Everything you wanted to know about Proxeus
After two AMAs on reddit and six months of lively discussion on our Telegram group, we’ve summarized the answers to our most frequently asked questions into one helpful document. We’ll be updating this document regularly, so comment if you have a question, or check back to see what’s new!
Table of Contents
Where is Proxeus based?
Proxeus is currently registered in the Principality of Liechtenstein. Production being managed by its technical partner BlockFactory, with offices located in Zurich and Zug in Switzerland and Lisbon, Portugal.
What exchanges are Proxeus listed on?
XES can be acquired on the following exchanges: SingularX, Qryptos, ForkDelta, IDEX, Radar Relay and SwissCryptoExchange.
What other exchanges are you considering
The exchange topic is quite tricky and we are still learning as we go. Basically exchanges can be divided in 3 tiers. The lowest one are mostly decentralized exchanges that are not really selective about the tokens they list. Tier 2 are the mid-sized exchanges (like Qryptos) they require a certain size of the community and also have quite substantial listing fees. Finally Tier 1 exchanges are the big ones like HitBTC or Binance. They usually require a large community (10k + in a telegram channel) and have substantial listing fees (that can cost a significant percent of the ICO budget). We have enrolled on almost every exchange we deemed serious. Thing is — the exchanges decide when they move forward with their review process — not us. So giving a precise timing is almost impossible.
What was the ICO price?
The ICO price was USD 0.19.
Does Proxeus having completed the company registration in three hours mean that you have a working product?
Exactly. It was done with our workflow builder and document generator. They are a part of our working product. Sure, it still needs some smoothing and polishing, but it’s there.
How much will it cost to use the Proxeus platform?
The price of each transaction on the Proxeus platform fully depends on what the user chooses to do with it.
What challenges does the Proxeus team see in the future?
The main question will be about how to drive adoption and the challenge will be to build an ecosystem and an active community. With the tech challenges mostly done our focus will be to look at use-cases. We cannot just help traditional businesses like WWF or the commercial register to embrace blockchain as a new technology, but we can also help other ICOs that have a good match with our technology to achieve their goals faster. But at the end of the day we want to see the community thrive and create things we didn’t envision.
What is the circulating supply of XES tokens?
Currently 71.2% of XES tokens are in circulation. This amounts to 213,473,684 out of the 300,000,000 token supply.
Why did Proxeus decide to have a ‘silent’ ICO?
We did a silent ICO in order to focus our funds and efforts on building a great product.
Is Proxeus strictly for businesses?
The system is designed to be used in every setup. If you want to keep your important documents secured and registered on the blockchain from your workstation by using the DApp, as part of a service (like ordering) on a shop or as part of a workflow with multiple parties on a webpage.
Is there a business model outside the utility token?
We enable our users to build their own business models using our framework. They will be able to build their own “shops” enabling them to offer a fully array of services via a DApp.
Where is the value in the XES token?
XES is a utility token and therefore will be used to pay for services on the Proxeus platform. Every document published by our tool will require a deposit in XES which can be retrieved at any time by the owner. Getting the deposit back will trigger the off-chain-assets to be deleted. So it is more a question about the number of documents that are published at a given time (and the sum of the deposits) rather than the individual transaction.
Is there an option to use fiat for services?
Proxeus-based applications can be used in two ways. As a real DApp (an application which “talks” exclusively to the blockchain) as well as a “Shop” an application that runs on a centralized service like a webshop or internet-based service. In the shop-configuration the shop owner could make the XES available to the customer as the customer might not even know that the shop uses Blockchain in the backend. So for example — if you buy a ticket for a concert on a Proxeus-empowered platform you might be issued a Proxeus-document (which is paid in XES) for your ticket.
How does Proxeus manage the raised funds such as those from their ICO? Are those ETH still being held or already cashed out?
We have had two financing rounds. The presale was completely converted to fiat. The main-sale was not and was kept in ETH as the price of ETH was dropping quickly and we felt that it would not be beneficial to the project if we would exchange these funds at a price which is substantially lower than the ICO-price. There were some services we had to pay in crypto (like listing on exchanges) — these funds were taken from the ETH-reserve. We basically converted the pre-sale to make sure the the financing of the project is secured. In hindsight that was a good decision.
To what extent does your partnership with Swisscom and IBM go?
We are official partners of IBM and Swisscom on the project of digitizing the business registry for the Canton of Zug in Switzerland. We’re not partnering with IBM or Swisscom to develop our product.
