This article delves into the intricacies of the Prom cryptocurrency project and its native token, PROM. We will explore various aspects of the project, including its technological framework, tokenomics, ecosystem, and potential growth prospects. Our goal is to provide a comprehensive understanding of Prom, highlighting its unique features and future potential within the blockchain and cryptocurrency landscape.
What is Prom?
Prom is a cutting-edge blockchain project designed to bridge the gap between Ethereum Virtual Machine (EVM) and non-EVM compatible networks. It achieves this through a modular zkEVM Layer 2 solution, which enhances interoperability across various blockchain ecosystems. Prom submits its proofs of transactions to multiple chains, utilizing zero-knowledge proofs (zkSNARKs) to ensure cost-efficiency and high-speed scalability. The native token, PROM, powers this ecosystem, facilitating transactions, governance, and access to network services, making it integral to the platform’s operations.
History of the Project
Prom was conceived by a team of experts with diverse backgrounds, united by a vision of decentralized and uncensored communication. The project, initially focused on providing a reliable and anonymous data exchange framework, has evolved significantly since its inception.
Key milestones in Prom’s development include:
- Foundation: The project was founded in 2019 with the goal of addressing the challenges in data brokerage and enhancing user data monetization.
- Technological Development: Early on, Prom integrated with the medical and insurance sectors, showcasing its versatility in decentralized applications.
- EVM Compatibility: Prom adopted a zkEVM Layer 2 approach, enabling seamless integration with existing Ethereum infrastructure and minimizing development overhead for decentralized applications (dApps).
- Token Launch: The PROM token was launched to power the ecosystem, facilitating transactions, governance, and access to network services.
- Scalability and Security Enhancements: Prom leveraged advanced technologies such as zkSNARKs and Polygon Zero to enhance transaction speeds and security, ensuring robust Layer 2 scalability.
By focusing on interoperability, security, and cost-efficiency, Prom has positioned itself as a significant player in the blockchain space, continuously evolving to meet the needs of its diverse user base.
How Prom Works
Prom operates on a sophisticated technological framework that leverages zero-knowledge proofs (zkSNARKs) and zkEVM to achieve interoperability and scalability across multiple blockchain ecosystems. The primary aim is to bridge Ethereum Virtual Machine (EVM) compatible and non-EVM networks, facilitating seamless transactions and interactions between them.
Technological Foundation
Zero-Knowledge Proofs (zkSNARKs):
Prom utilizes zkSNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) to enhance the efficiency and privacy of its transactions. This technology allows one party to prove to another that a statement is true without revealing any information beyond the validity of the statement itself. This ensures cost-effective and secure transactions, reducing the need for extensive computational resources.
zkEVM Layer 2 Solution:
The zkEVM (zero-knowledge Ethereum Virtual Machine) Layer 2 solution is central to Prom’s architecture. It allows Prom to execute smart contracts and process transactions off the main Ethereum chain, which significantly reduces gas fees and enhances transaction throughput. By submitting proofs to the main chain, zkEVM ensures the integrity and security of the off-chain transactions.
Polygon Integration:
Prom leverages Polygon’s technology to further enhance its scalability and cost-efficiency. Polygon Zero, a component of the Polygon ecosystem, provides high-speed transaction capabilities through advanced recursive STARK technology. This integration ensures that Prom can handle a high volume of transactions quickly and efficiently.
Distinctive Features
Interoperability:
Prom is designed to facilitate interactions between different blockchain networks. By supporting both EVM and non-EVM compatible chains, it enables a wide range of decentralized applications (dApps) and services to interoperate seamlessly.
Scalability:
The use of zkSNARKs and zkEVM allows Prom to scale effectively, handling large volumes of transactions without compromising on speed or security. This scalability is crucial for supporting the growing demand for blockchain-based solutions in various sectors.
Security:
Prom combines the security features of Ethereum with the efficiency of zk proofs. This hybrid approach ensures that transactions are both secure and immutable, protecting the network from potential attacks and ensuring the reliability of its operations.
Blockchain and Consensus Mechanism
Blockchain Structure:
Prom’s blockchain architecture is based on a modular design that supports multiple consensus mechanisms and interoperability protocols. This modularity allows for flexible and scalable deployment across different blockchain networks.
