PeerStream Client, ProximaX, Launches Its First Blockchain Test Network
PeerStream Working in Parallel on Video Streaming Layer
NEW YORK, NY, Nov. 20, 2018 (NewMediaWire) -- PeerStream, Inc. (“PeerStream,” the “Company,” “we,” “our” or “us”) (OTCQB:PEER), a global internet solutions provider driving adoption of emerging blockchain technologies, today released an update on its collaboration with its Business Solutions client, ProximaX Limited (“ProximaX”). ProximaX recently announced that it launched the first test network (“TestNet”) of the blockchain layer of the ProximaX Sirius platform, which is an important milestone for this promising development platform. PeerStream has been a contributor to the project since its launch in April 2018, and the foundational TestNet launch will provide a platform for future software and services provided by PeerStream.
ProximaX is building a next generation blockchain platform and protocol enhanced with three major functional components: decentralized database, decentralized file management system, and multimedia communications. Pursuant to PeerStream’s technology services agreement with ProximaX, PeerStream has agreed to license and integrate PeerStream Protocol (“PSP”) as the layer responsible for providing the multimedia communications of the final ProximaX Sirius platform, which is expected to launch by the summer of 2019. PeerStream has been building PSP in parallel with the ProximaX team’s work.
“Deploying the TestNet is an important first step towards the launch of the ProximaX production main network, which is expected in 2019. Future TestNet updates will integrate the platform’s differentiating features, such as the live video streaming and communications protocol that PeerStream is providing. We are collaborating on a daily basis with the ProximaX core team and are pleased with the significant progress that has collectively been made,” said Eric Sackowitz, Chief Technology Officer of PeerStream.
About PeerStream, Inc. (OTCQB: PEER)
PeerStream is a global internet solutions provider pioneering the real-world adoption of emerging blockchain technologies by developing software, services and applications for corporate clients and consumers. The Company’s Business Solutions group is able to provide advisory and implementation services to enterprise clients to help them meet strategic objectives using blockchain technology. PeerStream also will be supporting clients’ transition to blockchain through license of proprietary software such as PSP, a protocol for decentralized multimedia communications and live video streaming currently in development. For nearly twenty years, the Company has built and continues to operate innovative consumer apps, including Paltalk, one of the largest live video social communities, and Backchannel, a blockchain-based secure video messaging app expected to launch in private beta form in late 2018. PeerStream has a long history of technology innovation and holds 26 patents.
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This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties related to our increasing focus on the use of new and novel technologies, such as blockchain, to enhance our applications, and our ability to timely complete development of applications using new technologies; our ability to effectively market and generate revenue from our new business solutions unit; our ability to generate and maintain active subscribers and to maintain engagement with our user base; development and acceptance of blockchain technologies and the continuing growth of the blockchain industry; the intense competition in the industries in which our business operates and our ability to effectively compete with existing competitors and new market entrants; legal and regulatory requirements related to us investing in cryptocurrencies and accepting cryptocurrencies as a method of payment for our services; risks related to our holdings of XPX tokens, including risks related to the volatility of the trading price of the XPX tokens and our ability to convert XPX tokens into fiat currency; our ability to develop functional new blockchain-based technologies that will be accepted by the marketplace, including PSP; our ability to obtain additional capital or financing to execute our business plan, including through offerings of debt, equity or initial coin offerings; our ability to develop, establish and maintain strong brands; the effects of current and future government regulation, including laws and regulations regarding the use of the internet, privacy and protection of user data and blockchain and cryptocurrency technologies; our ability to manage our partnerships and strategic alliances, including the resolution of any material disagreements and the ability of our partners to satisfy their obligations under these arrangements; our ability to effectively consummate one or more strategic alternatives with respect to our non-core properties; our reliance on our executive officers; and our ability to release new applications on schedule or at all, as well as our ability to improve upon existing applications. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov.
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IR Contact: IR@peerstream.com