A new blockchain platform called ProximaX has been in development by the people behind the NEM blockchain and the Catapult platform since August 2017 to tap into the rapidly growing decentralized application (DApp) market.

The ProximaX blockchain-based decentralized platform, spearheaded by Lon Wong, the president of the NEM.io Foundation, promises to be an all-in-one platform for cross-industry application and DApp development.

The platform will combine blockchain, storage, streaming and an advanced consensus algorithm to give DApp developers and businesses access to a wide spectrum of possibilities. It will be designed to facilitate the integration of API-driven architecture, allowing developers to easily deploy and manage their solutions.

ProximaX will consist of the following on-chain and off-chain protocols and service layers that will allow for the development of a wide range of decentralized services:

Blockchain: ProximaX will be adapted to use NEM’s Catapult technology to operate as a public blockchain;

Storage: ProximaX will provide storage solution, which will be based on the Distributed File Management System (DFMS) protocol;

Streaming: It will utilize the PeerStream Protocol (PSP), a privacy peer-to-peer messaging, online presence, routing and real-time streaming protocol; and

Consensus: It will use multi-layered consensus protocols for voting, governance, harvesting, and to reward network nodes contributing storage and bandwidth resources to the network.

The ProximaX platform will be supported by a utility token called XPX, which will be released to the public through an initial coin offering (ICO). The team said XPX will be created using NEM smart asset solution Mosaic and will be used to pay nodes, DApp developers and content creators based on their activities on the platform.

“We have been often asked how to use blockchain technology to address various other applications beyond just value transfer and transactions. As a DApp platform and supporting token, ProximaX and XPX will further complement NEM’s decentralized ecosystem, including NEM blockchain and Catapult,” said Lon Wong, President of NEM and a prime mover of ProximaX.

After the ICO, a ProximaX Foundation will be established to manage the funds raised through the sale of the XPX tokens. In particular, the money will go towards building enhancements such as Proof-of-Storage and Proof-of-Bandwidth consensus protocols, new media and content delivery features, messaging fault tolerance and scalability, other new applications and projects, and other operational costs and initiatives.