Consensus Mechanism:
Prom employs a Proof-of-Stake (PoS) consensus mechanism. In PoS, validators are selected based on the number of tokens they hold and are willing to “stake” as collateral. This mechanism is more energy-efficient compared to Proof-of-Work (PoW) and provides robust security against attacks. Validators in the Prom network are incentivized to act honestly through rewards and penalized for malicious behavior through mechanisms like slashing, where part of their staked tokens can be forfeited.
Technical Details:
- Block Creation: Validators in the Prom network create new blocks by proposing and validating transactions. Each block includes a list of transactions, cryptographic signatures, and other relevant data, ensuring the integrity and authenticity of the information recorded.
- Sybil Resistance: The PoS mechanism ensures resistance to Sybil attacks by requiring validators to stake a significant amount of tokens. This economic stake discourages malicious activities, as validators stand to lose their staked tokens if they act dishonestly.
- Fork Choice Rule: In cases where multiple blocks are proposed, the network uses a fork choice rule to determine the canonical chain. This rule selects the chain with the greatest cumulative stake, ensuring that the most economically invested validators have the most influence on the network’s state.
By leveraging these advanced technologies and consensus mechanisms, Prom ensures a highly efficient, secure, and scalable blockchain platform capable of supporting a wide range of decentralized applications and services.
Tokenomics of Prom
PROM is the native token of the Prom project, a decentralized platform that enhances interoperability across various blockchain networks, particularly focusing on EVM and non-EVM compatibility through its zkEVM Layer 2 solution. The PROM token is not a standalone coin but a utility token integral to the ecosystem’s operations.
Token or Coin?
PROM is classified as a token rather than a coin. While coins typically operate on their own blockchains (like Bitcoin or Ethereum), tokens are built on existing blockchain infrastructures. PROM operates on the Ethereum blockchain, leveraging its robust security and infrastructure.
Token Emission Model
PROM has a capped total supply model, with a maximum supply set at 19.25 million tokens. The circulating supply of PROM currently stands at approximately 18.25 million tokens. The emission model is designed to control inflation and ensure the token’s value remains stable over time.
Utility and Function
The PROM token serves multiple essential functions within the Prom ecosystem:
- Transaction Fees: PROM is used to pay for transaction fees within the network. This includes fees for transferring assets, executing smart contracts, and other network activities.
- Governance: Token holders have governance rights, allowing them to participate in decision-making processes that affect the future development of the Prom network. This decentralized governance model ensures that the community has a say in key project decisions.
- Staking and Incentives: PROM can be staked by validators to participate in the network’s Proof-of-Stake consensus mechanism. Validators are rewarded with PROM for securing the network and validating transactions, creating an incentive for honest participation.
- Access to Services: The token is also used to access various services within the Prom ecosystem, such as deploying dApps, minting NFTs, and engaging in decentralized finance (DeFi) activities.
Price and Market Performance
As of the latest data, the price of PROM is approximately $10.64. The token has experienced significant price fluctuations, reaching an all-time high of $106.12 and a low of $0.10. Over the past year, PROM has shown substantial growth, reflecting its increasing adoption and utility within the blockchain space.
Market Statistics
- Market Cap: $193.3 million
- Circulating Supply: 18.25 million PROM
- Total Supply: 19.25 million PROM
- 24-Hour Trading Volume: $3.45 million
Summary Table
| Metric | Value |
|---|---|
| Price | $10.64 |
| Market Cap | $193.3 million |
| Circulating Supply | 18.25 million PROM |
| Total Supply | 19.25 million PROM |
| 24-Hour Volume | $3.45 million |
| All-Time High | $106.12 |
| All-Time Low | $0.10 |
Prom’s tokenomics are designed to create a sustainable and efficient ecosystem that rewards participants and maintains the network’s security and functionality. Through its various use cases and controlled emission model, PROM aims to foster a robust and decentralized platform for future blockchain applications.
Where to Buy PROM Cryptocurrency
PROM, the native token of the Prom ecosystem, can be purchased on several well-known cryptocurrency exchanges. Here are some of the major platforms where you can trade PROM:
- Binance is one of the largest cryptocurrency exchanges in the world, offering a wide range of trading pairs for PROM. It provides advanced trading tools and high liquidity, making it an excellent choice for both novice and experienced traders.
