Proton Chain $XPR
Proton (XPR) is a new public blockchain and smart contract platform designed for both consumer applications and peer-peer payments. It is built around a secure identity and financial settlements layer that allows users to directly link real identity and fiat accounts, pull funds and buy crypto, and use that crypto seamlessly in apps.
Today's online method of fiat transactions are lengthy and expensive process and are highly insecure when shopping online using a credit card a number of details have to be passed on to the merchant such as name, address, credit or debit card number, expiration date, and verification code. These details pass through several intermediaries before the money reaches the destination account. If a piece of malware is installed on your computer, it can simply copy the data and transmit it back to the dark web for sale by criminals. This is not a hypothetical situation. In fact, sales of stolen credit cards have tripled in last year alone.
Proton Chain $XPR is trying to solve this unsafe and lengthy process by implementing blockchain-based identity method of using namespaces instead of sharing full details for payments. Proton Chain is a new DPoS chain that will add an entirely new identity layer. Proton was developed as a joint effort by two companies, Metal and Lynx. Both companies have a shared goal of making crypto accessible to everyday consumers and have made significant progress to achieve the goal independently. Proton combines the elements of both companies into a single unified offering.
The XPR token was designed to be a controlled supply token with moderate annual inflation that can provide a short term store of value for dApps and allow blockchain governance. There will be an initial 200M circulating supply of XPR, with a 5% annual token inflation. The token inflation will be split between block producers (2.5%) token stakers (1.5%) and the Proton Steering Committee (1%). The Proton Steering Committee is responsible to compensate the Metal and Lynx development teams for work done on wallets, apps and marketing initiatives to benefit Proton. They will also reward worker proposals and independent entities for core blockchain development work. In addition Block producers and the Proton Steering Committee may elect to impose fees on RAM, CPU or Network usage on apps. The Steering committee is in charge of determining these fees if any. Currently XPR token is an ERC20 token and the blockchain is running on testnet, the mainnet will be released in a couple of weeks.
The maximum token supply is 10B tokens, some of which may be released according to market conditions for the growth of the ecosystem. The token is currently priced at $0.028 USD and has a Circulating supply of 89.5M with a Marketcap of $2.52M USD. The daily volume is $29,407 USD and the token is currently listed on Bilaxy, Etherflyer and Exrates exchanges. Recently it got listed on Dobi exchange as well.
An important feature of Proton is that it was designed with maximum customer usability, integrating both Metal Pay and Lynx wallets from day one. With access to more than 200,000 user accounts it already has a strong customer base.
The core team of Proton Chain is a mix of Metal Pay and Lynx core teams. Marshall Hayner Co-founder and CEO of Proton also CEO of Metal Payments is highly experienced in blockchain technology as he has worked with top blockchain companies prior to this. Fred Krueger Co-founder and the president is also CEO of Lynx Blockchain has vast experience in software development and his area of expertise being consumer internet and internet advertising. Glenn Mariën is Co-founder and CSO also CTO and co-founder of Metal is highly experienced software developer having worked with multiple software companies. Jennifer Sum, General Counsel for both Proton and Metal, a degree holder from Stanford Law School is a legal executive with 15+ years of experience in transactional and regulatory compliance. Other important team members are Ephraim Russo, Head of Product, Alex Christian, AML / Sanctions Compliance Officer, Carson Holoien, Head of Engineering, Jacob Davis, Co-Founder & CTO and Kory Larson, Product Designer. The advisors list too is highly illustrious with Andrew Lee Co-Founder and CTO of Handshake Protocol and David Sica Managing Director of Nyca Partners as their team advisors. Erik Voorhees the CEO of ShapeShift, Brian Kelly of CNBC Fast Money and Alphabit Fund, a Digital Currency Fund are some of the early investors of Proton Chain.
The Proton system token XPR is a delegated proof of stake dPOS token where token holders can stake and bond their tokens to vote for block producers. Each token is given a single vote, and there is a 30 day un-staking period as a security measure. Block producers job is to validate nodes using the Proton protocol and a 2/3 consensus of block producers is needed to execute a transaction with 3 minute finality. Token stakers vote for block producers on a one-token one-vote basis and rewards are subject their block producers performance standards. Stakers must also agree to one month un-staking period, as a security measure to any BP double spend.
Currently, Fiat to crypto and vice-versa is a complicated part and Proton is solving this by being regulatory compliant and by integrating an optional KYC identity store that is PCI compliant and is made available as a distributed database. As XPR code is based on the ultrafast EOSIO dPOS model it is ideal for gaming and social media applications. Most payment systems work on centralized databases and cannot transact from one system to another, Proton solves this problem by creating a namespace that works across multiple payment providers, identity verifiers, and payment transmitters.