With the growth in smartphone penetration globally, mobile platforms such as iOS and android have remained some of the most preferred platforms for app development. As blockchain technology continues to grow, developers have found ways to build apps on these platforms, bringing the benefits of decentralization onto the app development market.
At the moment, ethereum is the leading platform for development of such apps with over 1000 Decentralized applications (dApps) developed so far. This market is rapidly growing. ProximaX is a new platform powered by the NEM (XEM) blockchain. Its goal is aimed at enabling applications across different industries and development of decentralized applications.
Decentralized crowdfunding has risen in popularity in the recent past after cryptocurrencies gained massive coverage. Many businesses and start-ups have adopted this model allowing individuals to make small contributions towards projects whose funding was previously limited to financial institutions and other sophisticated investors. Funds have however been channeled through centralized systems developed to act as intermediaries between businesses and the individuals with funds to invest.
Developments in blockchain technology and decentralized applications platforms have created an opportunity to eliminate the need for intermediaries in crowdfunding. Through dApps such as Weifund, lighthouse among others, investors are now able to send money to project managers directly without the need for a middleman.
NEM (XEM) was developed as a platform for enterprises to develop products and systems to make their operations more efficient. One of the capabilities of the NEM blockchain has been the ability to enable users to create new crowdfunding platforms or use it as a backend for existing ones. It even allows users to create new digital coins or tokens which can be used to facilitate crowdfunding. By bringing capabilities for the development of decentralized applications onto the platform, NEM has created more opportunities for users to develop customized funding tools to enable them grow and improve their businesses.
Through ProximaX, the range of possibilities on the greater NEM blockchain ecosystem has been further diversified. Users have more flexibility in terms of the kind of products they can develop while at the same time having the tools for raising funds for new projects on the same platform. ProximaX also opens up new channels through which businesses can connect with their clients in a secure and efficient manner. Funds can be raised directly from individuals and products can be targeted and offered directly to clients without the need for intermediaries.
Traditional financial institutions and sophisticated investors also have an opportunity to embrace this new crowdfunding tools to expand their reach. Already, leading banks in the US, India and Japan are using NEM to create their own blockchains to store and distribute data. These institutions can take advantage of the new funding tools available on the platform to access investment opportunities previously inaccessible to them due to limitations in traditional funding models.
Decentralized application development capabilities brought to the NEM ecosystem through ProximaX is expected to increase traffic in the ecosystem. In addition, the use of NEM based digital coins and tokens is expected to increase as more and more users move onto the platform. NEM (XEM) therefore remains one of the most promising blockchain platforms due to its flexibility, scalability and the continued expansion of its capabilities.