IN today's article we will be discussing about Proximax and its contribution to the blockchain ecosystem, by the entirety of this post the questions below would have been highlighted and questions answered, Here are the questions and i hope you have a great experience exploring the basis of this article:
Proximax is a next generation Sirius powered integrated and distributed based ledger development platform with blockchain technology as its infrastructural backbone. Proximax operates on a multitude of plug-ins or core services such as (streaming, storage, and supercontracts) bound by a common blockchain protocol for identification,incentivization, message recording, state management and asset management and exchange.
Proximax appearance in the playing field is quite convenient considering the level of difficulty and challenges that developers face while creating dapps and other web based services. Proximax has all it needs to reduce the difficulty level one these numerous features includes the ecosystems different active nodes actors,each(node) providing their own unique services wrapped in an accessible application programming interface (“API”) through a set of software development kits (“SDKs”) and HTTP/S endpoints.
Proximax provides developers the keys to creating Dapps(decentralized applications) and system solution for commercial uses. Proximax has drawn a broad line when it comes to its uses cases ranging from minor to major projects like: KYC processes, business continuity, video streaming, health, identity, IoT devices and robotics, big data applications, records and reporting systems, traceability, legal and notary services, land registry, trade finance, payment and settlement, security issuance, management and exchange, workforce collaboration, messaging, and supply chain management. Proximax is made up of different core services that share the workload of the platform based on its category each with a state of its own, independent from other services and bound by the Sirius chain.
Proximax is powered by blockchain technology, which is used to power the platform,record all activities and actions carried out in the platform. Blockchain technology is an innovative technology for handling data and activities carried out in a block by redefining a structure and securing data using different cryptographic techniques to chain those data structures together. This simple concept of chaining blocks enables data to be stored in a trustless manner while incorporating high security using encryption techniques. To achieve all this in the Proximax platform,Sirius is implored to handle the job.
Proximax Sirius chain is powered by the latest version of NEM’s blockchain called “Catapult” (Dragonversion) Catapult provides all the predefined set of features needed to create almost any type of service solution in the world today. Sirius chain creates simple contracts that can be used for different business purposes. for instance Sirius chain is used to create smart contracts guiding the creation of tokens that represent a tangible value in real word and used as a process of digitalizing businesses. Proximax also implores the use of service units to tie each core service a representation that is allied with the intentions of the
units. With these service units the platform is able to create a token economy infrastructure for incentivization that is tied up with node reputation, thereby enhancing the overall utility,performance, and security of the network.
The consensus process of Sirius chain makes us of proof of stake which could be said as the most efficient and performant algorithm scheme.POS consensus algorithm which includes wealth and age as part of the node reputation system that in turn dictates the chances of a node validating transactions across different blocks.It is the best fit for the platform as it is economically efficient, and has minimal hardware resource requirements, making it easier to invite a considerable number of blockchain participants, and balance the network. However Sirius chain offers an extended reputation input known as proof of greed,this consensus mechanism ensure that node gets to greedy when accepting large transactions with large fees while still considering the block generation time. this promotes a fair and balanced ecosystem where incentives and rewards are shared across diverse nodes in the system.
In order to create a truly decentralized peer to peer ecosystem,Proximax has set the following goals to see that Proximax network achieves decentralization.
Sirius Chain are made up of the following inbuilt features namely:
The consensus mechanism is a core component of every blockchain project, to achieve a secure and transparent consensus in the network, a unique process is implored to acieve optimal security while selecting different participating actors for a service . Proximax Sirius chain is a makes use of Proof of Stake(POS) and Proof of Greed (POG).
Proximax wisely incorporated proof of stake as Sirius chain consensus mechanism which considers wealth and age as part of the node reputation system that dictates the chances of a node validating transactions in the network. pow has much benefits when compared to its counterpart proof of work which is relatively
less economically efficient and tedious to scale as the Proximax network continues to grow over the years. pow adds a considerable amount of security while validating a block due to its validators all have a staked amount in the block.
Recent modification in the NXT’s PoS consensus algorithm has lead to two significant breakthroughs First, parameters are discovered that give better control over the duration required to sign (validate) a block. A typical NXT's pos takes at least 60 secs to generate a block,the current modifications presents a 15secs window to generate a new block. And secondly, its further expansion has solved the problem of long blocks by providing a more specified block time. these modifications prevents the risk of a zero fees attack
Proof of gree(POG) refers to an extended reputation input that ensures no node can be too greedy when accepting transactions with large fees while still considering the block generation time. Proximax has added this protocol to help further create a truly decentralized blockchain.
