We are pleased to inform you that the crucial software upgrade for our Sirius Chain network was successfully completed on June 20th, 2024, at approximately 14:35 UTC, at upgrade height 9485216. This upgrade has enhanced the performance, security, and overall efficiency of the network.

Key Features of the Upgrade:

Consensus Protocol Improvements:
• Disabled committees
• Implemented block confirmation using the DBRB protocol
• Implemented DBRB sharding

Storage Improvements:
• Added receipts for the Storage plugin to validate storage tokenomics
• Improved replicator onboarding procedure

Bug Fixes:
• Fixed transaction cache deadlock
• Fixed node hanging issue caused by transaction spamming
• Fixed Mac build issues
• Fixed automatic replicator start

Action Required:
To ensure your nodes are compatible with the upgraded software version, we kindly request that network participants and node owners follow the instructions outlined in the upgrade guide (https://github.com/proximax-storage/xpx-mainnet-chain-onboarding/blob/master/upgrade/README.md).

Thank you for your ongoing support and cooperation.

Best regards,
The Sirius Chain Team

JAKARTA, INDONESIA / 12 October 2022 — We are delighted to announce that Dragonfly Fintech Pte. Ltd. has won the much coveted G20 TechSprint 2022 challenge.

Organized by BIS Innovation Hub (Bank for International Settlements) and Bank Indonesia under the Indonesian G20 Presidency, this third edition of the TechSprint aims to catalyze the development of CBDCs. Technologists and innovators from all over the world presented solutions for the design and implementation of retail and wholesale CBDC.

In this showcase of best-in-class solutions, each participating team had to show prototypes and was asked to address one of three high-priority problem statements:

• Building effective and robust means to issue, distribute, and transfer CBDCs
• Enabling Financial Inclusion
• Improving interoperability

Team Dragonfly from Singapore, led by CEO and founder Lon Wong, won the much coveted “Building effective and robust means to issue, distribute and transfer CBDCs” category with their production-ready prototype “End-to-End CBDC Solution.” The Dragonfly solution features a holistic and cost-effective proprietary blockchain ledger with unique built-in features and includes a mobile wallet and digital identity platform.

In his acceptance speech, Lon stressed that the basic tenets of an effective CBDC solution must include the ability to be:

• implemented as a self-contained initiative
• connected to existing financial systems already in place
• highly flexible, scalable, and compatible
• cost effective in implementation, maintenance, and operation; taking into account the lowest attainable cost of ownership

The technology for the solution should be distributed and decentralized so that there is no single point of failure. Moreover, the system design should also include the use of other devices such as NFC cards to transact instead of just using smart devices only. System components should be kept to a minimum, simple, and inexpensive, preferably in a cloud environment.

Payment service providers and financial institutions should be given some flexibility in the technology without requiring implementation of expensive CBDC edge servers in their premises. In a geographically expansive country like Indonesia, the design should be a cluster of networked clusters for high throughputs and reliability, similar to how the internet is designed.

User experience and transactions should be seamless, regardless of the location, and a payment settlement rail should be a core component of the CBDC system where counterparty risk is almost non-existent via an augmented escrow function performed by a neutral and independent party.

It is clear from Lon’s speech that Team Dragonfly are fully cognizant of the intricate needs of a winning solution that can be both an effective and robust means to issue, distribute, and transfer CBDCs.

The official press release of the G20 TechSprint Challenge can be found here and the award ceremony here.

MALTA and GIBRALTAR // August 16, 2022 — In an era of interconnectivity, cross-chain utility still remains an untapped source of potential for encouraging growth between blockchain communities.

HashGuardians and the Stakernauts community are teaming up to provide some of the first cross-chain Gamefi utility on either of their native blockchains — Cardano and the Sirius Chain by ProximaX. Currently, HashGuardians NFT owners are able to earn passive staking rewards in the form of HashCoins, the in-game currency of the HashGuardians Universe. Starting this September, owners will also have the opportunity to earn staking rewards in the form of MetX, the Gamefi token for the Stakernauts initiative. Dubbed Transcendental Staking, this novel cross-chain staking program marks the first steps for both projects in creating additional cross-chain utility for NFT owners.