- HTX, previously known as Huobi, is another major exchange where PROM is available. HTX offers a robust trading platform with a variety of features including spot trading, futures, and staking services.
- Gate.io is a popular exchange known for listing a wide array of cryptocurrencies. PROM is available for trading here, and Gate.io provides a user-friendly interface along with various trading tools.
- BingX is renowned for its derivatives trading, but it also offers spot trading for cryptocurrencies including PROM. It provides a secure and efficient trading environment with competitive fees.
- KuCoin is a globally recognized exchange offering PROM trading pairs. It features a comprehensive trading platform with advanced tools, low fees, and a strong focus on security.
Where to Store PROM Tokens
Storing your PROM tokens securely is crucial to protecting your investment. Here are some recommended wallets and storage options:
- MetaMask is a widely used Ethereum wallet that supports ERC-20 tokens, including PROM. It is available as a browser extension and a mobile app, providing an easy way to manage your tokens and interact with decentralized applications (dApps).
- Ledger hardware wallets, such as the Nano S and Nano X, offer offline storage for your PROM tokens. These devices provide an extra layer of security by keeping your private keys offline and safe from potential online threats.
- Trust Wallet is a mobile wallet that supports a variety of cryptocurrencies, including PROM. It offers a user-friendly interface, secure storage, and the ability to interact with dApps directly from the wallet.
- Trezor is another reputable hardware wallet that supports PROM tokens. It provides secure offline storage and integrates with various wallet interfaces for easy token management.
- MyEtherWallet is a popular web-based wallet that allows you to store and manage ERC-20 tokens like PROM. It offers a secure and easy-to-use interface for interacting with the Ethereum blockchain.
These wallets and exchanges provide a range of options for both buying and securely storing your PROM tokens, ensuring you can manage your investments effectively while keeping them safe.
Prospects of the Prom Project
Growth Prospects
The growth of Prom is rooted in its advanced technological framework and its capacity to bridge multiple blockchain ecosystems. By leveraging zkEVM and zkSNARKs, Prom ensures efficient and scalable transactions, making it an attractive solution for developers seeking high-performance blockchain interactions. The integration with Polygon Zero further enhances transaction speeds, positioning Prom as a leader in the decentralized application space.
Clients and Partners:
Prom’s clientele includes developers and businesses that require robust and scalable blockchain solutions. Some notable partners enhancing its ecosystem include:
- Polygon: Integration with Polygon Zero technology for enhanced scalability and speed.
- Ethereum: Utilizing Ethereum’s Layer 2 security measures to ensure data integrity.
- Various EVM and non-EVM chains: Ensuring interoperability across different blockchain networks.
Project Ecosystem
The Prom ecosystem is designed to foster a seamless interaction between EVM and non-EVM compatible networks, providing a modular zkEVM Layer 2 solution that enhances interoperability and efficiency. Key components of the ecosystem include:
- Transaction Management: PROM tokens facilitate fast and cost-efficient transactions within the network.
- Governance: PROM holders participate in governance, influencing the development and strategic direction of the network.
- Staking: Users can stake PROM tokens to support network security and earn rewards.
- Node Setup: Individuals can set up nodes to contribute to the network’s decentralization and security.
- Decentralized Applications (dApps): Prom supports a wide range of dApps, enabling various decentralized finance (DeFi) activities and NFT minting.
Key Players in the Ecosystem:
- Validators: Ensure the security and integrity of the network through staking and validating transactions.
- Developers: Utilize Prom’s infrastructure to build scalable and efficient dApps.
- Token Holders: Participate in governance and staking, driving the network’s growth and development.
Forecast for Development
Prom’s development trajectory is promising, with its technology positioning it well for future growth. The continuous enhancement of interoperability and scalability features will likely attract more developers and businesses to its ecosystem. Additionally, the increasing adoption of zkEVM and zkSNARKs technologies will further solidify Prom’s place in the blockchain industry.
Conclusion
In summary, the Prom project presents a compelling case for the future of decentralized finance and blockchain technology. By fostering interoperability across diverse blockchain networks and offering robust solutions for scalability and security, Prom aims to address some of the critical challenges faced by the industry. With its innovative approach and strong technological foundation, Prom is well-positioned to make significant strides in the evolving digital economy.
