaX is such a great project with lots of things in place to drive mass adoption in the blockchain industry as a whole.

PROXIMAX ROADMAP

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PROXIMAX TEAM

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Find out More Information about ProximaX

ProximaX Website
ProximaX WhitePaper
ProximaX Use-Cases
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

All Images were extracted from the resources of ProximaX

This is submitted in response to the contest hosted by @originalworks and @cateredcontent