Transcendental Staking is an innovative method of staking whereby owners of tokens from other chains can come together, participate in a staking activity, and get rewarded with a cryptocoin from the hosting chain. Stakernauts, a community initiative under the Sirius Chain, is pioneering this method of staking to extend staking and remove barriers that limit the earnings of token holders.

HashGuardians is a leading play-and-earn title being developed on the Cardano blockchain. Launching their NFT-based playable characters during the earliest days of NFTs on Cardano, HashGuardians has consistently been at the forefront of creating functional utility for their players. Staking rewards and the first playable content launched in late 2021, while HashCoin NFT minting and a complete play-and-earn gameplay loop (The Infinity Jump Tower) went live in early 2022. Most recently, HashGuardians has launched full playable utility for all 10,000 of their NFT characters — a rare feat amongst NFT games on any blockchain. Each HashGuardians NFT is a completely unique, fully-animated playable character ready for adventures throughout the HashGuardians Universe.

“Our mission is to create engaging gameplay that gives the power back to our players,” says F. Katzmarek, HashGuardians CEO. “We want players to control their assets and reap the rewards of being part of the HashGuardians community. We are excited to welcome the ProximaX and Stakernauts community to HashGuardians and appreciate this opportunity to further increase the utility of our NFT collection.”

HashGuardians NFT and MetX holders that opt into the staking program will be able to register their Sirius wallet address for monthly MetX airdrops. Reward amounts will vary, depending on the number of HashGuardians NFTs and MetX held in the users’ respective blockchain wallets. MetX has a three-part utility on the Sirius Chain, where it serves as the token of choice for ecosystem Gamefi projects. Alongside the Stakernauts’ cross-chain collaborations, MetX will be used in Xarcade — a gaming focused marketplace, and MetaXar — an interactive experience focused on gamifying the link between blockchain gaming projects. Read here for specific information on how to stake.

By building bridges across blockchains, HashGuardians and the Stakernauts seek to take early initiative in exploring the potential of cross-chain collaborations. With their strong presence in the Asia Pacific region, Stakernauts represent some of the fastest growing markets for blockchain gaming enthusiasts, while HashGuardians’ strong presence in the North American and European markets helps connect existing NFT collectors to the Stakernauts community.

Stakernauts’ mission is to break down blockchain barriers to build a community of communities. It is driven by the need to bring together an entirely fragmented cryptospace and form a guild of sorts so that communities can share their common goal of earning collectively and cross promoting projects that can be mutually beneficial to all parties.

Stakernauts is promoted by the people who created the Sirius Chain by ProximaX as part of a bigger picture. It is envisioned that the communities of Stakernauts will be involved in Xarcade — a games marketplace , and MetaXar — a Metaverse project- by Sirius Chain. Further, it is hoped that HashGuardians will be among the firsts to roll out its project in the Metaverse and offer its community an “extended play” of their activities and earn beyond its own rewards — thereby giving its players a multiplier earning effect.

About HashGuardians:
With a focus on the intersection of blockchain technology and engaging, fun gameplay, HashGuardians is developing a multifaceted project with elements designed to appeal to any gamer or blockchain enthusiast. Pre-Alpha gameplay content is now available for HashGuardians NFT holders. Built upon the Cardano blockchain and featuring a play-and-earn economic model, the HashGuardians Universe will enable players to directly benefit from gameplay through claimable NFTs and HashCoins (in-game currency). Players earn rewards both passively and actively, and will have opportunities to engage in mini-games, quests, and adventures whether they have 15 minutes or 2 hours available.

