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ProximaX

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.[1]

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.[2]

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.[3]

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.[2]

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.[1]

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.[3]

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.[1]

ProximaX was launched on NEM's NS1 blockchain in 2018 and on September 25, 2019, the team launched mainnet.[3]

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.[2]

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.[1]

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.[3]

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.[1]

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.[3]

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.[2]

According to ProximaX’s simulation experiments, minimum and recommended staking amounts are-

Minimum Staking Amount250,000 XPX
Recommended Staking Amount2,500,000 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.[1]

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.[2]

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 transactions helps to open up a lot of use cases. For example, if a private blockchain needs to use XPX from the mainnet public chain for its internal economy, it can send XPX from the mainnet chain to power the private chain. The private chain may require the storage of their data in the mainnet platform. This can be done by sending the XPX from the private chain into the mainnet public chain.[3]

The Sirius chain is designed to process Aggregate Transactions in which it merges multiple transactions into one batch of transactions, allowing trustless swaps, and other advanced logic. Sirius Chain achieves this by generating a one-time disposable contract. When all involved accounts have cosigned the aggregate transaction, all the inner transactions are executed simultaneously.[1]

Automated Inner Exchange

It is a layer two solution built on top of the Sirius Chain to facilitate the exchange between the platform’s native token (XPX) and the service units. It makes the exchange of multiple internal tokens into a simple and functional process, so that users can easily use the platform’s core services. The developers can create own core service and corresponding token economies using ProximaX Sirius’s expandable infrastructure and the Automated Inner Exchange can be used to exchange new types of service units.[2]

Sirius Storage

The dApps and system solutions need storage capacity and it is essential for any blockchain to include storage in its core services. The Sirius Storage is decentralized storage platform that is able to store all types of binary data, be it graphic, video, or just text. It can provide reliable storage of files of arbitrary nature. The level of reliability is determined by the user of the storage drive and is significantly related to the level of payment made. It has an advantages over similar centralized cloud services that it is able to scale beyond centralized models, and can keep pricing competitive due to the absence of intermediaries and there being an open market for storage services.

The dApps can issue storage requests and they get recorded in the form of transactions on the Sirius chain. There are three actors who play significant roles in this process. A network contributor can choose to be any one, two, or all three of the below node actors.

These Actors are -

  1. Acceptors : These are nodes that provide file propagation for Replicators and file delivery for end-consumers.
  2. Replicators : These are nodes that replicate files and store replicated content.
  3. Storage Verifiers : These are nodes that identify Replicators that no longer store the required files or have gone offline, and if identified, initiate further replications of those files.

Acceptors are propagators of files for Replicators that then store these files. Acceptors charge for bandwidth (SM), to transfer file data, and Replicators charge for both storage space (SO) and bandwidth. When these storage requests are accepted by Acceptor nodes and fulfilled by Replicator nodes, a storage service is activated.[1]

Storage Economy

The native token (XPX) is used by consumers to pay for distributed storage services. The fee is based on the market value of storage and it is dictated by a free market economy model. The Automated Inner Exchange takes care of converting XPX to service units, which is ultimately paid to the nodes

A token economy framework consists of Storage units (SO) are needed to store files, and streaming units (SM) which are needed to stream file data between nodes. These service units represent the monetary asset and capacity within the storage ecosystem, and these are used to perform following transactions-

  1. by consumer to pay for service fees.
  2. to incentivize nodes for running a service.
  3. to represent the capacity of a node for providing a service.

The tokens created on external/different chains are designed to be used in their own ecosystem. But, since all chains have common integration points, a common payment gateway can be built between them using a custom service or a RestFul API. External payment methods can also include Fiat currencies as a traditional means. The consumers can then convert external tokens into XPX that can then be used to pay for Sirius Storage services.[2]

Node Operator

Sirius Storage is designed to deal with critical data that consumers rely on and the multiple storage nodes are the backbone of this network. To run a node in the network requires requires a level of understanding and commitment to the network. To participate, node owners have to prove their capacity and capability. A node owner needs to obtain service units, then proof-of-storage will verify if a participating node is indeed capable of providing the service. Once verified, the storage node will be attached to the network and will be auto-discovered by other peers. The node’s capacity is relative to the number of service units the node holds.[3]

Storage Contract

A storage contract is a digital offer and acceptance for the conditions of a storage service. There are penalties for violating a contract terms. If a Storage Verifier identifies that a Replicator node is not delivering an agreed service, the Replicator’s stake deposited under the contract will be forfeited, and the Replicator will lose reputation. The forfeited stake will be sent to a sink account.

