Today marks two years that Proton’s mainnet has been live and functioning, a significant milestone for our blockchain and community as a whole. It’s hard to summarize everything that this project has accomplished since going live two years ago, but we can try.
We’ll use this blog post to touch on the key points of Proton’s vision to highlight what we have built and why it matters for both TradFi and DeFi.
Reimagining crypto without gas fees
A core feature of the Proton blockchain is that end users don’t pay gas fees for transactions in the Proton ecosystem. Whether you’re swapping one crypto for another, moving an NFT, or adding to a yield farm, you don’t have to worry about losing your hard earned money to gas fees. This is a marked difference compared to other popular blockchains on the market, where a user can regularly expect to pay between $10 and $120 for a gas fee depending on network usage.
Eliminating gas fees doesn’t just make the Proton blockchain attractive, it keeps cryptocurrency accessible. As billions of people around the world begin to use cryptocurrency to connect to the global financial system, any blockchain that charges outrageous gas fees is a blockchain that cuts people off. Through Proton, people around the world can move money without paying fees – a substantial change compared to most blockchains and traditional finance.
For this reason, Proton is the world’s most accessible blockchain.
Our thesis from day one has been that cryptocurrency was meant to be highly useful, highly accessible, and highly fun. Proton-wrapped cryptocurrencies – also known as ‘x-tokens’ – is cryptocurrency the way it was meant to be.
Any cryptocurrency that is running as an x-token is pegged to the value of that same currency on its original blockchain, allowing Proton users a way to accumulate an asset that monitors the price of their target asset without having to leave the safety of the Proton ecosystem. This allows Proton users a way to turn the proceeds of yield farming, short staking, or long staking directly into other cryptocurrencies via the use of Proton Swap for their target x-token. Additionally, when Proton Lend comes fully online, users will be able to earn interest on their x-tokens.
When you wrap a cryptocurrency in Proton it becomes an x-token. X-tokens enjoy all of the benefits of the Proton blockchain, including:
- Instantaneous transactions
- No gas fees for end users
- The ability to process microtransactions
- Access to Proton Swap
- Easy integration into Proton dApps and projects
Proton-wrapped cryptocurrency (x-tokens) means crypto that is faster, cheaper to use, and more accessible than ever before.
NFTs made easy
NFTs – nonfungible tokens – have taken the world by storm over these past few years. The idea that you can prove ownership of digital items (pictures, videos, event tickets, documents, etc.) proved quite attractive … and quite difficult to implement in real life. Like so much in crypto, expensive gas fees and difficult-to-use platforms kept the barrier to entry high. And like so much in crypto, Proton fixed this.
The launch of Proton Market was also the launch of the world’s most accessible NFT marketplace. Now people around the world could mint an NFT in just a few clicks, earn royalties on future sales of their digital creations, and market them to a wide audience without losing earnings to gas fees. We doubled-down on this product and made it open source, creating a pathway for creators to build an NFT marketplace directly into their website to keep their fans locked in to their brand environment.
Ultra easy-to-use, extremely affordable, and highly customizable – welcome to NFTs on Proton.
Passive income opportunities on Proton
What would cryptocurrency be without ways to put your money to work for you? The allure of passive income – earning money without continuous effort – has been the holy grail of countless cryptocurrency investors. On Proton, the passive income opportunities abound.
- Stake your XPR in your WebAuth Wallet to earn variable interest, paid out every 24 hours.
- Add liquidity on ProtonSwap.com/farms and enjoy the variable interest that comes from Yield Farming.
- Participate in DeFi lending and borrowing on ProtonLoan.com and experience attractive APYs on XPR, BTC, DOGE, stablecoins, and more.
- Lock your LOAN into timed staking contracts on ProtonLoan.com to earn increasingly higher interest rates the longer you stake.
- Earn ongoing royalties from future sales of your NFTs on ProtonMarket.com.
If you’re looking for a blockchain that lets your money work for you while you live your life, look no further than Proton.
Regulatorily compliant, decentralized identities
While cryptocurrency was born out of the spirit of independence and anonymity, bringing cryptocurrency into the traditional financial system requires some level of identity verification to protect against terrorist financing, malicious actors, and other illegal activity. As a result, centralized governments are increasingly requiring some form of identity verification in order for cryptocurrency funds to be used within their financial system.
Zooming out from government requirements, there are everyday requirements that necessitate a verified identity, such as signing a contract, receiving a payment, or approving a transaction. The Proton blockchain allows for an individual’s identity to be verified on our blockchain, providing that user with the ability to prove their unique identity in any instance where it is needed. Additionally, our decentralized identity (DeID) framework is biometric security capable, allowing information like fingerprints, facial scans, and retinal scans to be used with the user’s consent.
When combined with Proton Signing Request (PSR), DeID becomes even more attractive.
The ability to approve a transaction in a secure and verified manner is at the heart of most cryptocurrency transactions. From making a purchase to minting an NFT, one needs to be able to prove a transaction before funds can enter or exit their account. The Proton Signing Request (PSR) allows a focused push notification to go to an individual’s account, often their WebAuth Wallet. Using their DeID, they can biometrically verify their identity and approve this transaction instantaneously, creating a more secure version of traditional 2FA/MFA methods.
By creating Decentralized Identities and Proton Signing Request, Proton is future-proofing itself against whatever regulatory framework could come next.
WebAuth – the new industry standard
WebAuth.com is the new industry standard for device authentication, identity management, payment processing, and cryptocurrency transactions for Web 3.0, built on the Proton blockchain. With WebAuth.com, you can approve transactions, make crypto payments, link your decentralized identity, verify/add/remove access for all logins, and reject impersonation attempts through the use of your smartphone – similar to how Google Authenticator and other popular 2FA platforms work, except with a higher bar for security utilizing Proton Signing Request over OTP (one time passwords) that can easily be phished.
Here’s the big difference: because WebAuth.com is built on the Proton blockchain, it uses our powerful decentralized identity framework to verify and attest to identities. This means that not only is your identity biometrically verified, but your identity can be backed up to a new device seamlessly if you lose access to the primary device.
WebAuth is MFA built for Web 3.0, ready to make life better for web users today.
Other important headlines from across the Proton Ecosystem
There were plenty of other important headlines over the past two years of Proton that we would be remiss if we didn’t mention.
- Proton users can now use fiat cash directly in the Proton ecosystem.
- Our digital audio series, Web 3 Starts Here, kicked off with a conversation with former Chairman of the FDIC, Jelena McWilliams.
- We launched the Proton Worker Proposal System to fund development of exciting projects built on Proton.
- Proton users gained access to free crypto tax computations through TaxBit, thanks to our partnership with them.
- We outlined steps to join the exclusive ranks of Proton Block Producers.
- Proton’s decentralized domain resolutions – Proton Naming Service – launched for the public.
And so much more that we didn’t mention. We could talk for hours about all that Proton has done, is doing, and will do – but we think it would be better if you came along for the journey and experienced it with us.
Ready to get started with Proton? Get the WebAuth app on Web, Android, and iOS for free with just a few clicks. Want to learn more about Proton? Follow us on social media and check out our website – we’re always posting new updates about the Proton ecosystem that we’re building for you.
Welcome to Proton, we’re glad you’re here.