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ProximaX
Blockchain Reimagined and Evolved Blockchain Reimagined and Evolved

ProximaX Launches Its Mainnet!

WHAT IS A MAINNET AND WHAT IS ITS SIGNIFICANCE?

A mainnet is usually an open-source blockchain project that has a peer-to-peer connected network of multiple computer servers known as nodes. The function of this mainnet is to enable the transfer of digital assets between parties. Hence, a mainnet is simply the main network where actual transactions take place on a distributed ledger.

It is a much-anticipated and significant milestone for any blockchain project and is often preceded by several testnets. Testnets can be likened to being a prototype of a mainnet, utilizing the same technology but in a simulated environment. In a testnet environment, digital assets have no real value outside the test environment, unlike the mainnet, where transactions conducted using the project’s native digital asset have real economic value. In short, a mainnet can be deemed as the production rollout of a public blockchain project.

THE PROXIMAX MAINNET LAUNCH

Since our inception in March 2018, our core developers have been focused on building a working blockchain network. We began running our prototype blockchain in November last year and after significant testing, improvements, and tweaking within this sandbox environment, we are delighted to announce that the ProximaX genesis block was created today, 25th September 2019.

TOKEN SWAP

It is important to take note that there is a migration process from the NEM NIS1 blockchain (“NIS1”) to the ProximaX Sirius blockchain. This process essentially involves us exchanging XPX on NIS1 to the ProximaX Sirius mainnet blockchain, on a one-to-one basis.

Your XPX will continue to exist on NIS1 until 2025 or when NIS1 is deprecated, whichever is earlier. While we will endeavor to port across from NIS1 to NIS2, we do not know nor have any control over the network and hence, we strongly encourage all XPX token holders to carry out the token swap as soon as possible.

To ensure that the swap occurs seamlessly for all XPX holders, we have come up with a simple procedure to execute the swap. The availability of the swap function will be announced over the next few days.

Kindly read through the following steps carefully:

IMPORTANT:

Always SAVE YOUR PRIVATE KEY before performing any swap exercise!

SIMPLE SWAP

The simple swap procedure is used for single signatory accounts, i.e. non-multisig accounts which will apply to the majority of XPX holders.

_Step 1._   Go to your Sirius wallet.

_Step 2._   Select “SWAP” to being the swap process.

_Step 3._   Enter your NIS1 private key and the quantity of XPX you wish to exchange.

_Step 4._   The swap commences and within a few hours, your Sirius wallet balance reflects receipt of XPX. 

_*May take several hours_

MULTISIG SWAP

In the case of a multi-signatory accounts, any co-signatory can initiate the swap.

_Step 1._   One of the co-signatories of the multisig account downloads the Sirius wallet. 

_Step 2._   He selects “SWAP” to begin the swap process and enters the quantity of XPX. 

_Step 3._   Next, he selects multisig transaction and inputs his NIS1 private key. 

_Step 4._   The swap system validates the transaction and sends it to the NIS1 network to be signed by the other co-signatories of the multisig account. The co-signatories must sign-off on this within 24 hours.

_Step 5._   The swap commences, and within a few hours the receipt of XPX is reflected in the Sirius wallet balance.

For more information on the ProximaX Mainnet, visit: www.proximax.io/mainnet