Optimised Blockchain Option For Fast, Scalable and Enterprise Applications
Introduction
Gone are the days when the most powerful computer has the size of a large washing machine; whereas, nowadays a tiny wrist watch have twice as much capacity to handle digital computation. This feat alone shows how far technology has evolved interms of size and capacity. This trend has seen us ushered into the Fourth Industrial Revolution unprepared; a period earmarked by the birth of blockchain technology in 2009.
This era will also see the rise of new economies built on Internet of Things (IoT), Big Data and Artificial Intelligence. A phase which has already started but is yet to gain global relevance like the reverred www era; which resulted in the birth of the internet amidst other social and economic engagement.
Blockchain was invented as a timely response to the global financial meltdown in 2009. From then, it became imperative that blockchain is the future network for hosting major economies if security is not to be compromised including finance and other sectors of the economy. However, the present state of the technology looks out of reach to many and the reason for this is not far-fetched. Some of it are enumerated below
- Transaction speed
- Convoluted state of the technology
Although far and few, this drawbacks have decimated the chances of the technology replacing the traditional payment system. A feat which must be achieved if blockchain technology is to be reverred as the next wave of industrial revolution capable of transforming the way we store, exchange data and information. At the center of this conundrum lies an untapped service economy which will steer the economies of the next generation.
Harmony Blockchain Overview
ProximaX is a next-generation integrated and Distributed Ledger Technology ("IaDLT") infrastructure platform pioneered via blockchain technology. In a nutshell, ProximaX combines the best of both worlds in the shape of traditional centralised database solution and blockchain technology to reduce the stress quota that users and developers may likely face when adopting this technology. They are enumerated in arrears below
Flexibility ; ProximaX host of SDK's and API empower developers to build truly world class application with little resources and also enhance user experience
Ease of Adoption; Due to the universal nature of the blockchain, local border laws does not circumvent the operation of a business locally or abroad
Security and Speed; ProximaX has raised the bar by inventing the PoG(Proof of Greed) consensus mechanism to always keep malicious activity in check
Cost-Efficiency; Unlike other blockchain options, ProximaX economic model ensures that transaction cost remain competitive and fair via their adjustable fee framework powered by the PoG consensus.
Data streaming enabled environment; Data streaming is one of the derivable benefits of implementing the PSP(PeerStream Protocol) within the ProximaX blockchain.
Identifying the key technologies/concepts driving the ProximaX Blockchain
ProximaX Sirius architecture is the backbone of ProximaX blockchain and its success is built on this five key cardinals
Blockchain
The Sirius chain is a fork of NEM's catapult. Albeit four times faster than the latter since new blocks are generated every 15 seconds. Beyond that, blockchain ensure the security of data within the ProximaX network.
Storage
The Sirius storage employs the Distributed File Management System (DFMS) to encrypt, shard and store data trustlessly in a peer-to-peer fashion; to drive a decentralised economy, free from the influence of any third-party storage provider and allows client-side encryption for maximum data security.
Streaming
This feature is enabled by utilising the PeerStream Protocol (PSP). With this feature in place, Users derive a high security (enabled via the privacy routing protocol which reduce the risk of exit nodes and out-proxies), performance streaming infrastructure for real-time messaging, anynomous video streaming, end-to-end encryption to name a few.
ProximaX streaming layer can be divided into two parts
- Live streaming - For user to user interaction
- Storage streaming - For retrieving previous data from the database.
Database
The ProximaX Database stack employs a document-based database (MongoDB) backed by Tendermint as a blockchain enforcement mechanism. This layer features simple transfer transaction contracts, asset management and metadata storage.
With this feature in place, Developers can build secure applications with powerful indexing and querying functionality where data enjoy optimum loading time, presence and integrity.
Consensus
ProximaX blockchain Sirius which is the backbone of the ProximaX network prefers the Proof of Stake (PoS) over the PoW consensus mechanism due to its high throughput.
Inorder to drive transaction fees to the lowest possible, ProximaX alongside the PoW develops the PoG (Proof of Greed) consensus to drive an adjustable fee framework - This model allocates a high probability of success to consumers who opt for lesser fees!.
