Written by Proton Chain News Staff

On March 25, 2020

What is Proton (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.

Proton provides a secure, verified identity account that is integrated with a financial settlement layer that allows users to directly link this identity with fiat accounts, pull funds and buy crypto, and use that crypto seamlessly in apps, all without sending any of the user’s private, sensitive information. 

Proton removes the concept of sharing private keys directly with merchants, instead of creating a permission-less layer that exists on top of traditional card networks and banks. The user maintains the private key in confidence while permitting institutions who wish to authenticate the user to check with trusted institutions via public keys. The verification from the trusted institution will confirm the user’s identity without revealing the user’s associated private key.

Revolutionary wallet experience

After a quick, free login, the consumer will be presented with a wallet that combines the best elements of Metal and Lynx. There will be 26 crypto currencies available, including BTC, ETH and LTC. And there will be one new one: Proton (XPR).

Proton is planned to be traded on all the major exchanges. It will be the currency for Proton Chain, a new DPoS chain that starts with Lynx and adds an entirely new identity layer.

Proton will also be traded on the soon to be launched Metal X, a new international cryptocurrency exchange that is planned to be directly integrated into the Metal Pay wallet. Consumers will be able to easily buy app tokens in wallet, and to swap them for other crypto currencies as well as fiat. Convenience is everything.

Identity and Payment Request Layer

Proton will also have a new and powerful identity layer that extends the XID concept introduced by Metal in late 2018.

This identity layer is a distributed system of Know your Customer (KYC) validators and Money Service Businesses (MSBs) that can validate, for free, any user’s identity — thereby giving them the “blue checkmark” of a trusted user.

Once a merchant has been validated, that user can request fiat funds from any user. This will show up on any application that supports the Proton @name protocol. This could be Metal Pay, but it could also be Venmo or AliPay if they support the open Proton protocol.

This is an amazing concept. Imagine going to an online store, scanning a QR code to add them to your whitelisted set of “contacts”, and then paying just by giving your @name. On your favorite wallet, you can then OK the transaction and you are done. The Proton team expect to demo this in fall 2020.

FinTech meets Crypto

Proton want to make the experience of buying, using and converting crypto seamless. We want to create the last wallet and bank account you will ever need. A wallet to store all your crypto and your fiat and interact with all your favorite apps.

We need the simplicity of Venmo with the ease of use of the Lynx app ecosystem and the innovation of the Metal platform. FinTech meets Crypto, in the simplest possible way.

Never give up your credit card or private information ever again, this is the future, this is Proton.

Native cryptocurrencies

The Proton blockchain will have 2 native cryptocurrencies.

XPR: the new delegated proof of stake (DPoS) Proton token, that is the public blockchain for all apps, and for voting for Proton block producers.

XMT:  which has the same utility as the existing MTL token, and more, a discount for trading fees on the Metal exchange. This is given 1–1 for every MTL holder. MTL remains capped at 66.5 MM and will rest on the Proton chain.

Useful Proton links:

Website: https://www.protonchain.com/

Whitepaper: https://www.protonchain.com/static/proton-white-paper-f7fcd0d7964a9d0f1731c93eb93dd1cd.pdf

Coinmarketcap: https://coinmarketcap.com/currencies/proton/

EOS Block Explorer: http://bloks.io/

Wrapped ERC-20 Block Explorer: https://etherscan.io/

Proton Products:

Metal Pay wallet: https://www.metalpay.com/

Metal X exchange: Coming soon!

Lynx wallet: https://www.lynxwallet.io/

Proton Social Media:

Twitter: https://twitter.com/protonxpr/

Facebook: https://www.facebook.com/protonxpr/

Instagram: https://www.instagram.com/protonxpr/

Reddit: https://www.reddit.com/r/ProtonChain/

Telegram: https://t.me/protonxpr/

Discord: https://discord.gg/d5ZfKtT

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