Additional Information:
Project Website: HashGuardians — NFT Game
HashGuardians Discord Community: https://discord.gg/hashguardians
HashGuardians Intro Video: https://youtu.be/bfFOkwuDuVQ

About ProximaX
Sirius by ProximaX is a next generation blockchain with advanced built-in features such as multi-layer multisig, validator rewards, fast finality, cross-chain swaps and much more. The Sirius chain forms the core of the Sirius infrastructure and development platform which has other built in layers such as storage, streaming, database, and Supercontracts. Developed as a stack, more layers such as AI and distributed computing can be added to this platform without compromising performance. With APIs and SDKs that are programmable in multiple languages, Sirius promises ease of use and efficiency for all kinds of dApps.

Sirius Chain
Stakernauts Discord: discord.gg/bMpzmxTfpU
Project Website: https://proximax.io
Enterprise Website: https://www.proximax.ltd

BIS Innovation Hub and Bank Indonesia have officially announced the finalists for this year’s G20 TechSprint CBDC challenge and we are delighted that Dragonfly Fintech, an innovative fintech solution provider utilizing ProximaX’s blockchain protocol, has been shortlisted as one of the finalists.

The full press release is as follows:

BIS Innovation Hub and Bank Indonesia announce finalists of G20 TechSprint CBDC challenge

• Twenty-one teams have been shortlisted, out of almost 100 teams worldwide.
• Competition attracted proposals from a diverse range of competing organisations and teams.
• Winners to be announced in October ahead of G20 Summit.

The Bank for International Settlements (BIS) and Bank Indonesia, under the Indonesian G20 Presidency, today announced the shortlisted finalists for the G20 TechSprint challenge on central bank digital currencies (CBDCs).

The 2022 competition was launched in April. The BIS Innovation Hub and Bank Indonesia published three operational challenges and invited a wide range of stakeholders, including innovators, entrepreneurs, developers, data scientists and telecommunications experts worldwide to develop innovative technological solutions to them. The problem statements prompted participants to develop solutions to build effective and robust means to issue, distribute and transfer CBDCs; to enable financial inclusion; and to improve interoperability and better connect payment systems.

As part of the Indonesia Digital Economy and Finance Festival ahead of the meeting of G20 Finance Ministers and Central Bank Governors, the shortlisted teams demonstrated their solutions to Bank Indonesia, the BIS and experts invited from central banks around the world. They also participated in a CBDC Masterclass to glean practical insights into some of the CBDC experiments under way at the BIS Innovation Hub.

The shortlisted teams now have until the end of August to complete their prototypes, which will then be judged by an independent expert panel convened by Bank Indonesia. Winners for each of the three categories will be announced in October ahead of the G20 Summit.

The 21 finalists were selected from around 100 participating teams from more than 15 countries and jurisdictions. The shortlisted teams range from large global corporations to more specialised fintechs.

“CBDCs have been attracting strong interest from central banks around the world. The proposals from the finalists offer unique and innovative technology solutions that could allow CBDCs to be widely adopted. This highlights the G20 TechSprint’s role in bringing together innovators and the central banking and regulatory community. We look forward to seeing the fully developed solutions,” said Ross Leckow, Acting Head of the BIS Innovation Hub.

“While the need to explore CBDC is inevitably high for central banks, design choices are still unresolved. In practice, we need to understand how policy goals, practical issues and technology intersect. The best way for central banks to prepare for this future of payments is to explore, experiment, conduct proofs of concept, pilot and develop CBDCs. With this in mind, the G20 TechSprint Initiative is a great opportunity for bright and ambitious young individuals as well as mature and well-established firms to show off their best potential and bring the most innovative and applicable solutions in CBDCs,” said Juda Agung, Bank Indonesia Deputy Governor.

For more details about TechSprint, see www.g20techsprint.id.