Will you be working further IBM or Swisscom?
Regarding the company register project, all project participants agreed that it would be great to continue together and the Canton of Zug is also interested in bringing this from prototype to production. The responsible project manager and our management are working on it and trying to make this happen. The further development of our product and technology is done internally.
Is Proxeus still working with partners to develop solutions in logistics and trade finance industries?
We will team up with other companies to complement our tech and skills in specific projects. Our project pipeline may include a couple of undertakings in the sectors that you mentioned, but we will only announce such partnerships when they are definite
Is Proxeus aware of companies such as Unibright, ARK and ArcBlock that have similar products? How is Proxeus different from them?
We did have a look at them and they are quite interesting. However, we think that our approach is not in direct competition with theirs. Our objective is to make the workflows available to regular users and enterprises alike by lowering the hurdle to build blockchain-connected systems and workflows.
The main difference is that we start with the idea of an open “toolbox” where people can build their own applications and where XES is the connecting element between multiple parties. Our vision goes far beyond “just” providing a tool and asking for XES instead of a license. We think that through using a good middleware solution, a lot of business-ideas that are currently covered by individual ICOs will soon be done as implementations on top of a tool.
Is Modum a rival?
Not at all — Modum and our early trade-finance prototype (Gatechain) were both winners of the Kickstart Accelerator in 2016 and we remained friends. Modum gave us pointers on how best to get listed for example. As they are focussing on IOT and we are about making the blockchain usable for users we are very complementary. I expect that we will cooperate on some use cases sooner or later.
Could you elaborate any further on your relationship with Centrality?
Centrality has provided the sales-app we used to execute the pre- and the main-sale and were advisors to us. We do not have any further relations and do not own each others token.
Is the Proxeus code open source?
We intend to make the Proxeus tech available for free (as open source) to as many people as possible as long as it benefits the Proxeus community (i.e. token usage). It could be something like the red hat license model — generally open source, but with an enterprise line in addition. So yes, the code (or vast parts of it) will be open source in the future, but we’re still figuring out the details.
Does Proxeus have its own blockchain?
No, as of yet Proxeus does not have its own blockchain. It is relevant to point out that the Proxeus product is not reliant on any one blockchain.
Is XES an ERC20 token?
Will the infrastructure be built with the inclusion of the Lighting Network in mind?
We are a middleware and not a native blockchain. So we will be able to use the Lightning Network if necessary. It is important to see here that we are blockchain agnostic and are currently already deploying documents and contracts to Ethereum as well as Hyperledger.
Will there be nodes coming out?
As we are a client that works in combination with the blockchain technology of choice we do not have nodes as such but, we will have Storage Proxy instances (PSPP), shops, and clients.
Does XES have its own wallet?
The main DApp will include a wallet. However, it is an ERC20 token, so MyEtherWallet and MetaMask can be used for XES.
How does Proxeus plan to overcome scalability issues and transaction speeds?
We will use established blockchains for the time being and as for now do not intend to venture into native blockchains. Also, we are mostly focused on workflows, documents of title and registries at the moment. A transaction-speed of a couple of minutes currently is not an issue for us.
Are you considering allowing the creation of DApps on other blockchains than Ethereum and Hyperledger in the future?
Yes. We are already “cross-posting” to Hyperledger for the commercial register project, so having the DApp communicate with other blockchains is not only possible, but also part of the strategy.
Will I be able to send XES from one exchange to another?
It’s a normal ERC20 token, so you should be able to send it with ease.
Is Proxeus truly blockchain agnostic if each transaction requires GAS?
Currently GAS is needed in order to transfer XES from the user to the service provider. This is correct. But this is only the case if the service provider wants to be paid in XES (or wants to be paid at all). The business registry case was done on Hyperledger and no GAS nor XES was necessary. For now, you need both — but the toolset we are building is not limited to this configuration. It could be possible to cross-post a document on two blockchains for example and only pay GAS on the ethereum one. The architecture is blockchain-agnostic — the use case is XES and ETH-centric at the moment.
Is there any plan to open-source coding part partially or completely?
Yes — we will open-source as much as we can as soon as we hit livenet. At the moment we focus on getting the product out as a first priority and to be as happy as a developer can get about his “baby”. We are still re-writing and re-factoring parts of the application regularly. As soon as it has reached the maturity needed we will publish everything we can on Github.