The Storage contract process works as follows -

  1. Consumer pays XPX to avail a specific amount of storage.
  2. Acceptor is made aware of the storage request. The Acceptor is then paid in SM units, which are converted from XPX via the Automated Inner Exchange.
  3. Replicators that agree to be part of the contract use a self-assigning and discovery mechanism. These Replicators compete to deposit their SO and SM units, signifying their capacity to store and stream across different Replicators.
  4. Then there is the execution of the contract where all parties agree to participate. This is all done via an automated process at the protocol level.

When a contract is initiated, a duration must be set. and a distributed storage capability can only be rented and not owned, hence a subscription-based model is needed to fulfill a storage request. To use storage capacity continuously, a consumer need to pay rent in XPX under the contract on a periodic basis.

Consensus Mechanism

Every storage node is challenged by Storage Verifiers and the challenge can be resolved by a Replicator showing proof that it has the replication data For this verification, Sirius Storage utilizes two predefined proof-of-storage variants-

Enhanced Proof of Storage

It is the most prominent verification process of the two algorithms used. In this, when a file is uploaded, a process called “sharding” takes place that divides the files into blocks. The blocks are then scattered across Replicators and encrypted with a Replicator’s shared secret key. The secret key then allows the network to start a verification process amongst the Replicators. Each Replicator sends the file blocks with encrypted relevant metadata to the other. If there is a mismatch between the file and its metadata, Replicators agree through multi-signature transactions to make a further replication of the file and remove the faulty Replicator.[1]

Simplified Proof of Storage

Enhanced variant can take time to process and so Replicators can also use Simplified Proof of Storage to quickly verify the existence of blocks of files in their possession. The verification process is based on a simple ping utility using the signature of the root file as the basis for the ping. Replicators will then efficiently check if other Replicators have the same signature of the root file as opposed to verifying each blocks signature belonging to the file.

Core Functions

The node operators perform following function to execute storage process.

Storage Preparation

Storage preparation is a core function that primarily makes easier the preparation process of the distributed storage service. When storage is requested by a consumer, the drive preparation process commences. The consumer needs to pay XPX and those will be converted to service units (SO) via the Automated Inner Exchange. Acceptors and Replicators are then invited to agree to a storage contract Contract conditions include price, storage size, and duration. To agree on the contractual conditions and show capacity to provide the service, Acceptors stake SM units, and Replicators stake SM and SO units. Once concluded, the contract is announced on Sirius Chain and confirmed. The storage drive then becomes ready to accept data files.[2]

Replicator

Replicators Joining Illustration
Replicators can be triggered by a consumer wanting to enhance the reliability of service or increase their storage capacity. They are configured to actively search for new storage contracts to participate. The joining requires several conditions to be fulfilled, including actual storage capacity, location and reputation. Once a Replicator is capable, the protocol then automatically includes the public key of the chosen Replicator into the contract which will then be part of the cross-verification inspection amongst the file block holders.[3]

Upload

To upload a file, a storage drive should have the capability . The uploading process starts with a consumer uploading a file, then an Acceptor “staging” the file, which will then be streamed to Replicators. Replicators stream the same file to other Replicators which are then verified by Storage Verifiers. In this process, Replicators act as Storage Verifiers, they verify each other’s capacity and ensure that services are duly provided.