Shortlisted teams

Problem statement 1: Building effective and robust means to issue, distribute and transfer CBDCs

• BitMint
• Dragonfly Fintech Pte. Ltd.
• FIS
• Mastercard Asia Pacific Pte Ltd
• R3
• Ripple
• Roxe CBDC
• S.e.A. (Stellar, eCurrency and ANZ)

Problem statement 2: Solutions to enable financial inclusion

• Bitt-IDEMIA
• Crunchfish AB
• DANA Indonesia — DANA XCOOL Team
• Umoja Labs
• Extolabs LLC
• Fluency
• Giesecke+Devrient (G+D) Filia
• Rumsan — Blockchain Foundation Nepal

Problem statement 3: Improving connectivity and interoperability

• Andhiko Soetono — CBDC NewIdea
• Business Reporting Advisory Group
• FreeFlow Finance
• Partior
• Satellite Moving Devices Group B.V. — paywith.glass

Kuala Lumpur/Manila, 29 June 2022 — Xarcade and TheFamous Labs are pleased to announce a partnership today for the benefit of web3 game developers and players. Xarcade with this partnership will be able to offer more solutions to web3 game developers when creating their NFT assets inventory.

Xarcade game developers will be allowed to access TheFamous Labs NFT factory and customize their NFTs with a library of options such as creating limited edition sub-NFTs or dynamic NFTs that can evolve during a game’s lifetime.

At the same time, Xarcade game players will benefit from an access to a dedicated section on TheFamous NFT marketplace to trade their assets from different Xarcade games with the possibility to bag and carry them, with their wallet, back to Xarcade.

When using Xarcade, a game developer can seamlessly blockchain his game and does not need to have any prior blockchain development knowledge to get started. Once done blockchaining his game, Xarcade also distributes the game, thus opening up a whole new market.

TheFamous Labs is the provider of an NFT factory and a marketplace that allows the creation, sale, and trade of a new generation of NFT VIP (Verifiable, Interoperable and Protectable). NFTs created by the factory can be easily verified using a unique passport that gives easy access to metadata, copyright certificate, buyer rights, and other events linked to ownership.

The NFTs can also be carried by owners from different blockchain platforms to trade or use them. Finally, NFTs are made dynamic and more secure with rights that can be revoked if used illegally while having an NFT suspended if proven to have been stolen.

According to Otto von Nostitz, CEO of Xarcade, “By partnering with TheFamous Labs, we can provide for our users an even more entertaining gaming experience. A game developer will be able to further enhance his blockchain game development by having access to TheFamous Lab’s innovative features.”

Fred Saurat, one of the founders of TheFamous Labs, commented, “When we were introduced to Xarcade via our common partner ProximaX, and we understood the vision of this metaverse project for web3 gamers, we immediately realized that our NFT platform and factory would be a perfect fit for this exciting and innovative venture.”

About Xarcade

Xarcade is a next-generation video game tokenization and distribution platform. It is a game-changer for seamless blockchaining of games and is a cost-less alternative to other app stores. The Xarcade gaming ecosystem consists of the Xarcade platform and the future Xarcade metaverse called MetaXar. On the Xarcade platform there is the testnet environment, whereby the game developer can release a game with assets of no real-world value in order to have his gameplay tested before releasing in the mainnet environment whereby a game will have assets of real-world value. Then from mainnet, the game developer can have his game released in MetaXar.

About TheFamous Labs

TheFamous Labs (a reference to Warhol factory and pop culture), is building a new economy around web3, culture and a community in transit to metaverses.

TheFamous Labs using its NFT factory and marketplace focus on building bridges, from the first generation of NFT to a new one more secure and intelligent, to and between metaverses while providing its technology to some of them, from creators to digital collectors offering solutions to onboard non-crypto native and finally from pop and street culture to the digital and cyber ones.

The Labs is also developing partnerships with institutions, curators and brands providing its technology and solutions, to develop innovative NFTs collections and web3 projects in different metaverses.

Genting International Convention Centre, Kuala Lumpur / 24th & 25th June 2022 — we were honoured to be part of the Malaysia International Blockchain Get Connected Conference organized by BNB Chain last week.

Sponsored primarily by Indonesian company Sangkara Misa, the event featured over 12 distinguished speakers from various facets of the blockchain and crypto space, ranging from defi apps to crypto exchanges to blockchain platforms.

