ProximaX combines blockchain, storage, streaming and an advanced consensus algorithm to enable a rich, all in one platform for cross-industry applications and decentralized app developments, utilizing the NEM technology.
The majority of today’s modern internet applications consist of authentication, database, storage and messaging media. The largest portion of the infrastructure of those application is centralized, owned by a few big corporations. Blockchain on its own is not sufficient enough to combat that issues.
ICO
The ProximaX ICO, based on the NEM blockchain, managed to raise over $28,000,000 dollars.
Protocol
ProximaX is built on top of the NEM blockchain, utilizing its technology to provide private and public services and allowing everyone to participate in the network. The NEM blockchain, consisting of both on-chain and off-chain protocols generates a wide range of decentralized services which provide broad opportunities for developers.
Storage
ProximaX will offer a storage solution based on the InterPlanetary File System, which is basically a distributed file management system. Essentially, it’s a decentralized cloud storage peer-to-peer platform that removes any third party storage providers. It allows for client-side data encryption, making it immune to traditional security threats.
Streaming Security
The PeerStream Protocol will provide node privacy in peer-to-peer messaging, online presence, routing and real-time streaming and ensuring secure off-chain communication channels. PSP is designed with the idea to be a privacy-routing protocol and unlike similar systems, it will be insulated, eliminating the risk of maintaining exit-nodes and out-proxies.
Functions
ProximaX will utilize multi-layered consensus protocols for governance, voting and to reward nodes for their contribution of resources(storage and bandwidth). Nodes, dApp developers and content creators will be rewarded with XPX tokens.
Issues
Not too many red flags with the ProximaX platform. However, it does try to hit too many birds with one stone. In an environment where such specialized projects, targeted specifically to one purpose exist, ProximaX may have trouble to be accepted by the market. For example, Siacoin is solely focused on decentralized storage and its protocol is much more well-known and adopted by consumers who want to utilize blockchain storage services.
To conclude, ProximaX is a project with very solid tech behind it and an experienced team to back it up. The platform was developed by the same people who developed NEM, which is a globally-recognized network.
The project definitely has place among its competition, but needs better marketing and while it has a lot of use cases, the team needs to focus on polishing each and every part of the platform so that consumers don’t rush to specialized platforms, which aren’t necessarily better than ProximaX.
