PROXIMAX: Leveraging Blockchain For a Better Future

Introduction

The advent of the Blockchain into our world, has undoubtedly been a major turning point to every facet of man’s quest for global evolution. One which clearly, has never been experienced in the history of the world’s technological development.

It is really fascinating how the Blockchain; which was merely a technology built to support Bitcoin over a decade ago, has evolved to a point where it literally serves as a backbone to several top-notch projects operating on the internet today. This evolution was made possible because some bright minds came to the realization that Blockchain had a use case that far exceeded Bitcoin’s need.
The introduction of some notable Blockchain-powered projects like Ethereum and MATRIX whose agendas went beyond providing a conventional payment system, has helped in catapulting the blockchain industry to a whole new level. These revolutionary project were able to successfully enhance the ability of Blockchain technology by incorporating state-of–the-art technologies like smart contracts and Artificial Intelligence (AI) to create a decentralized system where our daily needs could be addressed. Undoubtedly, these major upgrade paved way for the development of a vast ecosystem where developers have the liberty to launch their various decentralised applications (DApps) on an already made blockchain.

Today, Blockchain is being leveraged in almost every sector of our modern world. Major sectors whose activites are integral to global development are no doubt, the main beneficiaries of the benefits blockchain provides, and this obviously has led to the massive adoption of this modern technology globally.

Recent survey suggests that this adoption is just getting started, as analysis conducted by PwC in 2018 fully exposed how much promise the Blockchain Industry holds. PwC estimated that in 2030, over 20% of the world’s economic infrastructure will be running on Blockchain-based systems.

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In as much as these mind-boggling statistics seem really fascinating, it further exposes the vulnerability of the Blockchain Industry and how much work is yet to be done for its further development.
The news of the Blockchain Industry being oversaturated, wouldn’t come as a surprise to any blockchain-savvy individual. Countless projects have been introduced into this vast industry in recent years, with every one of them poised at providing decentralized services to different sectors ranging from finance, real estate, agriculture, healthcare, entertainment and a whole lot of others. Without disputing the fact that the presence of multiple projects in the blockchain ecosystem encourages healthy competition, it however, diminishes the credibility of most of these projects. A large number of these blockchain projects fail to provide users with the complete package as they usually claim. While some provide great transaction speed or security, others might choose to focus on scalability or cloud storage, without knowing that all these, could create great complications for developers.

Introducing PROXIMAX: Blockchain Reimagined and Evolved

What is ProximaX?

ProximaX (also known as ProximaX Sirius ), is a fully decentralised platform poised at meeting the needs of every tech-savvy developers around the globe by leveraging Blockchain technology. ProximaX provides a complete package, without compromising on the quality of their services in any way. Through the use of a well-structured framework which centers around the Blockchain protocol, ProximaX is able to provide the core services necessary for any developer to thrive; core services which includes: streaming, storage, vast database, supercontracts ( much more efficient than the conventional smart contracts) and a whole lot of others which will be fully analysed In this article.

The ProximaX platform creates a vast network comprising of series of nodes which have been engineered to perform various tasks on the chain. Each nodes function based on an algorithmic sequence which makes it possible for them to function independently. All these are embedded in a fully accessible Application Programming Interface (API) enabling developers have full access to vital Software Development kits (SDKs) on the chain. Now, DApps developers can enjoy flexibility like it has never been done on the Blockchain-sphere, with a wide range of use cases to explore on the Sirius Chain.

The SIRIUS CHAIN- A Revolutionary Blockchain Consensus

What is the Sirius Chain?

Sirius chain is the name of the platform’s blockchain on which every events and transactions that occur in the ProximaX ecosystem are recorded. By default, the Sirius chain utilizes a modern concensus algorithm called the Proof of Stakes, which regulates the distribution of workload on every nodes present in the chain.
It is worthy to note that these nodes have been specially designed to validate transactions based on series of progammed sequence which fully control how frequent these transactions are being validated across all nodes on the chain. Sirius Chain however, has taken blockchain consensus mechanism to a whole new level by incoporating the "Proof of Greed" consensus as an extended input on the chain.

The Proof of Greed mechanism as the name implies, prevents Greed in the system by tracking and proportionally assigning the transactions each nodes should validate within a given timeframe based on some set parameters which majorly include; transaction fees and the number of blocks each nodes can generate. The Sirius Chain however, goes beyond just mere transaction validation. It provides a healthy environment which possesses the adequate infrastructure (service units) necessary for any business to thrive.