Both CEO of Xarcade, Otto Von Nostitz, and our founder, Lon Wong, were amongst the invited speakers during this event. Otto took to the stage in the morning to introduce Xarcade, a unique video game tokenization and distribution platform which allows for seamless blockchaining of games. Otto also touched on the future of Xarcade, a metaverse called MetaXar.

Lon’s talk was more technical, where he covered the topic of crosschain swaps and its security. Lon explained how crosschain transactions in ProximaX are conducted differently from what is practised by the industry at large. In ProximaX, crosschain swaps are bridged directly between parties without the use of any smart contract. The benefit of this methodology is that the security of the crosschain transaction no longer depends on the quality or programming of the smart contract, albeit it is more centralized. It was ironic that a mere few hours before Lon’s talk and unbeknownst to him (and many in the audience), hackers had stolen $100million from Harmony’s smart contract dependent bridge, Horizon. As Lon said in his presentation, the security of a crosschain transaction is “only as good as its smart contract”.

One of the highlights of the BNB Chain Get Connected Conference was the talk by Indonesia’s Deputy Minister of Trade, Dr. Jerry Sambuaga, who charmed the audience with his enthusiasm and knowledge about the crypto industry. He encouraged Indonesian crypto players to continuously innovate and educate the public so that crypto could be used as a bona fide investment instrument. He emphasized that Indonesia has a huge potential as a market given its demography that supports the development and progress of the crypto industry. “We cannot hold progress in technology, but we can choose what is good and what is not by providing sufficient education and clear protection for all industry stakeholders,” Dr. Jerry Sambuaga.

This conference also gave the audience and speakers from both Malaysia and Indonesia to network and get to know one another with the hope of fostering closer cooperation between industry players from both countries. We would like to take this opportunity to thank the BNB Chain for organizing this lively conference and look forward to attending and contributing to future events!

Singapore, June 18, 2022 — Dragonfly has won a place in the final round of the third G20 TechSprint global challenge. This year’s challenge is on central bank digital currency (CBDC) following Saudi’s 2020 RegTech and SupTech, and Italy’s 2021 Green Finance. This year’s competition is held as part of Indonesia’s G20 presidency which will culminate in the G20 Heads of State and Government Summit to be held in Bali in November 2022.

The G20 TechSprint global competition which is jointly organized by Bank Indonesia and Bank of International Settlement Innovation Hub focuses on the development and showcasing of retail and wholesale CBDC as a viable solution in three core areas: issuance, wholesale, retail, and distribution of CBDC; financial inclusion through the use of CBDC; and CBDC as an improved means of interoperability among participating sovereign payment systems.

“We are honored that we have been chosen as a finalist in the issuance, wholesale, retail, and distribution of the CBDC segment. We are about serving the future unmet needs of the industry with innovative blockchain powered solutions. This growth opportunity allows us to illustrate how Dragonfly simplifies digital banking covering the entire spectrum from monetary policy making to wholesale, settlement, and retail distribution in an interoperable system,” comments Lon Wong, Founder and CEO of Singapore-based Dragonfly Fintech.

Dragonfly is also excited about the increased visibility on the world stage as a cutting-edge Asian fintech leader first conceptualized in 2015, and is rapidly expanding its footprint worldwide to engage and support other central banks in making their CBDC vision a reality.

About Dragonfly Fintech

Dragonfly Fintech is an innovative fintech solution provider utilizing the ProximaX blockchain protocol to address clients’ unmet digital needs in the banking and capital markets, advancing the nascent neobanking and CBDC globally. Tomorrow’s banking, today!

Website: www.dfintech.com

We are thrilled to announce that the Xarcade Testnet Browser App has been launched! This version is compatible for releasing Browser/HTML5/Web and Web GL games in the testnet environment and we cordially invite all game developers to discover our awesome app.

Our testnet environment is designed to allow game developers to create and release in-game assets (such as in-game points or an in-game currency) with no real-world value. This setup allows a game developer to invite his contacts to test out the flow of the assets inside his game and ensure that all is in order before releasing the game in the mainnet environment where the assets will have real-world value.

