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A Layer 2 Network for Data Storage and Exchange.
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Prometeus is a layer 2 decentralized framework built by Prometeus Labs that aims to provide trustless and anonymous data storage and exchange. Communication between Prometeus nodes occurs on Binance Smart Chain, while digital content is stored utilizing Arweave and distributed via Sia Skynet.
PROM is the native utility token of Prometeus and is planned to serve the following functions:
Network Consensus: upon mainnet launch, users will need to stake PROM to participate in the Proof of Staked Authority (PoSA) network consensus and receive PROM rewards in return.
Payments: PROM also serves as the medium of payment for services on Prometeus-based applications, such as Stoa (a decentralized data monetization platform) and Ignite (a decentralized social network).
The protocol consists of the following major components:
Service Nodes: manage data storage and access rights, in addition to securing the network.
Validators: perform authentication of market data and bear responsibility for payments of rewards.
DataMarts: perform secure searches of the data stored throughout the network and offer purchase access for consumers.
The project raised 4.85MM USD for 24.25% of the PROM total token supply in June 2019. 4.00MM USD was raised in a private sale and an additional 0.85MM in an IEO. The price for both rounds was 1.00 USD / PROM.