Delete

The Delete function allows a consumer to request the set of Replicators in the contract to issue a “Delete” command. The Replicators that are part of the contract will execute the command in their respective environments.[3]

Modify

The “Modify” command allows a consumer to request a change of a specific directory or a file inside a storage drive. It essentially calls two steps, “Delete” and “Upload". The first step or “Delete” command to the Replicators ensures that the file is removed from their respective environments. This will also remove any trace of references to the old file both at the storage and blockchain level. The second or upload command will upload a new file to replace the old file that was deleted in the first step.[2]

Rename

It allows a consumer to rename a specific directory or file in the storage drive. Given that the name is not part of the content address storage identification mechanism, there will not be any file content streaming to propagate the change as the modification is only done at the distributed hash table (“DHT”) level.[1]

Directory

It is a command used to return the list of directories and files in the storage drive. It is used by Replicators to evaluate if there is a need to join the contract as a Replicator to extend the storage capacity. This can either be initiated by the consumer or a Replicator that wants to join the storage network. In cases where a consumer executes this command, the result will be stored in the DHT, where the file structure tree is located. If a new node wants to join the storage contract, it will ask Replicators for the file structure tree.[3]

Synchronize

This is a low-level request that initiates a synchronization process amongst Replicators that are involved in the storage contract. Whenever a change in the storage drive occurs (through common operations such as Upload, Delete, etc. ), this command will list down all of the Replicators that are part of the contract and send a message to each via a gossip protocol. The message will include a request to obtain a copy of the latest DHT, which may or may not have been modified due to the changes in the storage drive, and sync them to their own replication.

Sirius Supercontracts

A Supercontract is very simply, an enhanced version of smart contract. In Traditional blockchain network, the digital contracts that are deployed on a blockchain are immutable and it doesn't allow the address and code of a contract to get modify. The bugs are also hard to fix. Also on -chain contacts can take big space and bloat and slow down a network. Supercontracts will address this by storing code in Sirius Storage. This way, the code can be easily executed, stopped, or modified upon obtaining consensus from preestablished authorized parties. The supercontracts are still in development process.

Sirius Stream

The Sirius Streaming platform comes in two forms, Storage Streaming and Live Streaming. In the former, the data will be pre-recorded or persisted on Sirius Storage and streamed to different viewers and in live streaming, the data will be recorded live, transmitted and immediately distributed to viewers. These both the forms are yet not available for the users.

Storage Streaming

It is connected with the storage service, as Sirius Storage provides data loading. The download is available not only for the content owners of the streamed data, but also for the end-consumers. which will help to create a variety of applications with content distribution functions for different domains and service policies. Storage Stream utilizes 'Fair Streaming Protocol' that enables streaming between nodes that do not know each other yet trust each other through a common cryptographically signed data.

Live Streaming

The live streaming platform will help to stream live data from a single sender source spread across multiple distribution points to one or more receivers in an autonomous and economically fair way.

The ProximaX streaming API will allow developers to create anonymous, and public, live 1-to1 and 1-to-many data, audio and video streams. The rewards are given to the nodes that fulfill reward policy requirements and stream the data according. A node user can take part in streaming by allowing bandwidth for live streaming, routing presence, communication messages, and verifying reports on streaming provisions and consumption.

Live Steaming Protocol

It is the method used for peer-to-peer live streaming within the ecosystem. During a streaming session, reward transactions via the blockchain are avoided because it could cause unpredictable delays that would detriment streaming performance. Instead, the solution uses 'time tags' to determine the reputation based on the node’s bandwidth.

Proof of Bandwidth

ProximaX's streaming platform utilizes proof of bandwidth consensus mechanism and in that the nodes are expected to provide bandwidth statistics via an indeterministic process that returns a set of data (time tags) that will be used to determine reputation with respect to their bandwidth. The stats collected will be weighted as part of the reputation score, which ultimately will affect the probability of each node being selected to serve a user or consumer.

Sirius Wallet and Explorer

ProximaX web wallet and Swap demo
The sirius wallet is still in beta phase and it is available in web version as well as on mobile platforms including Android and iOS. The XPX token was launched on NIS 1 blockchain initially and the users who hold those tokens need to swap those with XPX on Sirius Blockchain. The Swap feature is available in all the wallet versions.

The XPX token will continue to exist on the NEM's NIS1 blockchain until the year 2025 or when NIS1 is deprecated, whichever is earlier. The users should carry out the XPX swap as soon as possible as ProximaX do not control NIS 1 blockchain development.

The Sirius Chain has its own explorer since their main chain event and its shows all the necessary info needed, including Block heights, Validators, transactions and fees with timestamps.The users can also select the desired node or they also add node manually.

