ProximaX Explained: A Simple Explanation of What it is
If you have heard about ProximaX and are interested in learning more about who we are and what we really do, this article will help to get you acquainted with the solutions that we offer to various different industries to enhance their operating systems using blockchain technology.
What is ProximaX?
ProximaX is very simply, a development platform that forms the base on which applications, processes and other technologies are built on. But to say ProximaX is just a development platform is quite an understatement. It is, in a technological innovation sense, more than just a traditional development platform because it is constructed as an Integrated and Distributed Ledger Technology (IaDLT) infrastructure platform, complete with an embedded blockchain technology.
Traditional Application Development Hurdles
- Loss of control
- Limited applications
- Connectivity requirements
- Variable functions & features
- Slower speeds
- Highly centralized
- Multitude of technologies
- Slow to develop
- Questionable data integrity
- Lack of security
- Lack of transparency
- Staggering Cost Savings
- Highly Scalable
- Highly Configurable
- Highly Secure
- 100% Availability
The ProximaX solution differs from a traditional platform as it functions on a peer-to-peer (P2P) technology protocol – the technology behind DLT – and it is one of the bases of blockchain technology.
P2P is essentially a network consisting of participants who contribute resources such as processing power, disk storage or network bandwidth directly to other network participants without the need for a central coordinator like a server or stable host to moderate the processing requirements. Such independence lends itself as the perfect model to build solutions on and it is within such architecture built-up where ProximaX’s technology is built upon. Other characteristics such as being highly secure, tamper evident, low cost to set up, develop and operate on are just some of the technology muscles we have at ProximaX that make our platform that much more superior than others.
Drawing on P2P technology, the ProximaX Sirius platform has functionalities in the following areas:
Blockchain – the backbone for all layers of the ProximaX Solution – streaming, Supercontracts, storage, consensus and the database layer – providing security, scalability, transparency, 100% availability, speed and flexibility.
Storage – as with streaming, storage on the ProximaX Sirius platform rewards participants who contribute to storage network nodes. P2P technology allows for decentralisation of the network.
Streaming – using P2P technology, participants in the network contribute network bandwidth and are rewarded XPX tokens in return through the consensus mechanism. Streaming on the ProximaX Sirius platform allows for full anonymity, encrypted messaging and video streaming.
Supercontracts – a Supercontract is very simply, an enhanced smart contract. A smart contract in its original form is a set of business rules and/or agreements between parties that drive transactions on the blockchain. These transactions are trackable, immutable and irreversible. Smart contracts allow the performance of credible transactions without intervention from any one of the parties in the contract. Taking it a step further, ProximaX’s Supercontract is an improved version of the smart contract as it is performed outside of the blockchain in a P2P environment using virtual machines. What this means is that it does not “bloat” the blockchain (because the blockchain slows down when the blockchain is bloated). Unlike smart contracts which are immutable and irreversible once on the blockchain, Supercontracts allows for deletion, and can be started or stopped through consensus (of the parties involved in the agreement). Similarly, bugs can also be changed or modified by consensus. ProximaX Supercontracts can also be programmed in a wide variety of common programming languages and this inclusive approach promotes a wider adoption compared to the restrictive languages required by most available smart contracts in the industry.
Consensus – the consensus mechanism allows voting, governance, harvesting and is used to determine rewards for nodes that contribute network bandwidth and storage to the streaming and storage layers of the ProximaX platform.
Database System – the database layer allows developers to build secure applications with powerful indexing and querying functionalities in a P2P network.
In case you have missed it, the biggest news at ProximaX recently was the launch of our Blockchain Mainnet in late September 2019. The significance of the Mainnet Launch is that the backbone of the ProximaX platform is live and up and running – paving the way for the launches of our streaming, supercontracts and storage layers.
We are also pleased to announce that we are on track with the deliverables we have set out to complete with the Storage, Supercontracts and Streaming Mainnet launches.
If this article sparked your interest in about learning more about ProximaX or blockchain related tech, do feel free to reach out to us on our official telegram https://t.me/ProximaXio and chat to us about your questions or queries!