There are dozens of masternode-oriented cryptocurrencies on the market today. Not all of these currencies will succeed or serve a grand purpose. In the case of ProxyNode, the primary objective is to let users created their own private servers with blockchain technology. An ambitious goal that warrants some further explanation.
The ProxyNode Concept Explained
The ProxyNode team has a clear vision in mind. Although a lot of projects claim to use blockchain technology for groundbreaking purposes, identifying key use cases remains an ongoing process. By letting users create their own virtual private server- or VPS – with blockchain, a very interesting concept is highlighted. For most users, purchasing a VPS requires one to trust third-party companies who can access all data if they ever desired to do so. That can have dramatic consequences if push comes to shove.
Why is This Project Different?
The ProxyNode ecosystem will act as a decentralized platform which gives users full control over their self-created servers. There will be no meddling by third parties, nor is there a need to trust anyone but oneself. Through blockchain technology, any central point of failure is removed from the equation altogether. By making it harder for criminals to access private data, this project sets a positive tone. If there is one worrisome trend throughout 2018, it is how data breaches have become even more common than ever before.
As is always the case when new projects come to market, the infrastructure isn’t ready to be used yet. According to the developers, the current goal is to launch a beta version of this platform by Q1 2019. No specific date has been communicated at this point, and a lot of technical aspects remain rather unclear for the time being. Based on some preliminary screenshots, it seems users will be able to set up their own VPS through future versions of the native PRX wallet.
There is another reason why all of this functionality will be integrated into the ProxyNode wallet itself. The developers will allow users to spend the native PRX coin for creating and accessing these virtual private servers. This creates future use cases for the currency itself. Until that service launches, users can set up their own network masternode with a current collateral requirement of 2,000 PRX.
The Masternode Aspect
Every cryptocurrency which explores the masternode option relies on these servers to bring additional features tot he table. In the case of ProxyNode, the current masternode functionality lets users send transactions in an anonymous manner. This is achieved through the PrivateSend feature. It is unclear if these masternodes will also play a role in terms letting users run their private servers. More details are expected to be revealed over the coming weeks. For those interested in setting up a ProxyNode masternode, check out the following guide.
The Technical Details
|Total Supply||275,000,000 PRX|
|Premine||Yes (funding development)|
|PoS or PoW||PoS|
|Increasing Collateral Requirement?||Yes, see website|
Disclaimer: All information provided in this article is for educational and entertainment purposes only. MNMMG Does not offer investment advice and si not responsible for any financial losses sustained by its readers.