This invention helps to curtail this two major attacks,namely
- Zero-Fee Attacks - Validators may validate transactions for free to combat the PoG system and take over the network by forging the most blocks
The solution ProximaX utilized was to ensure that those Validators which take some pre-specified average fee have a higher chance of forging a block
- Large-Stake Attacks - This becomes a problem if a Validator with a 51% stake attacks the network, earn the majority of the fees, and begin to reverse transactions
PoG ensures there is a fair distribution of Validator rewards
Why ProximaX?
Highlighting the full benefits and features of ProximaX Sirius Blockchain
The ProximaX Sirius platform thrives based on the Integrated and Distributed Ledger Technology ("IaDLT") in conjunction with API-driven architecture to enable content sharing and hosting services on the platform. Some of the shared features of this arrangement due to hosting on the ProximaX blockchain are
Storing and hosting of data in a decentralised privately-owned or public chain networks.
Automatically synchronise and organise files.
Secured and supports multiple devices.Seamless sharing.
Optimised data retrieval from an efficient database system.
Basis of trust embedded into technology solutions.
Flexibility in design.
Monetising created content.
Choice and liberty to filter, flag, and remove inappropriate or illegal content.
Contents streamed direct to users without exposing identity and IP, thereby maintaining privacy.
Supports Multi-signature
Low transaction fee
Aggregated Transactions - Combine multiple transactions
Faster Block creation process (4 times faster than NXT)
immunity from Zero-fee attack and Large stake attack
Proof of Stake consensus provides an energy efficient network
Peer-to-Peer communication
In the Offing : Core Apps and Services
| Applications | Description |
|---|---|
| ProximaX KYC enables fast and simple end-to-end counterparty onboarding. By using the ProximaX Sirius platform to store and manage sensitive KYC data, it can ensure maximum data security, privacy, with permission-based access. | |
| ProximaX Suite is an enterprise-ready, end-to-end office suite where applications such as word processing, spreadsheets and presentations are now blockchain-powered for superior availability, security and privacy | |
| ProximaX File It! is a client-based file sharing app that stores and shares files across multiple nodes on the ProximaX Sirius platform | |
| ProximaX’s equivalent of a note taking tool with the ability to embed images. Files are encrypted for absolute privacy protection | |
| ProximaX Forensics is designed to bring about greater efficiencies and data security, thus enabling investigators and scientists to access digital evidence easily, quickly and also store digital evidence securely | |
| ProximaX Identity is a highly secure verification system for personal information that can be used as a unified source of data across public and private sectors | |
| The Automated Inner Exchange** is built on top of the Sirius Chain to exchange the XPX with designated service units. Users can use the inner exchange economy to create new core service (such as a search engine) and their associated tokens. |
Real Time Enterprise Applications
Final Thoughts
Image credit
It is impertinent to realize that the advent of blockchain has created a new market for many businesses. However, venture capitalist and investors are having a swell time putting their money resources into the right project/businesses on the blockchain because of the obvious limitations.
Use Cases
- High-Volume trader
Venita works at a crypto-asses firm and his work allows him to manage many crypto assets on a daily basis. Top of her worries daily is getting an exchange with sufficient volume for all the assets under her watch. Before now, she has to sift through so many exchanges inorder to reconcile those assets which is time consuming and inefficient on the long run. Having a completely decentralized exchange on the Harmony Blockchain will allow this assets to find market easily.
Therefore, venita trading experience is even better because she can easily use such exchanges without revealing her identity; thereby ensuring her security and that of the assets.
- Reward-Based Games
Blockchain games are almost not feasible with the present limitations. Having a small blockchain unit, shards within the block chain makes it possible to build interesting games on the block chain. Hence, gamers can hoist a reward-based interactive game on the harmony blockchain to attract more users.
Token Metrics
Meet the team
Useful Resources
Check out this Additional Resources:
- ProximaX Website
- ProximaX WhitePaper
- ProximaX Medium Blog
- ProximaX Telegram Group
- ProximaX Twitter
- ProximaX LinkedIn
- ProximaX Instagram