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. Proton combines the elements of both efforts into a single unified offering.
Together, we are a technical team of entrepreneurs that rapidly turn ideas into working products ready for real-world application.
Proton is trying to improve and streamline 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.
Proton solves this problem by integrating identity verification.
But beyond being an app platform with an unified identity model, the Proton blockchain was designed to allow websites and apps to push payment requests directly to Proton-compliant wallets.
Proton will solve this problem by creating a namespace that works across multiple payment providers, identity verifiers, and payment transmitters. Gone are the days of entering your bank password or credit card number online; crypto and fiat wallets alike now interact as one network to streamline the process of making and receiving payments.
On April 29th 2020, Proton announced the successful launch of the Proton Mainnet. 21 validators, including the core “Proton Consortium” of Greymass, EOS Cafe, Metal, EOS USA, and CryptoLions, are producing blocks on Proton.
Proton operates at 4,000 transactions per second. It is designed to work with high volume apps that write to a blockchain frequently. To see Proton in action, check out protonswap.com/bots.
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.
You can find the list of exchanges where Proton (XPR) is available to trade, along with its trading pairs, here.
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 Proton 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