PeerStream Launches First Functional Component of PSP Live on ProximaX Public TestNet
PeerStream Protocol (“PSP”), an Innovative Delivery Platform for Voice, Video and Data, Presently in Development for Blockchain Integration, Has Been Partially Integrated into the ProximaX Sirius Platform for Real-Time Testing
NEW YORK, NY, Jan. 24, 2019 (NewMediaWire) -- PeerStream, Inc. (“PeerStream,” the “Company,” “we,” “our” or “us”) (OTCQB: PEER), a global internet solutions provider driving adoption of emerging blockchain technologies, today announced that it has launched the software component of PSP that handles secure and private point-to-point data and text routing. As a result of the launch, this functional component of PSP has been integrated into the ProximaX Limited (“ProximaX”) Sirius platform’s public blockchain testnet for developer access.
ProximaX is building a next generation blockchain platform and protocol enhanced with four major functional components: a decentralized database, a decentralized file management system, a consensus layer and a multimedia communications layer. Pursuant to PeerStream’s technology services agreement with ProximaX, PeerStream has agreed to license and integrate PSP as the multimedia communications layer of the final ProximaX Sirius platform, which is expected to launch later in 2019. PeerStream has been building PSP in parallel with the development of the ProximaX Sirius platform by its team. This code is now live on the ProximaX TestNet.
“We believe that this is a major step toward completion of PSP, and significant progress in the fulfillment of our technology services agreement with ProximaX,” said Alex Harrington, CEO of PeerStream. “We are excited about the prospect of showcasing the expanded capabilities of the protocol in the next release of PSP. We are receiving positive market feedback and interest in the integration of video and communication capabilities into ProximaX’s Sirius platform, and continue to work closely with their team towards a completion date later in 2019.”
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 PeerStream Protocol (“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 launched in private beta form in December 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; development and acceptance of blockchain technologies and the continuing growth of the blockchain industry; legal and regulatory requirements related to the use of blockchain, us investing in cryptocurrencies and accepting cryptocurrencies as a method of payment for our services, the use of the internet and privacy and protection of user data; 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 manage our partnerships and strategic alliances, including the ability of our partners to satisfy their obligations under these arrangements; and our ability to effectively consummate one or more strategic alternatives with respect to our non-core properties. 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