For all game developers who are interested in releasing Browser/HTML5/Web or Web GL testnet games, sign up now to Xarcade via the link below:

http://developers.xarcade.app/#/register

For the game developer’s perusal, we have prepared Developer’s Documentation.

Game developers can also contact us at info@xarcade.io and reach out for support via our Telegram Help Desk.

The onboarding of a game in the testnet environment is free of charge. These are all private game releases and the developer has full control of who he chooses to invite to play/test the game and give feedback.

The Testnet Browser App is one of three major facets of the Xarcade gaming ecosystem which are:
- Testnet
- Mainnet in the form of the future Browser App which offers both the testnet and mainnet experience; and
- the future Xarcade metaverse called MetaXar.

Our team is hard at work to make the Testnet Browser App compatible with iOS, MAC OS, Windows and other platforms so stay tuned!

Further to our ProximaX Launches its Mainnet! and XPX Token Swap announcements on 19th November and 27th September 2019 respectively, we would like to inform all XPX token holders who are yet to swap their XPX tokens from the NEM NIS1 to ProximaX Sirius blockchain that this swap service will be stopped by 30th June 2022.

Post 30th June 2022, all NIS1 accounts that still hold XPX will be recorded and put away. Anyone who wishes to retrieve his/her XPX tokens will need to prove ownership of that account by sending a message, “Wish to swap over” to the sink account below:

ND7WVWPWNTJR75CYC3D73LSVP7WIL7BL77QNT7NZ

Our team will then verify and cross-check the account against our records; if a swap over is found to have been been made before, it will be disqualified. However, if no swap over was made previously, it will be processed and the account holder will receive his/her corresponding XPX accordingly. All swaps will be processed in batches once a month, hence each swap will take a maximum of 31 days for the XPX to be sent to the Sirius wallet.

We have not put a time limit for this swap to finally end, but it is advised that everyone should swap as soon as possible to avoid any loss of XPX in the future. Until the cut-off date of 30th June 2022, XPX holders can continue to swap over from NIS1 to Sirius blockchain using the normal procedure.

Need help? Talk to us on Telegram at:
https://t.me/proximaxhelpdesk

Another year just flashed past us again with the COVID-19 problem continuing to affect us all socially, economically, physically, and mentally. I guess this will be the case for a long while more until they find a panacea for it.

After a tumultuous start to the year with a major restructure, we had gone through a lot of developmental changes in terms of the organization itself, and the design and development of the core. I have flattened the organizational structure of ProximaX now with each project group being headed by its respective lead on a regional basis. Eleazar heads Latin America, while Shin Neng looks after South East Asia. Our core development is being championed by Oleg and his team. He has been instrumental in regrouping the team and working towards getting the core solution up and running. We took close to seven months to redesign the service layers and started to code the new design in August this year. We had to do this because the original design was not optimal and lacked in-depth consideration of many things. This was due to indecision and poor technological leadership and direction at that time, which led me to reform and revamp the organization. We have now overcome most of these issues, put better management processes in place, and we are coming out stronger than ever.

Storage as a core service layer of our ProximaX Sirius platform is important for the other service layers to work. Streaming relies heavily on the storage layer as it needs to store its content there, whether in transit (live) or in storage (playback). Additionally, Supercontract requires the storage layer to store code, often also storing results from Supercontract executions.

The last four months have been spent on making the storage layer more robust for production. First, ensuring it works well on one node and then later, extending it to a few nodes, and now we are finishing to make it work on unlimited distributed nodes. We hope to roll out the storage layer on testnet before the end of Q1, 2022. Concurrently, we are working to finish the streaming layer which shouldn’t take much longer than the storage to complete. Finally, we hope to finish the Supercontract before the end of Q2 2022.

As we progress towards the completion of the service layers, we are also putting together various tools to make the service offering complete. These include SDKs, APIs, the explorer, and the wallet. We are also enhancing the blockchain and merging our codebase with the relevant code from the Symbol blockchain. New features to look forward to include transaction finality; delegated and remote harvesting; staking XPX as a locked fund for other rewards; DEX; modifying the keypair implementation scheme; update and upgrade the SiriusID to be inline with W3C which is evolving rapidly; and roll out Silo, a cloud-based instant messaging service enhanced by blockchain encryption. All these will be rolled out in various stages throughout 2022.

