Proton is a new public blockchain and smart contract platform designed for both consumer applications and peer-to-peer payments. It is built around a secure identity and financial settlements layer that allows users to directly link their real identity and fiat accounts, pull funds and buy cryptocurrency, and use that cryptocurrency seamlessly in apps and other environments.
Proton was created to bridge the gap between traditional finance (TradFi) and DeFi, creating a way for blockchains to interact directly with bank accounts, vendors, merchants, and everywhere in between. Built to be fast and free, Proton imagines a world where push transactions minimize the risk for fraud, where currencies move freely between accounts, and where the type of money being used for a purchase is inconsequential.
Instant and free transactions
The Proton blockchain can currently handle 4,000 transactions per second (TPS). This is one of the faster-performing blockchains currently available, and allows the different types of transactions possible on Proton to happen simultaneously. From rapid microtransactions, to focused authorizing requests, Proton’s TPS expands its potential use cases.
Transactions for end-users are always free. Proton doesn't have miner or gas fees, validators get rewarded in XPR for validating transactions.
Proton uses a system of human-readable @names in place of confusing wallet addresses to make everyday use of Proton products easier. An @name is a unique 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 through the integration of the Proton blockchain.
Beyond being an applications platform with a unified identity model, the new Proton blockchain was designed to allow websites and apps to push payment requests directly to Proton-compliant wallets. As a result, users can leverage their unique @name when doing any type of transaction, eliminating the need to memorize or carefully copy wallet addresses that are complex and prone to mistakes.
Proton ecosystem overview
Below we give an overview of Dapps and apps we build on the Proton blockchain.
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 PSR (Proton Signing Request) over OTP (one-time passwords) that can easily be phished.
Proton Swap is a decentralized exchange that allows users to instantly swap Proton-based tokens between each other. Users also have the ability to convert supported tokens from different blockchains to Proton-based tokens and vice versa. For example, using Proton Swap, a user can swap XBTC for XUSDT, or convert ETH to XETH before trading it for XPR.
This allows seamless transactions between blockchains due to the speed and flexibility of the Proton blockchain. The more liquidity that exists between the pair of tokens being swapped, the lower the slippage will be.
Proton Swap offers yield farming as well, where users can earn interest (variable APY) for providing liquidity to various X-token pairings.
Powered by the Proton blockchain, Proton Market allows NFTs to be bought and sold for fees as low as just a few cents – a radical change from the gas fees ranging from $50 to $200 paid on competing NFT marketplaces. Additionally, because the Proton blockchain is one of the fastest in the world, the NFTs you purchase arrive in your account instantaneously.
With Proton Market being open source, you can integrate it directly into your own website free of charge. This avoids sending your visitors to another website to purchase your NFTs, eliminating the potential for losing visitors and lowering the barriers between them and your creations. Have merchandise you’d like to sell? Want to offer exclusive images, videos, or audio files to your fans? Sell them an NFT of your creations and ensure they feel more connected to you than ever before.