PeerStream Hooks Lon Wong’s ProximaX as First Client

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Blockchain-based content streaming service provider PeerStream announced on Thursday that it had signed document storage and streaming platform ProximaX, as its number one client for its market-ready business service. ProximaX is led by Lon Wong, President of the NEM.io Foundation.

PeerStream (OTCQB: PEER), formerly known as Snap Interactive, has a long history of technology innovation, holding a total of 26 patents, according to its statement. It will licence its PeerStream Protocol (PSP) technology and integrate it into ProximaX’s platform for decentralized document proofing and storage, supplying the multimedia streaming and communications application layer for messaging and content delivery.

ProximaX founder Lon Wong said, in a statement: “ProximaX sets itself apart by elevating blockchain technology to a higher playing field. With the inclusion of PeerStream Protocol, we are now able to include capabilities beyond document proofing and storage solutions, such as messaging and streaming content delivery. The end result is an enriched and highly extensible platform for building decentralized applications.”

In return for PeerStream’s technology license and services, ProximaX will pay a mix of cash and /ProximaX tokens, undertaking to attain agreed funding targets in its future planned initial coin offering (ICO). PeerStream, in turn, has agreed to deliver specific service milestones.

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PeerStream said it anticipates channelling much of the upfront portion of the service fees into accelerating PSP development and enhancing its business solutions service capabilities.

Eric Sackowitz, CTO of PeerStream said, in a statement: “Going forward, PeerStream will look to make PSP a widely used open-source standard for blockchain-based decentralized multimedia streaming and communications.  We expect our Business Solutions team will work with app developers and corporate clients to integrate PSP and other solutions to power applications like live video entertainment, multimedia messaging, video conferencing, live streaming amateur content creation and more.”

“Lon and his team are true thought leaders in blockchain, and their choice of our technology to power multimedia content delivery for ProximaX is a great validation of our plans for PSP and our Business Solutions services,” added Alex Harrington, CEO of PeerStream, in a statement.

For more information, visit: http://www.peerstream.com

About David Bentley

David Bentley is an experienced financial writer and communicator specializing in offshore financial services, hedge funds and technology.

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