On the gaming front, we are continuing to develop the Xarcade marketplace as a portal for game developers and gamers to publish their games and for gamers to download/play these games. Unfortunately in December 2021, Typhoon Rai hit South East Asia and crippled parts of southern Philippines where some of our developers reside. In addition to the displacement and devastation left by the typhoon a severe and extended power outage also ensued. We have been making arrangements to bring some sense of normality back to the lives of our team members and get them online so that the development of the Xarcade marketplace can continue. It is our hope to launch this marketplace as the first of many great centrepieces of the ProximaX public network and we are optimistic that we will see great utility of the XPX in time to come.

As part of an extension of the Xarcade marketplace, we are also designing our version of a metaverse. Named MetaXar, our metaverse is unique in that it does not place emphasis on NFTs but instead, makes it an incidental feature. The tokenomics for MetaXar will be tied in closely with ProximaX Sirius tokenomics. In fact, it is going to play a very important role as a catalyst to the tokenomics of ProximaX in the immediate term. Akin to what is commonly termed as Parachains, the MetaXar project is like a “Para-economy” of the ProximaX project.

The entire crypto landscape is fast evolving and it is imperative that our project evolves and adapts as quickly too. Fortunately, our platform solution has most of the elements needed to quickly change and meander through the ever changing terrain, and I am happy to say that we are well prepared for that. In our initial tokenomics plan, XPX was supposed to be designated as a utility coin. Today, as we evolve, XPX shall also be used as a precondition to partake in other tokenomic initiatives. For example, in the MetaXar project, we shall be airdropping a token associated with the project — MetX — and only those who possess XPX XAR can claim for this token through a conditional airdrop. MetX is therefore minted on the fly as a reward for those who participate in the activities of the ecosystem. Initially, about 9.2 million units of MetX shall be minted and airdropped. Later, owners of XPX can stake XPX by locking their XPX funds to gain more MetX as they harvest and participate in the validation of ProximaX transactions. The utility of MetX is explained in our paper titled “ Metaverse Autonomous Economy “, or MAE in short. It gives a new dimension to the value of MetX and correspondingly, to the value of XPX. XPX is finite and its supply will deplete through the passage of time from lost keys. All of it has already been distributed and therefore no more can be minted. MetX will add a new twist to our tokenomics, in line with other initiatives, including DeFi initiatives which can be implemented on the platform once the Supercontract service layer is ready.

Having XPX allows us to have a strong say in the consensus mechanism. It is also a precondition for us to have a strong influence in the tokenomics of the ecosystem, e.g., MetX can only be rewarded to an XPX holder, which will be used for something else in the ecosystem. As we progress to build more ecosystem components, more tokens can be created to perpetuate the need for XPX to power the economy. This indirectly pushes the demand for XPX in the long term.

Many people have asked us how we are different compared with other storage projects, Smart Contract projects, and streaming projects. To answer this, we should liken the ProximaX Sirius platform to what Aristotle once said, “The whole is greater than the sum of its parts.” Our platform has been designed in such a way that each service layer, while being useful on its own, contributes to a holistic development environment which individually, the service layers cannot provide. While we are a storage project, a streaming project, and a Smart Contract project, we are at the same time a project that provides an all-in-one infrastructure that can spawn all sorts of ecosystem projects. We are breaking new ground when it comes to utility and we hope to carry this through in the years to come, especially when developers start to discover that they don’t need to do Supercontract on one chain, storage on another chain, and streaming on yet another chain in order to provide a solution or application.

And this is exciting.

For the seeds have been sown, the perseverance and arduous nurturing will bear superior fruits that we can then reap and benefit from. Upwards and onwards!

Lon Wong

Originally published at https://blog.proximax.io on January 1, 2022.