Note: This article describes $PRX, the internal token for our Web3 platform and economy; by design and implementation PRX cannot be bought or traded.
$PXC is the gateway token between our internal economy (the ‘exonomy’) and the mainstream economy.
Consequently, PXC — which is currently being whitelisted by the Indonesian Chamber of Commerce and Industry (Kadin) as one of only 380 legal crypts — has greater utility than any existing cryptocurrency.
PRX: A New Digital Asset Class and Currency
As demonstrated by successive crypto boom and bust cycles, as well as the more recent FTX debacle and the wider crypto meltdown caused by exposure to it, crypto is:
1. Not decentralized (pseudo-decentralized at best), and therefore:
2. Crypto in its current form can never be a true alternative to the mainstream global economy or the currency(ies) that it supports and is supported by unless cryptocurrency is increasingly regulated.
This is the biggest hurdle crypto faces: third-party regulation is the antithesis of the premise and promise of crypto, including the idea of trustlessness, economic sovereignty and user autonomy. We urgently need a radically-new way forward from the regulatory abyss that is diminishing the economic freedoms, liberty and equality that digital currencies promise.
ProjectX is developing a ‘third way’ forward beyond the current unsustainable crypto and fiat paradigms — one that is designed to stabilize both by providing each with a supply of liquidity based on real-market value.
What is this third way?
PRX: The World’s Only Data-Backed AI Currency
PRX is the world’s first and only truly decentralized currency: its stability, unique utility and hence value derive from being backed by the data collected, cleansed and validated by our game-changing decentralized platform.
Consequently, PRX is the only mainstream digital currency backed by a stable, quantifiable underlying asset that cannot be depegged or devalued.
Why is a data-backed currency critical? A currency backed by data (or anything that is not collective delusion, as is the case with fiat and most crypts) directly challenges the viability of the legalized Ponzi scheme that is the mainstream global economic and financial system — led by the Fed/US dollar — as well as the instability of ‘pseudo-decentralized’ crypts in an unregulated market. The solution?
PRX is designed to address the inadequacies inherent to both of these unstable, unsustainable systems by providing each market with a supply of liquidity based on real-market value.
How PRX Achieves This
There is no central issuing authority or entity for PRX; this means that neither the crypto nor mainstream markets dictate its supply or price. Supply and price are exclusively determined by the value of the user-generated data that backs the currency, creating a uniquely user-controlled digital currency.
This means PRX is immune from the vagaries of the crypto and mainstream markets (and minus the potential financial risk contagion channels inherent to stablecoins), and is out of reach of the speculators. This is because both the exchange rate of PRX and its ‘minting’ are exclusively user-generated.
Any platform user — whether a financial institution, business, organisation, individual, etc — mints PRX either via direct data-generating commercial activity, including payments, or PRX loans taken out against projected future data generation. Minting takes place when a user undertakes a payment or other economic activity via our platform’s Defi features.
At that point, sufficient PRX is automatically minted from the data pool to complete the transaction. This is then paid to the seller, payer, borrower, etc, to facilitate commerce and business between the exonomy and the mainstream economy. (Note: $PXC is the sole gateway token between both economies, giving it unique utility.)
The user-generated minting of PRX is exclusively based on the demand for PRX currency for commerce and business activities only.
Uniquely — and critically — once sold on an exchange, PRX is effectively ‘user-burned’ (thus, as it is exclusively a utility, there is no issue with the SEC) — not by sending to an inaccessible wallet (as is typical in a crypto buyback-and-burn) — but by being automatically ‘absorbed’ back into the algorithms from which the PRX data was originally generated (called ‘exorithms’). This process further enriches system exerithms and consequently increases the price of PRX, the value of which is based on the increasingly refined exerithmic data in the system.
Consequently, PRX is a currency that can never be inflationary or deflationary, and is hence uniquely stable. This maintains its increasing value through inbuilt scarcity and unique utility while being out of reach of the speculators (due to PRX exclusively being a fungible utility token and not a tradable commodity).
Official ProjectX Links:
Telegram: t.me/PRX_Group
Telegram Ann: t.me/PRX_Channel
Chinese Telegram: https://t.me/PRX_Chinese_Group
Twitter: https://twitter.com/TeamProjectXC
Email: Admin@projectxcoin.com
