What is ProximaX?
ProximaX is a second-generation extension of blockchain and distributed ledger technology (DLT) that is offers an abundance of services and protocols powered by NEM blockchain. ProximaX combines the blockchain, storage, streaming and an advanced consensus algorithm to create a stable, all-in-one platform for wider cross-industry application and decentralized app (DApp) development. The ProximaX Sirius platform is an integrated assembly of proven technologies for enterprises to develop applications with superior design while substantially reducing the total cost of ownership and time to market. Its native token, XPX, will be used as the common currency for the purchase of services provided that are offered by the platform, namely storage space and video bandwidth.
History of ProximaX
With its headquarters in Singapore, ProximaX was created by the founder of the NEM.io Foundation and first president Lon Wong, and co-founded by software developer Alvin Reyes. Its core team consists of computer scientists, blockchain experts and marketing specialists. The ProximaX ICO ran from April 15th – 25th, 2018, and reached its funding goal of $25 million, making it one of the most successful ICOs ever launched from the NEM platform. The XPX token opened for trading on August 9th, 2018, and by mid-November of the same year it had surpassed a market capitalization value of $30 million.
How ProximaX Works
ProximaX works by extending traditional blockchain protocols by assimilating a variety of off-chain, peer-to-peer service layers that are found in traditional software-as-a-service (SaaS) and internet-as-a-service (IaaS) based centralized architectures. These include content delivery networks (CDN) and cloud offerings. The primary services that ProximaX provides are using the NEM blockchain to coordinate decentralized storage and streaming media. This is managed and governed by a well-designed set of consensus protocols that serve to safeguard the integrity of the network, along with measuring, validating, and guiding the decentralized workforce in a manner that allows it to prosper and grow to scale.
Decentralized storage and video streaming. The ProximaX platform allows for users to rent out not only empty servers but also internet bandwidth as well in exchange for their XPX token and allows anybody to take part in the renting or buying process, thus decentralizing the provision and access of these services.
API driven. ProximaX’s open source API is suitable for building custom DApp for a wide variety of purposes, including notary services, KYC processes, health record and identity management, big data applications, supply chain management, as well as the aforementioned storage and streaming services.
Incentivizes scaling and cost reduction. By using the NEM blockchain to decentralize the provision of digital- and network-based services, developers using the ProximaX platform can be rewarded with users and a large customer base by lessening the cost of these services. Developers are also rewarded for finding ways to maximize the benefits of the blockchain in order to provide scalability during the provision of their services.
NEM based token. As the XPX token is hosted on and uses the NEM blockchain, it enjoys the security, speed, stability and low cost of the NEM network.