summary: ProximaX is a next-generation Integrated and Distributed Ledger Technology.
content: ProximaX is a next-generation Integrated and Distributed Ledger Technology (“IaDLT”) development platform powered by blockchain technology. It utilizes NEM blockchain technology to provide private and public blockchains solutions. It also works as a decentralized storage and content delivery network that offers a storage solution based on InterPlanetary File System (IPFS) and Distributed File Management System (DFMS) protocols. XPX token is a native token used to subscribe to the services offered by application service providers on ProximaX network. Overview ProximaX overview ProximaX is a blockchain project founded by Lon Wong and Alvin Reyes. The project aims to establish a sustainable and fast network protocol that will improve upon modern blockchain structure. The main focus of the project’s work is making a number of comfortable services for decentralized applications (dapps) developers. The project is powered by its own ProximaX token (XPX). With the blockchain protocol having a standardized framework, further core services can be plugged in to utilize the platform’s extendable infrastructure. It is an enterprise-grade infrastructure and development platform that integrates distributed ledger and blockchain technology with distributed and decentralized service layers such as storage, streaming, database, and Supercontract. It aims to offers both public and private blockchain services and storage solutions that will be decentralized and based on P2P network. It is an all-in-one, easy-to-use platform which can be extended with more service layers without compromising performance. The ProximaX platform is available in private, public, and hybrid network configurations. It is supported by a multitude core services such as streaming, storage, and super contracts; held together by a common blockchain protocol for identification, incentivization, message recording, state management, and asset exchange. ProximaX aims to provide DApp developers with an intuitively understandable SDK that will allows user to establish an abstract ProximaX protocol layer into a layer on top of the NEM blockchain layer, to provide various dApp protocols’ maintenance. To achieve the goals, ProxmiaX has developed two major platforms, Sirius Blockchain and Sirius Storage. Sirius Chain offers advanced enterprise blockchain with built-in features such as multilayer-multisig, pull transactions, aggregated transactions, and cross-chain ability to power advanced solutions. Sirius Storage is a distributed file sharing system where enterprises can store and share files seamlessly throughout the world. The smart contract platform - Supercontract and Streaming Network- Sirius Stream is yet to be launched. The ProximaX platform describes itself as the platform is a paradigm shift in decentralized services, resulting from the natural evolution of the original open decentralized systems. A distinctive feature of ProximaX Sirius is its ever-expanding ecosystem of diverse node actors, each providing their own unique services wrapped in an accessible application programming interface (“API”) through a set of software development kits (“SDKs”) and HTTP/S endpoints. ProximaX was launched on NEM's NS1 blockchain in 2018 and on September 25, 2019, the team launched mainnet. Sirius Blockchain Sirius Chain is a ProximaX's blockchain used to record all actions, events and transactions that occur within the ecosystem of core services. It is a fork of NEM blockchain and developed making it improved and compatible to better accommodate the extended core services demand and side-chains placed on the network. It uses Proof-of-stake (PoS) consensus algorithm that integrates wealth and age as part of the node reputation system that in turn dictates the chances of a node validating transactions. It is a smart contract ready blockchain and contracts that can be used for different business purposes. such as digital tokens can be created to represent real-world assets and various services can also be tokenized. Sirus blockchain also incorporates an extended reputation input called 'Proof of Greed' which ensures that no node can become too “greedy” when accepting transactions with large fees while still considering the block generation time. This makes tor form a fairer network where responsibility and incentives are distributed across the all blockchain nodes. XPX is the native token of the Sirius blockchain and that will be used by all consumers that utilize the platform’s core services, and to incentivize node actors. A consumer will pay XPX to use the public platform. A node Validator will receive XPX as a fee for validating transactions and adding new blocks. Each block consists of transactions that have fees attached. The fees are summed together to create a “block reward” which is then split among the different Validators that participated in the process. Users can participate as a consumer using Sirius Wallet. Validator Blockchain Validators As mentioned, Sirius chain runs on a proof-of-stake mechanism. To participate as a validator node, the users need to stake XPX tokens. The amount that is staked is then tied to the participant’s account by the validator software. To run a node, participants to needs an understanding of the potential rewards and risks. A participant needs to download the node and install software, and generate an account or import an existing account. The node software will then perform a verification process using the account’s history, age, and wealth to determine the node’s reputation. Once the validator node is running, it will attempt to gain validation work. If the validator node is approved and selected for work by the PoS consensus algorithm then, it will contribute to a block generation process and will receive a split from block rewards. Rewards earned are transferred to the node’s account. According to ProximaX’s simulation experiments, minimum and recommended staking amounts are- | Minimum Staking Amount | 250,000 XPX | | ---------------------- | ----------- | | Recommended Staking Amount | 2,500,000 XPX | . Core Functions Sirius Chain has the following in-built core features Account Similar to other blockchains, An account on Sirius chain is associated key pair, private key and public-key. It is associated with a mutable state stored on the Sirius Chain. In other words, the user will have a “deposit box” in the blockchain, which only he/she can modify with their key pair. The private key has to be kept secret and anyone with access to the private key ultimately has control over the account. Namespaces Namespaces allow users to create an on-chain unique place for their business and their assets on Sirius Chain. It starts with a name that the user chooses, similar to an internet domain name. If one account creates a namespace, that will appear as unique in the Sirius Chain ecosystem. The user can associate a name with an account address or a 'mosaic identifier' by announcing an alias transaction. The addresses that bind namespaces and assets are called "long account addresses" and recognizable "mosaics identifiers. Mosaics Mosaics makes the platform unique and flexible. They represent fixed assets on Sirius Chain that can consist of a set of multiple identical assets that do not change. A mosaic can be a token, a collection of more specialized assets such as reward points, shares, bonds, warrants, signatures, status flags, votes, or even other currencies. These mosaics can also have unique properties: divisibility; duration; initial supply; supply mutability; transferability. These properties may be used to establish limitations and controls. These can represent both fungible and Non-Fungible Assets. For example, supply can be altered to control price inflation; transferability can be limited to control how a mosaic is utilized. If a mosaic represents a similar class of assets, such as the XPX token (which is actually a mosaic), then it is fungible. The opposite is true: if it represents a unique asset, then it is not fungible. An example would be a unique piece of land. A piece of land of exactly the same size as another piece of land is not fungible as it is unique. Metadata Metadata is a way for storing custom data in Sirius Chain. The data such as accounts, namespaces and mosaics are all immutable by default and so they limit the flexibility of storing additional data that needs to be associated to these state objects. Metadata solves this problem by creating a data attachment to the predefined objects on Sirius Chain, therefore, creating a level of flexibility to store additional data. It can be added, updated and deleted anytime. An account can add metadata to its address, its namespaces, and the mosaics that it owns. Multilevel Multi-signature Multilevel multisignature is used for creating multilevel agreements on the chain. A multi-signature is an agreement between multiple parties having custodians to a specific account (mostly called sub-account). Sirius Chain has expanded this function to create multiple levels of agreements which makes it more useful for systems requiring a workflow or a comprehensive approval process. Cross Chain and Aggerated Transactions Sirius chain allows cross-chain transactions between two Sirius chains, be they private or public chains. It is a useful mechanism to exchange assets between two parties from different chains. The cross-chain in the Sirius platform uses the lock fund concept, where the fund is locked upon crossing chains and then unlocked in the reverse. It is similar to atomic swap which involves locking up funds on the one chain and then issuance of such assets on the other chain. The cross chain tra