How about an all in one blockchain solution? Meet Proximax Sirius Blockchain

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In the world of Technology, specifically the Blockchain, the order of the day seems to be the development of a new platform with a novel solution to the limitations of other existing blockchain platforms. The first blockchain, Bitcoin, was introduced in the year 2009 and since then both developers, tech inclined experts and entrepreneurs have been exposed to the boundless possibilities a trustless, highly secure and distributed public ledger technology has to offer.

Just a while ago, it was the possibility of a distributed ledger technology in an open source token enabled economy, but it wasn't fast enough as a medium of transfer and limited by other technical issues like scalability, high cost of operation(electrical and infrastructural cost of mining bitcoin) and so forth. The next layer of solution was ushered in by Litecoin in the year 2011, providing a faster block generation time and the use of a new scrypt as a proof of work scheme.

Ever since, its been the arrival of one new blockchain or the other contributing its own quota of solution in the advancement and ease of use of the blockchain protocol. Ethereum Blockchain came around in 2015 with not just a solution but also an evolution of the possibility of Smart contracts which led to the beginning of the existence of decentralized applications Dapps.

The problem with springing up different blockchain projects with different use cases is that it is difficult for developers to combine the properties of each tech protocols and fuse them into a whole function in their projects.

Today, a Blockchain might have the possibility of smart contracts but not speed, tomorrow another Blockchain might have speed and tools for development but lack smart contracts, another blockchain might have the ability to operate smart contracts, have speed but have no streaming service due to lack of robust storage architecture, or have all that but facing terrible regulation issues.

This is why the Proximax Blockchain was developed to proffer the Blockchain industry a one time game changing solution by infusing the inherent properties of the already existing revolutionary Blockchain infrastructures into a specific environment as tools for development. In this way, Proximax serves better as a development platform rather than just another Blockchain, it is more like an IDE of existing blockchain tools and infrastructure.

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_{ProximaX is a next-generation Integrated and Distributed Ledger Technology (“IaDLT”)
development platform powered by blockchain technology.}

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Proximax Sirius

Proximax Sirius as known by the industry is designed to be an expandable ecosystem of diverse service layers with each bearing its own capability otherwise referred to as core service layers, all under one envelope of an accessible API in a defined interface through a set of Software development kits SDK which are all made possible through the blockchain protocol responsible for binding ProximaX known as the Sirius chain.

Sirius Blockchain

Sirius chain adopts the POS, Proof of Stake and POG, Proof of Greed sets of blockchain consensus algorithm. The POS system allows wealth and age to have a direct impact on the reputation system of the nodes in terms of validating transactions while it uses POG to ensure that no node is too greedy in accepting transactions with high fees relative to time so that the distribution of incentives and/or responsibilities can be fair across the participating nodes and the network can be more optimized and secure.

As afore mentioned, the Sirius chain is made up of various service layers with each its own derivative platform and token economy. They core service layers are;

1. storage;
2. streaming (storage streaming and live streaming);
3. supercontracts; and
4. content review.

• Storage service layer : The storage service layer is not only trustless but also efficient with its unique Distributed File Management System (DFMS). What happens here is that the system stores binary (structured and unstructured) data in randomly hosted peer to peer storage devices which are selected by the networks consensus algorithm.

• Streaming service layer : Sirius chain accomodates both livestreaming and storage streaming, which means pre-recorded data can be streamed to viewers and broadcasted later likewise live data which can be broadcasted immediately. This results in possibilities of developments of platforms like Vimeo, Youtube and so on.

• Supercontracts service layer : These are the executable codes stored in the systems storage nodes which are responsible for the incentivization.

• Content review service layer : Through this service layer, content managers have the ability to facilitate consensus based review on the network.

Use cases include but are not limited to supply chain management, KYC processes, business continuity, video streaming, health, identity, IOT records management, big data applications, records and reporting systems, traceability, legal and notary services, video streaming, workforce collaboration, and messaging.
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Token Economy : Meet (XPX)

There are two branches that make up the Proximax token economy. The internal token and the external.

The internal token consists of the Proximax native token, the XPX, which is used to pay for the platforms services, the Service units, these are comparable to GAS on ethereum, which are used by consumers performing any operation on the platform, service units also represent the capacity of a node providing a service. While the External token ecosystem refers to the payments made by end consumers through fiat or crypto.

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_{The platform's multiple service units are tied to the blockchain protocol.
Therefore, consumers that want to utilize the platform’s services need to pay in XPX.}

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Service Units

When the access to every service layer in an ecosystem is tied with its token, it results in having an healthy tokenomics backing the blockchain because firstly, every user operating on the blockchain needs to pay in that token to gain access, moreover, the chain itself is designed to accommodate a large number of users with its multiple service units, these service units include;

• The Storage Unit(SO) for storage: A unit represents the ability to store data. 1 SO corresponds to 1 GB of space per month. 1 SO = USD 0.004

• Streaming Unit(SM) for streaming: A unit represents the data motion between nodes
  or nodes and consumers. 1 SM corresponds to 1 streamed GB. 1SM = USD 0.02

• Supercontract Unit (SC) for execution of supercontracts: 1 SC corresponds to 1
  supercontract instruction code. 1 SC = USD 0.000005

• Review unit (RW) for feedback and content review: 1 RW corresponds to 1 XPX worth of paid content. 1 RW = USD 0.005

The more consumers need to have access to these listed service units, the more there is demand for the XPX token. Proximax also offers developers the ability to create custom tokens called Mosaics similar to ERC20 tokens that run on the Sirius chain. Also there is an inbuilt exchange that facilitates the conversion of tokens based on NEMs catapult protocol.

To participate in the Proximax ecosystem as a non developer, all you have to do is download and install the proximax wallet where you can purchase XPS tokens and stake them to earn as a validator.

• Recommended minimum stake = 250,000 XPX
• Recommended stake = 2,500,000 XPX

Proximax has been through series of development stages since it was launched in March 2018 and is already listed on 5 exchanges including Bitcola. Proximax has already been put to use in the real world and is being implemented by the United Arab Emirates (UAE) under the term smart governance to enhance its voting system.

The Ministry of Community Development of the United Arab Emirates announced that they have rolled out a Proof of Concept — PoC, powered by the ProximaX Sirius blockchain platform solution.
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Other real world application of the Proximax platform include but not limited to applications such as the following.

CashCart — an e-commerce platform servicing the Philippines market in a permissioned environment for KYC, secure storage of data, e-wallet integration as well as for CCNX transactions.

SportsFix — one of ASEAN’s largest over-the-top (“OTT”) live streaming platform for sports.

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Recommendation and Conclusion

Of all the projects addressing the issues that exist in the blockchain industry, the Proximax project serves as an outstanding, long lasting and robust solution. However, this glory could be short lived under the fast moving pace of the tech industry, yes today's problem might temporarily solved, I wonder what problems tomorrow will come up with. With each development and update, there seems to not just be enough solutions. Like every other blockchain, I look forward to Proximax's future problems and how they will surmount it, only then will the platform win my trust.

Thank you for reading.

Disclaimer

This is not financial advice, nor a guarantee or promise in regards to any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.*

To find more information, here are important links to follow.

Proximax website
Proximax whitepaper
Proximax medium
Proximax Twitter
Proximax Telegram

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