The transactions of fiat currencies through online methods are lengthy, expensive, and highly insecure too. Before reaching the money to the destination, your details such as credit card number, your name, address, verification number, etc. will pass through several intermediaries. Criminals can copy these details into a dark web and such crimes have increased and even tripled last year alone. So what is the importance of proton chain in this situation? How it helps you to solve these problems? Let’s check it out.
Basically, the proton chain is a public smart contract platform like blockchain. Nut the proton chain is designed for both consumer application and peer to peer payment. As said above, cashless online transactions are increasing nowadays and those transactions are insecure too.
Proton chain, a blockchain protocol is designed to overcome this insecurity problem. Metal and Lynx are two separate companies that joined to form the proton chain on a vision of bringing cryptocurrencies for common customers. The proton chain aims to unite fiat and crypto payments ecosystems under a single platform.
History of the Proton Chain
Metal and Lynx are the two companies behind the proton chain. To accomplish the vision, Metal developed a blockchain-based payment processing platform, intending to become the crypto equivalent of Venmo or PayPal. This platform was launched in June 2017 and has opened its applications in both iOS and Android devices. The company also offers a convenient marketplace where people can buy and sell cryptocurrencies. Simultaneously, Lynx has evolved into a key player within the EOS ecosystem, having built the leading EOS wallet for US users.
The company has already processed millions of dollars worth of transactions through EOSBet. Later, the company improved its design and capabilities of EOS and developed its own Lynxchain as a fork of EOS. Thus Metal and Lynx made their version of proton chain separately with different features. In early 2020 they decided to combine the best features of their versions and formed a complete proton chain which available for you today.
How Proton Chain overcomes security problems?
Once you have done an online transaction, before reaching the money at your destination point it usually sent over some kind of telecommunication channel, which exposes it to interception by malicious third parties. But the features of the proton chain helps you to overcome these problems. So what are the features of the proton chain? Take a look.
- By using the proton chain you can move your cash into your own wallets and can be used to buy or sell any supported cryptocurrencies.
- The proton chain protocol operations are based on its owners’ identities. So it allocates currency where they are supposed to be.
- You can verify your identity by using a decentralized network of KYC validators and money service businesses.
- You can instantly transfer your money from one proton-enabled account to another.
- The transactions are faster and easier
The native token of the proton chain is XPR and it has moderate annual inflation. Combining the best features of both the companies, Metal and Lynx, the proton chain is designed with maximum customer usability. Thus it already has a strong customer base.