SINGAPORE, March 22, 2018 (GLOBE NEWSWIRE) -- ProximaX Ltd, today announced that it is launching a new platform called ProximaX, which is built based on NEM blockchain technology. ProximaX (pronounced “Proxima X”) is a blockchain-based, decentralized platform spearheaded by Lon Wong, President of the NEM.io Foundation, to address an important missing element in the blockchain solution - a service-layer, enriched platform solution with decentralized document proofing and storage, messaging, and streaming content delivery. The platform will be supported by a utility token, XPX, that will be introduced to market in an ICO in the near future.

ProximaX itself is a peer-to-peer internet protocol platform designed to ease the integration of API-driven architecture, allowing DApp developers and businesses to more readily deploy and manage their solutions. The ProximaX protocol aims to offer DApp developers cost-efficient, fault-tolerant, multi-layer, peer-to-peer cloud services including, but not limited to, blockchain-powered peer-to-peer storage, multimedia streaming, and bandwidth.

“We have been often asked how to use blockchain technology to address various other applications beyond just value transfer and transactions. As a DApp platform and supporting token, ProximaX and XPX will further complement NEM’s decentralized ecosystem, including NEM blockchain and Catapult,” said Lon Wong, President of NEM and a prime mover of ProximaX.

The project, which started in August 2017, has since received interest from  many parties seeking to build upon ProximaX. ProximaX anticipates this community of developers is going to be a core driver of many innovative applications, including KYC, medical health records, land registry, trade finance documentation, certificates, time stamping and proofing, identity management, and Internet of Things (IoT).

ProximaX is built on a P2P cloud storage and streaming architecture with fault tolerance and a distributed database, removing a central entity and connecting all the servers (or nodes) in a mesh configuration. Failure of any single component of the mesh will have minimal effect upon the overall performance of the system. The system is resistant to traditional threats of security and privacy as the system is based on an encrypted, sharded, peer-to-peer file storage. For decentralized file storage, ProximaX will utilize IPFS protocol. For multimedia streaming and messaging, ProximaX will use PeerStream Protocol (PSP), currently in development by PeerStream, Inc.

ProximaX will be adapted to use NEM’s Catapult technology to operate as a public blockchain at a later stage, enabling anyone to join and participate in the network. DApp developers will be given the liberty and flexibility to design their own unique monetization model through configurable economy models. ProximaX will also provide DApp developers with an easy-to-use SDK that abstracts the ProximaX protocol layer into a dynamic layer that can carry different unique DApp protocols, further removing points of central authority.

ProximaX nodes, DApp developers, and content creators will be paid in XPX utility tokens based on their activities on the platform. XPX tokens will be created using the NEM smart asset solution, Mosaic. The total XPX supply will be capped at 9 billion tokens.  A secondary layer of consensus protocols will be expanded, measuring and rewarding storage and bandwidth contribution.

Post-ICO, a ProximaX Foundation similar to the NEM.io Foundation will be established to use funds from the sale of the XPX token to build further enhancements such as Proof-of-Storage and Proof-of-Bandwidth consensus protocols, new media and content delivery features, messaging fault tolerance and scalability, other new applications and projects, and other operational costs and initiatives.

For more information about the ProximaX platform and XPX utility token, please visit https://proximax.io

ProximaX Ltd.
ProximaX is an organization set up to manage the initial development of the ProximaX platform, an advanced extension of the Blockchain and Distributed Ledger Technology (DLT) with utility-rich services and protocols. With a NEM.io inspired blockchain layer at its core, a decentralized storage layer through IPFS, and a P2P multimedia streaming and messaging layer powered by PeerStream Protocol (PSP), ProximaX will enable a rich, all-in-one platform for broader cross-industry application and decentralized app development. The community of developers will help advance many of the innovative applications including, but is not limited to, KYC, medical health records, land registry, trade finance documentation, certificates, time stamping and proofing, identity management, and Internet of Things (IoT).

NEM.io Foundation Ltd.
NEM.io Foundation is a non-profit organisation set up to promote NEM blockchain technology globally. It is currently one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry. Its technology is currently being utilised in a variety of financial institutions and industries.

Media contact: NEM.io Foundation, nem@transform.pr