ProximaX Enterprise

ProxmiaX also provides various solutions for enterprises and businesses. The well known solutions includes -

mWallet

It leverages advanced blockchain protocols and distributed ledger technology to safeguard personal information, payments, and transfers. It is a highly cost efficient and scalable solution as it has built-in data management tools and security features.

eDLX

Enhanced Distributed Ledger for Exchanges or eDLX is a digital securities management platform. It has following features

  • Regulatory compliant and jurisdiction agnostic,
  • Supports multi-asset and multi-currency transactions in both primary and secondary markets,
  • Suitable for an extensive range of financial instruments: securities, bonds, derivatives, and debt instruments , available for many types of issuer actions such as listings, bonus issuances, splits, and reverse splits
  • Displays real-time asset holding movement and a complete view of asset holders
  • Highly efficient – immediate and automated clearing and settlement, with built-in payments and KYC onboarding systems
  • All records are immutable and timestamped by default, enabling easy identification of trading irregularities and breaches
  • APIs enable easy integration with other systems such as exchanges
  • Uses Supercontract to manage compliance requirements in each jurisdiction

Sirius ID

Sirius ID Demo
It is a simple yet new way of implementing digital identity so data can be shared in a secure, reliable, and privacy-respecting way. It is a Self-Sovereign ID, meaning that users controls their credentials and use them as they see fit, without relying on any intermediary. The SiriusID system allows user to build their own digital identity solution with ease using Proxmax's plug-n-play stack or using the easily customizable SiriusID app.

Sirius KYC

It is a self-sovereign KYC and it enables human-centric control over digital identity and KYC data. it is built on top of SiriusID. The SiriusKYC app improves KYC workflows through real-time and zero-knowledge proof KYC verification. In Sirius KYC , individuals and organizations can own and control their online digital identity and KYC data, creating a new paradigm for KYC compliance.[2]

nCore

It is known as a Neobanking Core System and it is a framework and protocol for digitalized banking services It provides a blockchain-powered core banking infrastructure with in-built features that makes starting a neobank cheap and easy. Using nCore,the customer can now get their fintech company off the ground within just few months. nCore is accessible via a wide range of SDK and API, enabling fast integration with external products, such as robo-advisory and intelligent lending, that you can then bring out to market at speed.[3]

Partnerships

The ProximaX's enterprise has partnered with multinational and also local companies including, Huawei, Logyca, Emerging Tech Labs, Xenber, Quillhash Technologies, LatConnect60, and many others. [2]

Tokenomics

ProximaX token has a ticker symbol XPX. As mentioned, XPX was initially launched on NIS1 blockchain, but it is now available to swap with XPX on its blockchain, Sirius Chain. It has a total supply of 9,000,000,000 XPX. It registered all time high of $0.007203 USD on May 15, 2019 and all time low of All Time Low of $0.0003803 USD on Mar 13, 2020. It is available to trade on Probit, Bilaxy (exchange),MXC and Kryptono cryptocurrency exchanges.

Fundraising

ProximaX team raised over $30 million USD via Initial Coin Offering (ICO) held from April 15 to April 30, 2018. Total 5 billion Proximax ( XPX) tokens were available for the sale at a price of 1 XPX = $0.009430 USD. The payments were accepted in NEM (XEM), Ethereum (ETH) , Bitcoin (BTC) and XAR. Tokens were sold in stakes and each stake cost $750 USD exclusive of transaction fees, conversion costs or other costs. Minimum investment was 0.1 stake, translating to USD$75 USD   .

Company

ProximaX is developed by Proximax ltd. It was founded in 2018 and registered in Gibraltar but has a principal office loicated inDamansara, Kuala Lumpur.The company has another office in Singapore as well. Lon Wong is founder and CEO of the company and Alvin Reyes is looking after as a CTO. The team currently has around 11-50 team members working from different locations.[1]

Team

Lon Wong - Founder & CEO

Alvin Reyes - CTO

Sebastian Pedavoli - Co-founder and CEO

Eleazar Garrido - Director, ProximaX Latam

Shin Neng Wong - Network Infrastructure Lead

Joe Chai - Business Development Lead, Asia

Patrick Hamers - Business Development Lead, Europe

Nicholas Watson - Product Management Lead

Sue Ng - Marketing & Communications Lead

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ProximaX

Commit Info

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Edited On

August 27, 2022

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