Gibraltar, June 04, 2018 (GLOBE NEWSWIRE) -- ProximaX Ltd. today announced the listing of its XPX utility token on Kryptono Exchange on June 1, following the completion of its $33.7 million token sale raise. ProximaX (pronounced “Proxima X”) is a blockchain-based, decentralized platform spearheaded by Lon Wong, former President of the NEM.io Foundation, to address an important missing element in blockchain solutions: a service-layer, enriched platform solution with decentralized document proofing and storage, messaging, and streaming content delivery. XPX is used across the ProximaX decentralized app (DApp) storage platform, which is built on NEM’s blockchain technology.
ProximaX is set to dramatically change the way industries adopt blockchain technology by combining blockchain, storage, streaming and an advanced consensus algorithm to enable an all-in-one platform for cross-industry application and decentralized app development. The core components of the blockchain and Distributed File Management System (DFMS) are abstracted to form a service layer, thereby giving rise to an easy-to-program ProximaX solution that will allow businesses and innovators to avoid costly and failure-prone architecture, thus eliminating long-standing problems present within traditional blockchain solutions.
“There is clearly enthusiasm within the crypto community to have this kind of decentralized app development solution really hit the ground running. ProximaX and XPX are crucial components of NEM’s decentralized ecosystem, including NEM blockchain and Catapult,” said Lon Wong, former President of NEM, prime mover and CEO of ProximaX.
With the token sale now closed, funds from the sale of the XPX token will now be used 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, and fund other operational costs and initiatives. ProximaX nodes, DApp developers, and content creators will also be paid in XPX utility tokens based on their activities in helping to build out the platform. The project, which started in August 2017, has 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.
Use cases for ProximaX include supply chain management, KYC processes, business continuity, video streaming, health, identity and IoT records management, big data applications, records and reporting systems, traceability, legal and notary services, video streaming, workforce collaboration, messaging and supply chain management.
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.
For more information about the ProximaX platform and XPX utility token, please visit https://proximax.io
ProximaX platform is 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) (OTCQB:PEER), 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).
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