The choices we make each time we make a purchase are so ingrained, they’ve become unconscious. If we purchase from a merchant online, we hand over our credit card or bank account details. If we pay by check, we often have to provide ID to back up our purchase. It’s a continuous trade-off between identity, privacy, and making the financial expenditure we need.
Proton chain exists to overcome these compromises. It’s a secure blockchain protocol that aims to unite fiat and crypto payments ecosystems under a single platform.
Proton started as a joint venture between two separate companies, Metal, and Lynx. Both companies had a similar vision of bringing cryptocurrencies to everyday consumers; however, each implemented this vision in different ways.
Metal developed a blockchain-based payment processing platform, intending to become the crypto equivalent of Venmo or PayPal. It was launched in June 2017 with a $3m ICO and has since opened up its applications on iOS and Android. It now also offers a marketplace with fiat onboarding where users can buy and sell cryptocurrencies.
Meanwhile, Lynx has evolved into a key player within the EOS ecosystem, having built the leading EOS wallet for US users. The company was also one of the earlier pioneers of EOS gaming, having processed millions of dollars worth of transactions through EOSBet. Ultimately, Lynx decided it could improve upon the design and capabilities of EOS and developed its own Lynxchain as a fork of EOS.
Early in 2020, the two companies decided to combine the best features of each into Proton chain, creating a bridge between traditional finance, cryptocurrency, and blockchain-based applications.
Problems Proton Chain Aims to Solve
Proton aims to address several issues facing traditional banks and crypto finance. In traditional finance, when the sender authorizes a payment, it’s usually sent over some kind of telecommunication channel, which exposes it to interception by malicious third parties….