Service Units

Service units are in form of digital token contracts which dictates how the whole economic activities on the Sirius Chain are conducted. Similar to the smart contracts being utilised on other blokchain-based projects like Ethereum, it serves as a gas token which is used by the network to facilitate transactions.
They are uniquely engineered to function based on the nodes reputation and greatly influence the services provided on the chain.

Types of Service Units on Sirius Chain

Sirius Storage

The Sirius Chain leverages the best form of technology to provide state-of-the-art storage system on the ProximaX platform. Sirius chain consists of a vast storage network which comprises of collection of peer-to-peer storage devices all hosted by different owners randomly chosen from around the globe.
These storage devices are programmed to hold encrypted binary data which are frequently segregated, replicated and further stored in form of little chunks in a wide range of storage nodes on the network.
One fascinating thing about Sirius storage is that it works more than just any conventional storage system. Every storage node on the chain have been uniquely engineered to not only store data but also act as an executor node.

Sirius Streaming

The Sirius Streaming platform is another amazing core service on the Sirius chain. This service has been created in a more decentralised manner, quite unlike anything that has ever been done on the blockchain-sphere. It comes in two forms, namely:

Storage Streaming:

This method utilizes pre-recorded data on series of storage nodes on the chain to transmit to various users around the world. The system works in a way that, the content owner as well as other viewers have the liberty of stream and download this data.

Live Streaming:

Unlike the Storage Streaming platform, users can stream data live. This is made possible by set of nodes which record, transmit and immediately distribute these data in real time for viewers comfort.

The Sirius Streaming platform provides an avenue where token can be earned by these nodes who opt to stream on the network based on a well-structured reward policy.

Supercontracts

Before now, several blockchain-based projects made use of digital contracts. Digital contracts however, do not possess the flexibility required to run a platform like ProximaX. In the past this has posed a great deal of issues for major projects who often go inactive for several weeks (sometimes months) when series of bugs are encountered on their system. Proximax however aims at building a perfectly working network with the use of supercontracts whose codes will be stored on the Sirius storage platform. This way, they can be easily executed, stopped or modified without compromising the integrity of the network. These supercontracts are digital contracts too, although they are far more superior and can be customised to suit any business use case, making it a preferable choice for this modern innovation.

Sirius Database

The Sirius database structure is top-notch and fully decentralised to suit developers specifications. It utilizes BigchainDB (“IPDB”) that stacks MongoDB for a distributed database, with Tendermint used as the consensus mechanism on which it operates. Contrary to previous beliefs, the Sirius database possesses every features of blockchain which makes it flexible. Also, the highly efficient framework provided by the Sirius document-database makes it easy for developers to set-up applications on the chain based on pre-existing data on the network.

Sirius Content Review

Sirius Content review is another core service provided on the Sirius chain. This unique feature available on the chain, enables content managers facilitate a consensus-based review on the network. This way contents can be reviewed with ease based on an algorithmic specification already embedded in the ProximaX system.

Consensus Mechanism

The consensus mechanism incoporated into the ProximaX platform, is second to none. By utilising both the Proof of Stake (PoS) and Proof of Greed (PoG) consensus algorithm, ProximaX creates a fully scalable, efficient and secured ecosystem. The Proof of Stake (PoS) consensus as we all know, is preferable when compared with the Proof of Work (PoS), based on several significant reasons. PoS is more economically efficient and is more scalable which enables it process a large number of transactions per second. The integration of the Proof of Greed consensus into the network makes it even more efficient, thereby giving developers the edge they need to develop a fully efficient and scalable application to cover various use cases.

Pros of ProximaX

Top-notch Security:

The highly decentralised framework of the ProximaX network, makes it almost impossible to be hacked. As earlier mentioned, the Sirius storage system utilizes a peer-to-peer interconnection of storage devices which holds chunk of data across a wide range of nodes on the chain. So in order for these data to be compromised, each node in the system has to be breached simulteanously, and the chances of that happening, when analysed on a technical scale is highly unlikely.

Scalability:

Any blockchain avid individual is no stranger to the fact that the major problem the blockchain industry has faced in recent years is poor scalability. ProximaX however, is poised at providing lasting solution in this aspect by utilising a modern method whereby data are partitioned in layers to ensure fluidity in the system. Now, users can store and stream large data, perform transactions and conduct a whole lot of other tasks on the network without having to worry about the problem of scalability.

Unimaginable Speed:

The widely distributed chain of data across various nodes on the ProximaX ecosystem helps ensure that large transactions are facilitated in seconds.

Cost Effective:

Prior to the introduction of ProximaX, developers around the world have been subjected to different forms of hardship, all in the name of getting the best services provided by some sub-standard projects. You could Imagine the dilemma of having to combine the services of more than two different blockchain projects because they individually, do not possess all the necessary tools. By so doing, developers spend so much money and end up not getting the best services. With ProximaX, users around the world can now enjoy the "Complete Package" at affordable prices.

