Proton (XPR), a new public blockchain and smart contract platform launched in San Francisco. XPR is designed for both consumer apps and peer-to-peer payments. It aims to provide a secure, verified identity account that is integrated with a financial settlements layer that allows users to link this identity to fiat accounts, withdraw funds, buy crypto, and use that crypto seamlessly in apps, all without sending any of the user's private or sensitive information.
By providing a permission-less layer on top of standard card networks and banks, XPR eliminates the concept of sharing private keys directly with businesses. The user keeps the private key private while allowing institutions who want to authenticate the user by utilizing the public keys. The trusted institution will authenticate the user's identification without releasing the user's private key.
The Proton Token XPR has three key functions: chain governance, security and decentralization. Users can use the Proton Swap decentralized exchange to convert ERC-20 tokens, BTC and Protocon coins, as well as trading non-fungible tokens (NFTs) on Proton Market.
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