Consumers who wish to make a transaction on Sirius chain will have to first,confirm the maximum amount of fees they are willing to pay. Unconfirmed transactions in the chain form a transactions pool, from which Validators take transactions, create their own blocks, and request a fee that is not more than the maximum amount specified by a consumer. while making selection PoG’s algorithm takes into account not only the stake and age of a Validator, but also the size of the specified fee. The lesser the specified fee, the higher the possibility that its block will be recorded on Sirius Chain. Proof of greed also ends a current challenge faced by both consumers and validators that is a constant fee no matter the transaction type or volume.
Considering the nature of the POG algorithm,it tends to punish greedy validators who charge a higher fee rate, however the danger of a zero fee attack is very much alive where validators chooses to charge and process transactions for free and as a result, forge the most blocks and potentially take control of the network.
To combat this, mathematical solution have been included in the POG algorithm to ensure that Validators that take an average fee, this eliminates the possibility of validators caring out a Zero-fee Attack.
In POS (proof of stake),each validator will have to stake a certain amount of share,and the higher the amount a validator stakes the more control he has in the block. In a case a greed validators with 51% stake in the block attempts to lunch a full scale attack on the network, a counter measure is put in place to see that such attacks never surface.
POG is implored to prevent such attacks,using its greed protocol it ensures that there is balanced scale when it comes to selecting and rewarding Validators, meaning that even a Validator with a small amount of stake in the block has a chance of validating transactions and have its block recorded on Sirius Chain.
Core services refers to predefined plug ins built on the Proximax network to share the work load while behaving independently. Sharding the responsibility of the blockchain helps maintain the scalable nature of the network as it continues to grow. There are five core services in the Proximaxnetwork ,they are:
The Sirius storage is a distributed file management system(DFMS),in that it stores data into a collection of peer too peer hosted by different holders and preselected by the consensus algorithm of the system. The binary data stored is encrypted at the protocol level and then divided into smaller fragment which are then replicated across a consensus-based selection of storage nodes(Replicators). These storage nodes are then rewarded for the work done(storing binary data) by the blockchain using (PKI) public key infrastructure and multi signature contracts. The Sirius storage system also acts as a storage location for supercontracts . The storage nodes also act as executor nodes for data belonging to supercontracts in that they don't only store data but executes them with its virtual machines.
There are several functions that come together to create a suitable storage management system that directly interacts with the Sirius chain since the platform cares for both validator and consumers data. Below are the list of Sirius core functions:
Sirius Storage implementation is processed with two vital nodes which accept and implement storage request issued by Dapp or private projects. The Sirius Storage actors are:
Supercontracts refers to executable codes that consist of a logical flow for digital contract obligations. The executable codes of the supercontracts are stored at the storage nodes which are also responsible for the execution of supercontracts. Execution of codes are viewed as work done and is therefore rewarded in the system.
The Sirius streaming of data to different viewers come into forms: storage streaming and live streaming. In storage streaming information and data are per-prepared and stored in the storage node,which is now broadcasted to different viewers in different locations and time. Live streaming works quite differently since the data is not stored first rather is broadcasted live and transmitted immediately to multiple viewers.
Sirius Database is an optional external platform that uses document-based storage with added blockchain features. Sirius Database makes use of Tendermint as its consensus algorithm.This service is only available as a private solution,and is not part of the public platform. Dapps or application that needs to operate with a database can implore
this solution to run as a distributed and adjunct service,while the core services offered by the public network is available to such apps thereby creating a hybrid network configuration.
Content Review is an additional core service that can be used by content managers to facilitate a consensus-based review process on the entire network. It allows for censorship of content based on this consensus review process.
Below is the fee structure of transactions carried out in the blockchain:
Every active node in a decentralized network will have to pass through the onboarding process for it process a validation work in the network. Sirius chain participant have to download the node software, and generate an
account or import already existing account. The node software will then perform a verification process using the account’s history, age and wealth to determine the node’s reputation and then a validation task must be done for the node to earn part of the block rewards. The rewards are then transferred to the nodes account. To offboard a node all the participant have to do is uninstall the validators software.
This is just like the typical terms and conditions. This refers to a digital agreement and acceptance to the terms and condition of the Proximax network. Any failure to adhere to this agreement attracts penalties. The storage contracts takes this 4 processes:
- Consumer pays XPX to avail a specific amount of storage.
- Acceptor is made aware of the storage request. The Acceptor is then paid in SM units,
which are converted from XPX via the Automated Inner Exchange.- Replicators that agree to be part of the contract use a self-assigning and discovery
mechanism. These Replicators compete to deposit their SO and SM units, signifying
their capacity to store and stream across different Replicators.- Then there is the execution of the contract where all parties agree to participate. This
is all done via an automated process at the protocol level.
Proof of storage is used to test replicators trust on the file its replicated and stored. This feature is used to confirm if the files stored is accessible and intact. Every storage node is challenged by storage verifers regarding the files stored,this challenge can be resolved however by a Replicator showing proof that it indeed has the replication.
Sirius proof of storage comes in two forms:
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