08 April, 2022
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End of week update

08 April, 2022

Wrapping up yet another week! We’re grinding along and excited for what’s to come in the very near future!

$MetaLOX

Earlier, we mentioned that we will airdrop 1 $MetaLOX to 500 people to serve as an invitation to test Lox Network products before they’re released. We were also looking for the fairest way to distribute 500 $MetaLOX to 500 wallets.

After a week of thought, a lot of discussion and taking feedback from the community, the general consensus is to break it up into two events; one for top holders of each token and one for handpicked community members who are very active and have been for quite some time. This means we’ll reserve 100 $MetaLOX for each of the Top 100 wallets of each token and, at minimum, 200 $MetaLOX for the handpicked community members.

The first problem you may notice is that we also stated that we will only airdrop 1 $MetaLOX to an address, but our proposal above could have obvious overlap if a whale has accumulated each token heavily and is very active in the community. This is a problem that is easily solved with a simple Excel spreadsheet.

The first event will snapshot each of the Lox Trio tokens — $LOX, $SmartLOX and $SmartNFT. That information will allow us to generate the spreadsheet identifying the Top 100 holding wallet addresses from each snapshot. We’ll simply then cross-reference those addresses against each other to eliminate duplicate addresses. For each duplicate eliminated, that adds one additional token to the handpicked pot.

For example, if rf1BiGeXwwQoi8Z2ueFYTEXSwuJYfV2Jpn is a Top 100 holder in each of the Lox Trio and has their address listed three times in the spreadsheet, we’ll simply delete two instances and reallocate those two $MetaLOX to the handpicked pot raising the handpick reserve from 200 to 202. And so on. It’s not perfect, and there are probably still ways for someone to try to give themselves more than 1 $MetaLOX, but that’s the beauty and beast of working in the decentralized XRPL. Our goal is to minimize that risk as much as possible to have 500 beta testers who are either active in the community or have significant financial interests on the business side.

As for the remaining $MetaLOX, many of you reading this may already have several names come to mind who you feel will contribute to the beta tests and we’d love for you to give them a shout out!

That said, nothing is final until it’s final. If you have a better idea, please feel free to share in our Discord or Telegram.

Wrap Up

There’s a lot more we’d like to discuss, but we’re just not quite there yet. In fact, the next several updates may feel repetitive. We’re re-scheduling with JTXRP, though due to time zones, conflicting work schedules and other complexities, it may need to be a pre-recorded event that airs later this month. On the development side, backend microservices are up and running, we are adding content and finishing touches to the SmartLOX website, our private chain is live and we are working to get the public side up soon. We also don’t want to count our chickens before the eggs hatch, so we’ll see you next week. Thanks as always #LoxFamily! – Team LOX

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