HappBlock & ProximaX AMA
Host:
HappyBlock;
Guest:
Sophisticated investors：Blake;
ProximaX Founder & CEO: Lon Wong.
AMA Question List:
1.Chinese users’ understanding of ProximaX originated from the mistaken incident a few days ago. We saw that ProximaX’s response was also very humorous. Can you briefly share this interesting story with us?
Lon Wong: I think the Binance communication team made a mistake. Proxima is unknown to many of us. But what is most important to note is that ProximaX is known to more people within the Binance team and therefore it is good that they acknowledge we exist. We hope they will one day list us eventually. We need more visibility in the crypto landscape, which is what we are doing. I trust CZ’s team will monitor our progress and list us eventually.
2. Thanks to the mistaken incident, Chinese users have the opportunity to get close contact with ProximaX. Would you like to introduce the ProximaX project and Sirius platform?
Lon Wong: ProximaX is a very unique project because it is not a blockchain only project. It is a development and infrastructure platform and framework. This platform, ProximaX Sirius, consists of a few components. One is the blockchain component. The others are the storage component, the Supercontract, and finally, the streaming component. All these components are built on distributed technology and run on separate nodes.
Supercontract is another approach to what is commonly known as a smart contract. But our approach is different because we separated this from the blockchain component so that it does not burden the chain and allow it to be run in separate and distributed nodes. This improves the performance of Supercontracts as well as the whole system. The platform is powerful because each component is run on separate nodes, using separate CPU power. Accordingly, we can add more components later, such as a distributed database or AI and other distributed technology stacks onto the platform without compromising the performance of the platform.
3. ProximaX started in 2018. Please introduce the progress and development status of the project in the last two years.
Lon Wong: In 2 years, we have completed the blockchain component. Meanwhile, the storage component and the Supercontract will be completed in the coming weeks. Currently, these components are being staged to be included in the mainnet. We first must upgrade the blockchain nodes to cater for the storage and Supercontract.
What has been holding us are the documentation and development notes so that developers can start working on it. We have a huge backlog of documentation materials that need to be completed. Additionally, we also need to develop more SDKs and tools to make it easier to develop application solutions using our platform.
Moving forward, we are making progress on our streaming solution which we hope to complete by the end of 2020.
The core technology has been completed for all these components. We have been spending a lot of our time on the consensus mechanism and reward schemes, making sure that these schemes work. Mining (which we call validation) on a blockchain is simple. But now, we have to cater for storage, Supercontract, and streaming incentives. Each component is different and requires a different way of reward. This took a lot of our time to get them going.
But the good news is, we are nearly finished now except for streaming which will be done in due course.
Moving forward next year, we will start developing more tools to make programming and development easier on our platform. We will continue to come out with more documentation and hope to generate more developer interest.
Finally, we hope to develop some good applications to run on this platform and to kickstart the ecosystem.
4. What is the ecological model of XPX ？What advantages and factors does ProximaX have to attract more users to reach a long-term consensus?
Lon Wong: Our tokenomics is quite sophisticated. Most projects talk about mining and do not have real tokenomics other than trading these coins. What we have here is modeled along with a real economy. In a real economy, businesses provide goods and services in exchange for money. Then there are also monetary policies and fiscal policies.
If we look at the XPX, it is the money. To create the economy, we need to have applications, which are the services offered. We also need Forex which is the coins outside of Proximax, e.g., BTC, ETH, BNB, etc. These crypto coins outside of XPX are equivalent to foreign reserves in an economy.
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We will bridge these foreign cryptos using cross-chain methods with each of these chains. For example, if someone wants to use a ProximaX application service but only has BTC, it can be sent into our system to buy XPX to consume this service.
The BTC sent into the system is exchanged for XPX. In the meantime, the BTC foreign reserve is increased. As more and more people come into the ProximaX ecosystem, the economy becomes bigger and bigger. Further, some applications may offer their services in BTC. Since there is BTC in the system, it can be used to pay for these services.
The end game is to create more services, meaning, more people develop on the platform to provide services. These services could be games, document management solutions, DeFi services, Digital Identity and KYC, multi-crypto payment services, video broadcast services, video streaming, messenger or chat service, video conferencing, webinar services, virtual event management, big data services, social media and network service, and many more.
5. Filecoin, the incentive layer of IPFS, just launched the main network a few days ago. Can we think that ProximaX’s main competitor is IPFS/Filecoin? What do you think of other storage projects such as Sia, STORJ, and Arweave?
Lon Wong: As I said earlier, we are a development and infrastructure platform. We don’t only just do storage like what they are doing. The ProximaX Sirius platform allows people to develop applications and solutions so that they can use the storage component in our platform to store their data. This storage of data could be used for applications or could simply be data storage.
Eventually, like cross-chain, one could also develop on our platform to offer “cross-storage” solutions by using any one of the above services offered by the other projects. So, our solution is highly versatile and can do a lot more things than just storage.
6. Can ProximaX become a unique leader in the storage field? If so, what is the uniqueness of the project plan and scheme?
Lon Wong: Storage is just one component of our platform. But our platform has other features that make it completely unique when compared to just storage solutions. I have earlier explained that we can add more components to the platform.
We could also add a bridge to other storage platforms as a service component. We can have the forex and foreign reserves to power service to utilize not only cross-chain but cross-storage services. This itself is uniquely powerful.
7. What is the status of ProximaX's main network and test network? When will the main network be officially launched?
Lon Wong: The main network for the Sirius blockchain is now more than 1 year old. It is running well and could do with more nodes running. We are adding more components to complete the platform as described earlier, and we hope to achieve this by the end of 2020.
8. What the implementation of ProximaX completed Recently? Is there any implemented scene that can be introduced?
Lon Wong: There have been quite a number of projects we have completed. These include storage of training certificates, certification agency for Occupational Safety and Health, digital documentation, and proofing (https://www.doconchain.com/), energy management solution, logistics management, and many more.
9. What are the advantages and preparations of ProximaX in future development, to improve the viscosity of users, attract more users and even users that live in a classic finance area?
Lon Wong: The landscape today is much more competitive compared to 4 years ago. It was easy to be in the top 30 with just USD10m market capitalization. Our market capitalization is around $USD10m today, and we are not even in the top 200. But that is ok. We are not the only one that has such a visibility problem. A lot more are in the same category.
But what I am most certain of is that we will have a great platform that will eventually attract and have user traction which will more likely push the demand for XPX up, thereby pushing the value of XPX.
Today, the most important thing is that we need to create real demand and not about hype anymore. Hyping won’t last and won’t go anywhere. A steady rise in demand for the XPX caused by a real token economy is how the value of XPX should go up. This process can be slow, but it will have more chances of getting to the top.
And we hope to achieve user traction this way in the long run. There are no more shortcuts these days as the number of projects is increasing by the 10s every day with each wanting to offer something unique.
10. How is ProximaX’s economic model designed? Is there a mechanism to increase liquidity? Is there a mining mechanism?
Lon Wong: The token economy model as explained earlier is based on application services offered which will increase the velocity of money (XPX). This in turn will give rise to a higher demand for XPX which leads to an increase in the value of XPX and its liquidity.
For the blockchain, we have our own mining mechanism which we call validation and is based on Proof of Stake. Each of the other components also has a service validation and “mining”. Storage is based on “Proof of storage”, streaming on “Proof of bandwidth” and Supercontract is based on “Proof of computing”. Each of these components will have its own reward scheme.
