2018 has been exciting, momentous, and at the same time, challenging for me. As the year draws to a close, I am inspired to share my thoughts on the events that have so shaped us at ProximaX.
ProximaX 2018 in review
ProximaX was launched in early April concurrently with its fund raise, and the XPX token was issued in early June on the NEM blockchain. The following months thereafter, we experienced a steep growth curve in the development of the project. We developed a few applications including an enterprise collaboration tool - ProximaX Suite, a KYC solution on the ProximaX Sirius platform, built SDKs, contributed code to the NEM Catapult project, built a Catapult wallet and explorer, developed the Proof of Stake model based on the NXT project, and in November we launched our public testnet. I must say that ProximaX has a team of highly skilled developers who were able to change the code to suit our needs. More about that later.
From the onset, I have envisioned ProximaX to be an all-in-one solution, combining the Nem Catapult blockchain protocol with off-blockchain distributed service layers to provide the best of both blockchain and traditional SaaS worlds to our users and developers. This is realized in our core infrastructure solution ProximaX Sirius, designed to support enterprise grade applications.
Amidst all the development taking place, we closed a few deals to power some interesting solutions. Among them was the Ministry of Community Development (MOCD), UAE, where we developed a proof of concept within a record time of two weeks. The project was to develop a voting system, a notarization solution, and a collaboration solution. We are now working with MOCD towards a live roll out soon.
In addition, we also engaged enterprise customers and partners across the world in sectors as diverse as food & beverage, sports, medical diagnostics, human resource management, e-commerce and fashion. These customers and partners are using ProximaX for use cases such as supply chain management, KYC, file storage, authentication, payments and record management, demonstrating the extensive capabilities of our platform, even though we are still very early on in our journey.
Another great achievement was the successful development of a sophisticated e-money mobile application utilizing the ProximaX Sirius platform, that includes a distributed database solution. Because this was designed for both commercial use and also to handle fiat money, there were many things that needed to be considered, especially with respect to KYC and money laundering management. I believe that this is the first commercial grade mobile app with a comprehensive management solution using the all-powerful Catapult blockchain to manage transactions.
Initially, only 255 multisig accounts could be signed off at any one time, which posed a potential issue to the commercial viability of the app. However, the team came up with an algorithm to enable signing beyond 255 accounts to cater for billions of accounts, if so required, with no significant impact on transaction speed. This was an important leap forward in order for the app to be commercially viable. Preliminary tests showed that we could easily achieve 1500 multisig transactions per second (different from straight through transactions), which is good enough for mobile payments. In fact, we actually did not fully stress test this to the maximum as there was no urgency to do so. In any case, we believe we have a breakthrough solution to push multisig transactions and straight through (non-multisig) transactions even higher.
I am proud to have world class developers making changes to the core code for all the distributed technologies on our platform, including the NEM Catapult. Few know that we are collaborating closely with the NEM developers so that any update from either side will be recognized and merged systematically, where appropriate. Together, we have also produced a framework where variables, constants, and naming convention of the code are standardized. In my opinion, when it comes to extensive knowledge, code tweaking, and production deployment of the Catapult blockchain, we are to date, one of few outside the core developers of NEM that have this ability. Our team can quickly deploy a production quality ProximaX Sirius platform in a matter of days.
Since April, the ProximaX team has grown substantially and we are now over 30 strong, spread across Asia, Australia, North America and Europe.
Full article: https://blog.proximax.io/a-year-in-review-by-lon-wong/
