What Is Proton (XPR)?
Proton was developed as a joint effort by two companies Metal and Lynx. Both companies share a vision of making crypto more accessible to everyday consumers, and both have independently made significant progress towards that goal. Metal has built a compliant, consumer friendly platform for peer to peer payments.
Lynx has developed an app-focused blockchain. XPR combines the elements of both efforts into a single unified offering. Together, they are a technical team of entrepreneurs that rapidly turn ideas into working products ready for real-world application.
Proton Storage Key Points
|Circulating Supply||10.10B XPR|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
What Problems is proton trying to solve?
Proton is improving and streamlining the verification and speed at which payments are processed either between banks or merchants. Currently for traditional payments, users aren’t asked for consent before a payment is processed, unless going over a comfortable limit, from the credit card processor, and the second layer of authentication is usually an insecure telecom network. Cryptocurrency has no native compliance tools for anti-money laundering, identity, source of funds, or risk scoring for financial institutions to adopt it.
Previously, there wasn’t a way to push or pull funds (or for legacy finance to interact with crypto finance) in real time on the blockchain from credit/debit/ACH/IBAN. XPR solves this problem by integrating identity verification. But beyond being an app platform with an unified identity model, the XPR blockchain was designed to allow websites and apps to push payment requests directly to Proton-compliant wallets.
Requirements of applications
Proton utilizes a decentralized consensus algorithm proven capable of meeting the performance requirements of applications on the blockchain, Delegated Proof of Stake (DPOS). Under this algorithm, those who hold and stake Proton (XPR) may select block producers through a continuous approval voting system.
What is a wrapped token?
A wrapped token is an asset hosted on a different blockchain with a price that is the same as the underlying asset, even if it’s not on the same blockchain. A wrapped token holds the identical value to another asset that it represents, either through a smart contract or by being backed one-to-one with the underlying asset. Wrapped tokens allow an individual to gain exposure to an asset that was previously unsupported on whichever blockchain they are currently using.
There are no transaction fees. All XPR users are given free accounts and sufficient resources that they can transact free of charge. Apps need to buy resources on a monthly basis at Proton Resources. XPR All user transactions are completely free. Send $20 to someone, the person gets $20. You pay nothing. All resources are handled by the app at extremely low-tiered costs.
XPR Apps interact with the Blockchain by in-wallet Payment requests. This revolutionary tech eliminates the need for chrome plugins, “dapp-stores,” or other devices. They’ve stress-tested XPR at over 40 million transactions per day. It can handle far more traffic than blockchain apps are currently collectively capable of.
XPR chain stores identity attestations by multiple identity providers, both for individuals (KYC) and businesses (KYB). These identity providers can be queried with the user’s permission. Proton supports multiple wrapped stable coins including USDC, PAX and TUSD. Developers can add their own coins in a permission-free way. Every business and individual account on Proton has a unique human readable @name. Need to send $20 to @john? It’s as easy as you would expect.