Proton

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Discover Proton's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Proton?

Proton (XPR) is a cryptocurrency that operates on a unique blockchain network designed to simplify the user experience. It allows for the seamless transfer of wrapped assets, such as Bitcoin and Ethereum, making it easy for users to switch between different blockchain networks. Proton is known for its human-readable account names, feeless transactions, and eco-friendly consensus mechanism. The native XPR token is used for governance, staking, and microtransactions within the Proton ecosystem, which includes decentralized exchanges, liquidity pools, and NFT marketplaces.

How is Proton used?

Proton (XPR) is a utility token used to pay for services on the Proton network, including transaction fees and network usage. It is designed to provide fast, secure, and private transactions, making it a viable alternative to traditional payment systems. The Proton network is built on top of the EOS blockchain and focuses on offering a range of financial services such as payments, remittances, and peer-to-peer lending.

One of the key features of Proton is its ability to wrap other cryptocurrencies, allowing users to transfer values in various forms of currency on the Proton Chain. This includes Wrapped Bitcoin (XBTC) and Wrapped Ethereum (XETH), which are tokens pegged to the real assets but live on the Proton Chain. This enables seamless transfers of values between different blockchain networks.

Proton also offers a mobile wallet that allows users to store and manage their XPR tokens, as well as other cryptocurrencies. Additionally, it provides a peer-to-peer lending platform where users can lend and borrow money using XPR as collateral.

The Proton network is designed to be compliant with international regulations, including anti-money laundering (AML) and know-your-customer (KYC) regulations, ensuring it can provide services to a wide range of users, including institutional investors and financial institutions.

Overall, Proton (XPR) is used to facilitate secure, fast, and feeless transactions, making it an attractive option for users seeking a practical and user-friendly payment system.

How do I store Proton?

To store Proton (XPR) tokens, you can use a variety of methods:

  1. Proton Wallet: Proton offers a mobile wallet that allows users to store and manage their XPR tokens, as well as other cryptocurrencies. This wallet is designed to be user-friendly and provides features such as biometric authentication and easy management of crypto portfolios.

  2. Hardware Wallets: You can also store XPR tokens on hardware wallets like Ledger and Trezor. These wallets provide an additional layer of security by storing private keys offline. To use a Ledger wallet with Proton, you need to export your Webauth.com wallet key and import it into Anchor Wallet, then set up your Ledger device to manage your Proton account securely.

  3. Anchor Wallet: Anchor Wallet is another option for managing your Proton account and storing XPR tokens. It allows you to import your Ledger keys and manage multiple Proton accounts securely.

  1. Cold Storage: While you cannot store XPR directly on a cold wallet, you can protect your Proton account with a Ledger device, ensuring that each transaction requires signing from the Ledger. This adds an extra layer of security to your XPR storage.

These options provide a range of choices for securely storing and managing your Proton (XPR) tokens.

How to buy Proton?

To buy Proton (XPR) tokens, follow these steps:

  1. Create an Account:

    • Choose a reputable cryptocurrency exchange such as Kucoin, Binance, or MEXC.
    • Sign up for an account by providing necessary information, including your email address and a secure password.
    • Complete any required identity verification steps.
  2. Choose a Funding Method:

    • Select a payment method that suits you, such as:
      • Credit or debit card (Visa or Mastercard).
      • Bank deposit (SWIFT).
      • Peer-to-peer (P2P) trading.
      • Third-party payment services (Simplex, Banxa, Mercuryo).
  3. Deposit Funds:

  • Deposit the chosen currency (e.g., USDT) into your exchange account.
  • Ensure the deposited funds are sufficient for your desired XPR purchase.
  1. Buy XPR:

    • Navigate to the exchange's trading section.
    • Select the USDT/XPR pair (or your deposited currency).
    • Choose your preferred order type (market, limit, stop, or TWAP).
    • Enter the amount of XPR you want to buy and confirm the purchase.
  2. Transfer to Wallet (Optional):

    • If you want to store your XPR tokens securely, transfer them to a personal cryptocurrency wallet like Metamask.
    • This step is recommended for long-term storage and additional passive income opportunities.

Remember to research the exchange's fees, reputation, and user reviews before making a purchase. Additionally, consider the current market conditions and XPR price before investing.

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History of Proton

The history of Proton (XPR) is marked by significant milestones and developments. Proton is a cryptocurrency that operates on a unique blockchain network designed to make blockchain technology accessible to everyday consumers. The network aims to integrate blockchain, traditional finance, and the innovative Web3 ecosystem into one interconnected system that is both compliant and sustainable.

Proton's blockchain network is characterized by several key features. It uses human-readable names instead of complex wallet addresses, allowing users to pick their own account names. Additionally, the network enables the transfer of values in various cryptocurrencies, such as Bitcoin and Ethereum, through the use of wrapped tokens like Wrapped Bitcoin (XBTC) and Wrapped Ethereum (XETH).

The Proton Chain is also notable for its eco-friendly and fee-less transactions. It employs a delegated proof of stake protocol, which eliminates the need for expensive crypto mining hardware and high power usage. This approach allows users to transfer XPR tokens across the network for free.

Proton's history includes significant price fluctuations. Its all-time high was recorded on April 27, 2020, at $0.1007, and its all-time low was on October 19, 2023, at $0.0005508. The current price is significantly lower than its all-time high, indicating a substantial decline.

The XPR Network has a robust developer community and facilitates compliant trading, making it a versatile platform for various applications. It enhances cross-border payments, supply chain transparency, tokenization of assets, DeFi, and digital security. The network's system token, XPR, is a delegated proof of stake token where token holders can stake and bond their tokens to vote for block producers.