User-Friendly Ecosystem:

The ProximaX ecosystem has been specially designed to accept series of programming languages, hence, making it easy to use . Now developers around the world can leverage this opportunity to develop a wide range of applications without any programming language restriction.

ProximaX Sirius Application Features

ProximaX provides a healthy platform where application developers can build DApps to suit any use case of their choice. By leveraging the available System Development Kits provided on the platform, developers can now enjoy flexibilty like it has never been done on the blockchain-sphere. However, for a developer to make use of the platform's tools, they have to onboard their application on the network. This can be done in several ways depending on how the developer intends to use the platform.
below is an overview of some core component features the ProximaX platform provides.

Account:

This section provides users with a workspace to perform several tasks. He/she possesses a unique private key that connects him to the ProximaX mainframe, which provides a "deposit box" in the blockchain where he can store personal details.

Namespaces:

The namespace provides a unique environment for the user's business and assets on the chain.
Quite similar to an internet domain name, it gives the user liberty to create a perculiar business name on the network.

Mosaics:

Mosaics are fixed assets on Sirius Chain that usually represent a set of multiple identical assets that are often constant.
They play a very vital role in ensuring efficiency and flexibilty on the chain and could often represent reward points, shares, bonds, warrants, signatures, status flags, votes, or even other currencies.

Metadata

This unique feature on the chain, is responsible for ensuring data flexibility. Most vital data provided by users, like account, namespaces and mosaics are usually immutable.
The major role of metadata is to create an external data attachment where custom data are stored on the chain.

Multilevel Multisignature:

This unique feature enables the facilitation of a binding agreement between multiple parties who choose to share the right of ownership to an account. The Sirius chain has the capability of creating multiple levels of agreements making it useful for systems that require comprehensive approval processes.

Cross-chain Transactions

Cross-chain transactions involves the exchange of assets between two parties residing in different chains. This unique feature being incorporated into the Sirius chain clearly means that transactions between two accounts on the Sirius chain can be facilitated with ease.

XPX Token

XPX is the name of the native token used on the platform. Major services provided by the platform will be paid for by users using this native token.
It is worthy to note that the XPX token will play a major role in regulating the distribution of service units. Users who intend to subscribe to the Proximax public network in exchange for service unit will do so using the XPX token.

Automated Inner Exchange

The Automated Inner Exchange is an in-built exchange (in form of a Plug-in) developed on the Sirius chain to help regulate the exchange between the XPX token and the defined service units.
Beyond that, this exchange can be utilised for purchasing various core services on the network with the use of multiple internal tokens.

Practical Use Cases

Use Case I: Data Streaming

"TechLive" in September 2018 launched an online video streaming application created to connect tech-savvy individuals around the world to a vast network where they can get the latest happenings in the tech world by streaming live videos of from around the globe and also get the chance to connect and share informations that will be vital to develop their skills.
Judging by the regions which this application was available to, within a month after its launch, the total of users on the network clocked a million people. The problem of excess data mismanagement began to pose a great problem to the "Techlive" team.
The "Techlive" team, after making much deliberations decided that they needed a fully decentralised blockchain framework which will fully cater for the excess data challenges being faced on the network. Certain factors like speed, scalabilty(easy data transfer per seconds), data security, uninterrupted data streaming services (in real time) were taken into consideration.
Techlive onboarded their application on ProximaX's Sirius Chain three months after its launch to help manage these problems threatening to shutdown their operations.
By the end of September 2019, "Techlive" celebrated its one year anniversary with over a billion users on the network and counting. "Techlive" currently has the largest network connecting tech-savvy individuals around the globe, and they have ProximaX to thank for that.

Use Case II: Content Review

Kim Lee is an avid writer who creates contents on different aspects of life. She runs various blogs where she post these contents on daily basis. Its been two years since she kicked off her career on content creation and Kim Lee could not boast of a penny from any of her exclusive contents so, she decided to go professional. She created an application on the Sirius Chain where people around the world in need of her contents for reseach purposes could get them and pay for the rights to use these contents using the XPX token. Also users could post their contents on the application where it can be properly reviewed. Kim Lee is now a successful content creator and entrepreneur.

Final Thoughts

In the world of blockchain where competition is intense, the need to stand-out is highly paramount to a project's development.
A total disruption of the blockchain ecosystem has been long overdue and ProximaX's ability to recognise this and take advantage of this opportunity makes it the real definition of a revolutionary project.