ProximaX: Blockchain Reimagined and Evolved

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Introducing Proximax:

Proximax offers so much possibilities that I find it difficult to summarize this in a short introduction, therefore I quote this part below from their own website to start my introduction.

Proximax is a next-generation Integrated and Distributed Ledger Technology (“IaDLT”) infrastructure platform solution powered by blockchain technology Source

This is quite a lot to take in, especially when you're not the technical kind of person, understanding the technology behind blockchain. To be clear, I'm personally one of those myself. So what I will try to do in this post, is explain what I've learned about Proximax so far, and showing a solution using Proximax for a use case that could be used in my personal situation.

In short: ProximaX is a new blockchain where you can build just about anything, meaning it’s meant for a very big group of people, the user base can contain bloggers, vloggers, but also enterprises or small businesses. You name it, and it’s possible. We are talking about a huge amount of data that is recorded on the blockchain. Actually the possibilities are so endless, that writing ten posts about ProximaX would be enough to explain all the possibilities it can be used for. Just imagine that you have this idea, and you don't really know how to get it done in the "normal world of internet" because of lack of possibilities or lack of transparency, probably you can build it with ProximaX. Have a look at this summarization below:

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Now let's continue with the many advantages of ProximaX.

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The Proximax Advantages

There are quite a few advantages with ProximaX, let's start with these:

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• Staggering Cost Savings: No explanation needed why that's an advantage, right?
• Highly Scalable: Huge advantage if a lot of traffic can be processed at the same time.
• Highly Configurable: Adaptable to everyone's needs: from a single blogger to enterprise clients.
• Highly Secure: Although important for everyone, enterprises won't settle for a low security level.
• Transparent: Immutable and irreversible transactions.

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• 100% Availability: Business Uptime is guaranteed
• Speed: High data transactions thanks to peer-to-peer technology
• Easy-to-use: Broad range of programming languages, easy integration wide range of applications.
• Flexible: Networks can be cross-chained.

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Example use case: Tokenization

Although some users already know how tokenization works on other blockchains, like Steem, for users that aren't familiar with the Steem blockchain, tokenization may be something that's not clear at all. So let me explain an example use care to show the convenience of blockchain technology where you can tokenize anything you want. You want a token for it? You can create it, and again, the possibilities are endless here as well.

Let's say you are participating in a huge treasure hunt, it's a contest with a huge price attached to it, but the contest is not a short term contest, it's one that may take a year or even longer. As it's a hunt that needs collaboration, soon clans are formed, and you really need to work together to get to solve the puzzles. The hunt is split in 1000 smaller clues with keys, and only the person/clan that finds 400 of these parts will be able to unlock the wallet with the prize. Nothing is certain at the start of this contest, and only time will tell how things evolve. As there's a big prize attached to the contest, it would be awesome to have a way to make sure the prize gets divided accordingly to the activity of the hunters in the contest.

Teams form, teams get bigger, teams lose members because they lose interest or due to other reasons. But the clans are build on trust, you have to trust each other with very valuable information to be able to win the hunt. One thing that can get in the way of trust, is the huge amount of money that you can win. Some people will do anything for a bit of money and start cheating or manipulating others. To make sure you will divide the prize accordingly to the earnings, you can set up a token for your group and for every part of the puzzle solved, you divide those tokens among the valuable active members in the hunt.

Most groups would use a ranking system based on points, the old school way. Which works fine, but can be manipulated easily. First of all, there's a lack of transparency. Although a group should be built on trust, something things change overtime, meaning that it would be great to have the data available for everyone to read, the blockchain data is there forever, and therefore it can't be manipulated or cheated with.

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Another advantage here is, that when a member decides to leave the group at a certain point, he or she still has the earned tokens, and if this group may win in the end, the person can still claim the prize, as it's written on the blockchain that these are earned by this person. These are all contracts, and you don't have to just take somebody's word on it. You have proof that these belong to you, so part of the prize is yours once it's won.

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Learn more about Proximax

I think the best way to learn more about a blockchain is always start with the whitepaper, which is available in 7 languages: English, Spanish, Russian, Ukrainian, Korean, Chinese and Japanese.

On top of that, I would strongly advise you to do your own research and go through the website where you can find infographics as well as videos to explain more about the technology behind ProximaX. In this post I have only covered a small percentage of the possibilities that ProximaX has to offer, there is so much more. If you have any questions or doubts about how things work, you can ask the team a question by easily filling in the contact form on the website, or you can contact them via the social media buttons on the bottom of the website.

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Conclusion

I've never been very interested in the technology behind blockchain until now even though I've been writing on the blockchain for several years already. But I have to admit, that reading on the ProximaX website, and watching the video has triggered my interest to dig a little deeper, and try to broaden my horizon a bit more. To be honest, I think this will be a huge gamechanger in the world of blockchain, and I personally can't wait for future updates.

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Disclaimer

This is not financial advice, please always do your own research and form your own opinion about a project.