The Internet: a vast framework of interconnected applications, networked systems and
mobile devices essential to our daily lives. It’s the primary means by which we
communicate, learn, create, shop, work, share, play and manage our finances. We
cannot imagine a world without it. Yet the very foundation of this technology, invented
over a quarter century ago, is in jeopardy. It suffers from vulnerabilities in scale,
security and privacy, and increasingly is prone to fraud. Together these threats will
disrupt the technology we have become so reliant upon. Businesses built on centralized
computing struggle to keep pace with ever-increasing scale of use, which drives up
costs and further limits accessibility to the developing world, where only the elite can
profit from the advantages of connectivity.
Challenges in privacy, confidentiality, data security and integrity, and centralized
systems have plagued the internet today. Traditional private, internet-related
organizations have attempted to resolve these challenges only selectively, as their profit
motive is not aligned with that of the consumer interests. The tech giants want their
users to “trust” them implicitly without actually addressing the underlying obstacles.
“Blockchain” Technology, the underlying innovation that powers Bitcoin and NEM,
promised more robust decentralized and distributed networks, thus eliminating costly
intermediaries and creating a human-powered, interconnected network, but it was not
without its flaws. Early versions of blockchain proved too complex, insecure, costly, and
unscalable to bridge the gap between theoretical and real-world utility.
ProximaX, a blockchain-based decentralized platform
developed by the people behind the NEM Blockchain and Catapult platform, intends to
solve these challenges by using their expertise in an eco-friendly distributed ledger
technology, P2P internet protocols and ease of integration API driven architecture allowing DApp developers and businesses to more readily deploy and manage their
solutions.
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.
By parallelizing all of these services and protocols in manageable, but distinct layers,
ProximaX solves for the cost-effective conundrum in Blockchain ledger transactions,
whilst maintaining flexibility, ease of adoption and integration, security, and speed. All
packaged within an all-in-one extensible framework.
To maintain its integrity and value, ProximaX steps up the game from traditional
blockchain and introduces concurrent advanced and complex consensus algorithms
with a combination of 1) Proof of Importance (POI), perfected by NEM; 2) Proof of Storage (PoS), for measuring allocation of distributed disk space, and; 3) Proof of Bandwidth (PoB), a costly and more precious commodity in delivery of data and streaming media. Bandwidth measurement is rarely factored into mainstream
blockchain projects as a reward metric to the node workforce. ProximaX is changing that.
ProximaX further powers its utility token economy with a native coin, XPX, that allows
for a sustainable marketplace for its services - only possible with a best of breed
blockchain engine found in NEM that roots from NEM’s Top world-ranked
cryptocurrency. ProximaX is a revolution on top of the existing evolution of Blockchain and DLT with the
creation of a utility-rich platform and protocol in which businesses, enterprises and
entrepreneurial innovators can avoid costly, failure-prone centralized architectures yet
enjoy sustainable and secure service offerings. Content Delivery and Storage,
Streaming Media, decentralized marketplaces, big-data, measurement/analytics, IoT,
and flawless record keeping and KYC are just a few use cases for ProximaX.
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