Overall, Proton's history reflects its commitment to creating a user-friendly crypto network that integrates blockchain technology with traditional finance and Web3 ecosystems.

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How Proton works

Proton (XPR) is a cryptocurrency designed to be user-friendly and accessible to everyday consumers. It operates on the Proton Chain, a blockchain network that aims to integrate traditional finance, blockchain, and the Web3 ecosystem into a single, interconnected system. Here are the key aspects of how Proton (XPR) works:

User-Friendly Wallets

Proton wallets use human-readable names instead of complex addresses, making it easier for users to manage their accounts. Users can choose their own account names, similar to selecting a Twitter handle. This simplification is a significant departure from traditional cryptocurrency wallets, which often require users to memorize long strings of characters.

Multi-Currency Support

The Proton Chain allows for seamless transfers of value in various cryptocurrencies, including Bitcoin and Ethereum. This is achieved through the use of wrapped assets, such as Wrapped Bitcoin (XBTC) and Wrapped Ethereum (XETH), which are tokens pegged to the value of the original assets but live on the Proton Chain. This feature enables developers and users from other blockchain networks to easily migrate to and from the Proton Chain.

Fast, Eco-Friendly, and Fee-Less Transactions

Proton Chain claims to enable free transactions, unlike many other cryptocurrencies that charge fees. This is possible due to its use of the Delegated Proof of Stake (DPoS) protocol, which does not require expensive mining hardware or high power usage. This approach makes Proton a more environmentally friendly option compared to traditional proof-of-work systems.

Advanced Cryptography and Security

Proton employs advanced cryptography to ensure secure and private transactions. This includes the use of public and private key encryption, as well as other techniques to prevent transactions from being traced back to their initiators.

Financial Services and Compliance

Proton provides a range of financial services, including payments, remittances, and peer-to-peer lending. The network is designed to be compliant with international regulations, such as anti-money laundering (AML) and know-your-customer (KYC) regulations, making it accessible to a wide range of users, including institutional investors and financial institutions.

Native Token and Ecosystem

XPR is the native token of the Proton Chain and is used to pay for services on the network, including transaction fees and network usage. The Proton ecosystem includes various applications, such as Proton Swap (a decentralized exchange), Proton Loan (liquidity pools), and Proton Market (an NFT marketplace).

Overall, Proton (XPR) aims to provide a fast, secure, and user-friendly cryptocurrency experience that can be easily integrated into everyday life.

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Proton's strengths

Proton (XPR) offers several significant strengths that make it a reliable and efficient solution for digital transactions. Firstly, it provides fast and secure transactions with low fees. The Proton network is designed to handle a high volume of transactions per second, ensuring quick and efficient transfers. Additionally, Proton utilizes advanced encryption techniques to protect user data and funds, making it a secure option for digital transactions.

Another key strength of Proton is its scalability and interoperability. It aims to bridge the gap between different blockchains, allowing for seamless transfers between various digital assets. This means that users can easily transfer assets between different cryptocurrencies, making it a versatile and convenient option.

Proton also stands out for its user-friendly approach. It uses human-readable names instead of complex wallet addresses, making it easier for everyday consumers to use. Furthermore, it enables the transfer of values in various other cryptocurrencies, such as Bitcoin and Ethereum, on its blockchain network through wrapped tokens.

The Proton Chain is also eco-friendly and fee-less, using a Delegated Proof of Stake protocol instead of expensive crypto mining hardware. This reduces the environmental impact of transactions and eliminates the need for high power usage.

Lastly, Proton has a strong focus on governance and development. The XPR token is used for governance, network development resource allocation, and staking. This allows users to participate in the decision-making process and contribute to the growth of the network.

Overall, Proton (XPR) offers a unique combination of speed, security, scalability, and user-friendliness, making it a strong contender in the cryptocurrency market.

Proton's risks

Proton (XPR) faces several financial risks that could impact its stability and performance. One key concern is the potential for manipulation due to limited trading volume. InvestorsObserver analysis has given Proton an average risk rating, indicating that it is susceptible to price manipulation by limited trading.

Another risk is the liquidity mismatch and credit risks associated with stablecoins. As Proton is planning to integrate a fiat gateway directly on-chain, it may be exposed to the vulnerabilities of stablecoins, which could lead to liquidity constraints and disrupt trading.

Additionally, the concentration of risks on trading platforms is a concern. Proton's reliance on a single platform, Protonswap, could lead to concentration risks and potential disruptions if the platform experiences issues.

The team's token management practices have also raised concerns. While the team has clarified that dev tokens were locked for ten months and vested monthly, some developers have been selling large amounts of tokens, which could impact the price and create uncertainty among investors.

Finally, the broader crypto-asset market risks, such as increasing linkages between crypto-asset markets and the regulated financial system, leverage in investment strategies, and the lack of regulatory oversight, also pose a threat to Proton's financial stability.

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Did Proton raise funds?

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Proton’s team

  • Marshall Hayner: Co-founder and CEO of Metallicus Inc., the company behind Proton Chain. He has experience in blockchain, having founded QuickCoin and Block.io.
  • Glenn Mariën: Co-founder and CTO of Metallicus Inc. He developed the first online wallet for Dogecoin and is involved in Proton Chain's development.
  • Fred Krueger (Lynx): Collaborated with Marshall Hayner to create Proton Chain. He is now heading another company, SoftAtom, which is an investment fund for developers building on the Proton Chain.
  • Kory: A developer who has sold some of his personal XPR tokens, sparking concerns about the team's token sales. However, it was clarified that his sales were a small percentage of his holdings and did not significantly impact the market.
  • Jacob: Another lead developer who, along with Kory and Fred, left the company but continues to work on Proton Chain-related projects.

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