INTRODUCING PROXIMAX A HIGH LEVEL EXCELLENT BLOCKCHAIN
HERE ARE SOME CURRENT ISSUES FACED IN THE BLOCKCHAIN
There are treacherous passes in any technological revolution.
Some people in the blockchain industry have pointed out that blockchain has become overhyped, when, in reality, the technology has limitations and is inappropriate for many digital interactions.
But through research and development, success and failure, and trial and error, we’ve learned the current issues and limitations of blockchains.
Complexity
Blockchain technology involves an entirely new vocabulary.
It has made cryptography more mainstream, but the highly specialized industry is chock-full of jargon. Thankfully, there are several efforts at providing glossaries and indexes that are thorough and easy to understand.
Network size
Blockchains (like all distributed systems) are not so much resistant to bad actors as they are ‘antifragile’ – that is, they respond to attacks and grow stronger.
This requires a large network of users, however. If a blockchain is not a robust network with a widely distributed grid of nodes, it becomes more difficult to reap the full benefit.
There is some discussion and debate about whether this a fatal flaw for some permissioned blockchain projects.
Transaction costs, network speed
Bitcoin currently has notable transaction costs after being touted as ‘near free’ for the first few years of its existence.
As of late 2016, it can only process about seven transactions per second, and each transaction costs about $0.20 and can only store 80 bytes of data.
There’s also the politically charged aspect of using the bitcoin blockchain, not for transactions, but as a store of information. This is the question of ‘‘bloating’ and is often frowned upon because it forces miners to perpetually reprocess and rerecord the information.
Human error
If a blockchain is used as a database, the information going into the database needs to be of high quality. The data stored on a blockchain is not inherently trustworthy, so events need to be recorded accurately in the first place.
The phrase ‘garbage in, garbage out’ holds true in a blockchain system of record, just as with a centralized database.
Unavoidable security flaw
There is one notable security flaw in bitcoin and other blockchains: if more than half of the computers working as nodes to service the network tell a lie, the lie will become the truth. This is called a ‘51% attack’ and was highlighted by Satoshi Nakamoto when he launched bitcoin.
For this reason, bitcoin mining pools are monitored closely by the community, ensuring no one unknowingly gains such network influence.
Politics
Because blockchain protocols offer an opportunity to digitize governance models, and because miners are essentially forming another type of incentivized governance model, there have been ample opportunities for public disagreements between different community sectors.
These disagreements are a notable feature of the blockchain industry and are expressed most clearly around the question or event of ‘forking’ a blockchain, a process that involves updating the blockchain protocol when a majority of a blockchain’s users have agreed to it.
INTRODUCING PROXIMAX
ProximaX is a next-generation Integrated and Distributed Ledger Technology (“IaDLT”)
development platform Blockchain platform that is designed to innovate the world of applications, hereby it allows you to make all kinds of applications but with the help of blockchain technology. We know that there are multiple platforms that application developers can use, but without a doubt, none offers the same tools that ProximaX offers, The ProximaX project allows developers to create their own decentralized applications (“DApps”) and system solutions for commercial use.by incorporating all the facilities of Blockchain technology.
The sirus chain is the principle behind the proximax blochchain, This simple concept of chaining blocks enables data to be stored in a trustless manner while incorporating high security using encryption techniques. Given that it handles data, it then becomes possible to structure data according to specific business use cases. This is where Sirius Chain comes in.
Another fundamental aspect is that ProximaX allows the development of any type of application on its platform, from social networks, streaming applications such as YouTube and Netflix, business applications, among others.
Works done or projects made on the Sirus chain can be tokenized, these digital tokens can be created to represent real world assets and be used as part of the process of digitalizing businesses, each token representing a unit of measure, such as for “work done”.
Some examples below are the Core Services which Sirus offers :
Sirus Storage
Supercontracts
Sirus Streaming
Sirus Database
Sirus Content Review
Benefits of ProximaX
ProximaX promises to be a highly scalable and user-configurable platform, as well as offering the best security so that users can develop their applications without any problem.
Each of the applications developed on ProximaX can either be a direct user of the platform’s core services (B2B) or an application that uses the platform to provide services to its own end-consumers (B2B2C).
On the other hand, ProximaX generates few expenses for developers who decide to develop their applications on this platform. As it also pretends to be a very fast and easy to use platform and of course being transparent and flexible.
Sirius Chain Goals
To be the best in technological development, there should be goals and plans set to achieve these goals and proximaX has their goals stated out.
For a digital economy to be based on a fully decentralized peer-to-peer ecosystem, ProximaX kept the following goals in mind when developing Sirius Chain.
Ability to process transactions securely, quickly and efficiently, at a rate of thousands per minute or more.
Provide incentives to encourage existing and new participants to expand and secure the network.
Scale globally with a minimal resource footprint.
Offer a range of basic transaction types that launch cryptocurrencies past their core use of a payment system alone.
Provide an agile architecture that facilitates the addition of new core services, and the creation and deployment of advanced applications.
Be able to run on a broad range of devices, including mobile phones and IoT.
Tokenomics
Tokenomics design and implementation are indispensable thanks to its sustainability and leadership. Tokenomy is created with the goal of defining it as a framework of economic incentives for the "work done", united thanks to the reputation system. The incentive scheme is responsible for assuring all those participants who are duly incentivized with interests and work together to achieve promising results for the entire network.
PROXIMAX APPLICATIONS
ProximaX KYC:
It is the one that authorizes quick and easy entry to the other negotiating party, by allowing the ProximaX Sirius network to save and sort sensitive MYC data, you can ensure the highest data security.
ProximaX Suite:
It is a payroll for companies where PPPs such as representations and prosecutions now have the ability to work with blockchain, guaranteeing us security and privacy as an advantage.
ProximaX File It!:
It is that application that is responsible for sharing documents based on the client that is responsible for saving and sharing these documents through numerous nodes in the ProximaX Sirius network
USE CASES
UNClim: Its mission is to offer contributions through crowdfunding to reduce climate change.
DRAGONFLY: Pioneer in payment systems driven by the blockchain network.
PULSIFI: It is the platform that offers artificial intelligence SaaS, to various companies helping them to develop a qualified staff.
Federal Road Safety Commission : This is the Institute responsible for minimizing as many industrial accidents as possible, diseases, among others.
SUMMARY
The blockchain has some features such as security, anonymity, transparency and decentralization of storage and so on. It is no wonder why it has thrived over the last decade. However, there are certain aspect of the blockchain such as storage that is still undergoing technological growth. Developers of the blockchain application have found it difficult to fully utilize the blockchain to provide solutions due to the lack of cohesion.
Proximax has looked into the problem of storage and decentralised application development and has come up with some tools that will help customers enjoy valuable services and also offer developers the opportunity to develop applications while leveraging the inherent features of the blockchain.
Hence, ProximaX Sirius platform is a paradigm shift in decentralized services, resulting from the natural evolution of the original open decentralized systems.