Why do we Need ProximaX?

The world has never been this connected. People from various places in the world are now able to collaborate, transact, create, and communicate more than ever.

But the pursuit of connectivity and connection has a cost. Everything and anything that we do in the internet generates data and information. We have so much of it that what we actually need now is a space, a storage big enough to securely store all the valuable data that we generate.

There are challenges in privacy, confidentiality, data security and integrity, and centralized systems in this internet age. Although there had been attempts by the private internet-related organizations to resolve these challenges, the solutions appear to be selective and only gears towards their business motives at the expense of consumers’ interests.

In the nexus of all these is ProximaX.

ProximaX utilizes the IPFS P2P Storage and streaming technology, while combining it with the API-driven NEM technology to build a solid, bulletproof file system that has the security, immutability, and reliability of blockchain, coupled with the availability of a distributed peer-to-peer storage network.

The P2P distributed file management system (DFMS) makes us realize that the solution to our storage problem is actually in our very own hands. DFMS technology incentivises those who are willing to share unused personal storage spaces to form a network for a secure, efficient, and decentralized storage and streaming platform.

NEM technology, on the other hand, through its distributed ledger technology (DLT), serves as the foundation for ProximaX’s consensus protocol which is an important facet for equitable and efficient incentivisation of the decentralized storage and for leveraging ProximaX’s APIs.

To ensure integrity and value, ProximaX uses a multi-layered consensus protocols for voting, governance, harvesting, and to reward network nodes contributing storage and bandwidth resources to the network. The three major consensus protocols will be used to govern on chain and off chain resources, services and activities are: Proof-of-Importance (PoI), Proof-of-Storage (PoSt), and Proof-of-Bandwidth (PoB).

The combination of these consensus protocols is an innovation from the traditional blockchain. It is a game-changer in itself. According to the ProximaX Whitepaper,

“ProximaX extends traditional Blockchain protocols by integrating a number of off-chain, peer-to-peer service components (layers) that are found in traditional SaaS- and IaaS-based centralized architectures, like content delivery networks (CDN) and cloud offerings. The primary services being that of storage and streaming media — all managed and governed by a robust set of consensus protocols to ensure integrity of the network along with measuring, validating, and incentivizing the decentralized workforce to prosper and grow scale.”

With this, ProximaX becomes a utility-rich, sustainable, and secure platform for businesses, enterprises, and entrepreneurial innovators. It is a platform to develop innovative applications such as, but not limited to, KYC, medical health records, land registry, trade finance documentation, certificates, time stamping and proofing, identity management, and Internet of Things (IoT).

Why do we need ProximaX? The answer is rather simple: we deserve better.

For more information about the ProximaX platform and XPX utility token, visit https://proximax.io

For updates, join the official Telegram group: https://t.me/ProximaXio

Why do we Need ProximaX?
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