Launched in 2020, Proton is a new public blockchain and smart contract platform designed for both consumer applications and peer-peer payments.
Proton is built around two key components: 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.
The 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. On your favorite wallet, you can then accept the transaction to complete it.
As a user, you only have to create your Proton account and verify your identity once. And thus avoid re-submitting your identity multiple times every time you want to use a vendor or service etc.
With the Open Proton Software Development Kit, developers are able to build and deploy fully functional applications that run on the Proton blockchain, at zero marginal cost.
Proton is built on the delegated proof-of-stake (DPoS) consensus mechanism and the Proton (XPR) token is utilized to govern the Proton blockchain.
By staking their tokens, holders can earn staking rewards and vote for block producers, who process transactions on the blockchain. Block producers in turn can earn the Proton token as a reward for producing blocks on the blockchain.
Check out the Proton governance page to learn more about its decentralized, independent governance model.