LOX Technology was founded with the ambitious aim of revolutionizing mobile security and combating the rise in mobile device theft worldwide. We’re leveraging the power of blockchain technology to create the world’s first global decentralized mobile device security network.
To help achieve this, we first developed the SmartLOX Mobile application. During development, however, a need for microtransactions — to help power SmartNFT functionality and our decentralized SmartLOX app — became apparent, due to using both the public and private sides of a blockchain network.
This needed to be done with minimal friction and at low cost. Our solution? Create a hybrid blockchain to combine the ideal elements of both private and public blockchains.
Read on to find out exactly what LOX Network is and how it’s serving SmartLOX — our very own decentralized security application.
LOX Network is an upcoming hybrid blockchain built with Hyperledger fabric and is essential for upholding the proof-of-ownership model at the core of our security network. It’ll house SmartNFT, our NFT platform, alongside the SmartLOX app.
Before learning what a hybrid blockchain is, you need to understand what public and private blockchains are.
Public blockchains are completely decentralized, peer-to-peer networks. Access to public blockchains is permissionless.
On the other hand, private blockchains have permissioned access with a centralised authority overseeing the ledger.
A hybrid blockchain combines elements of both. For example, records and transactions are private but can be made selectively available. Data remains verifiable on the blockchain but, to protect user security, access to private information is permission-based.
Our hybrid blockchain brings the best of both private and public blockchains together.
LOX Network is controlled by a singular organization, LOX Technology, however, a public blockchain oversees all transaction validation. Combining the strengths of both public and private blockchains ensures that the network remains decentralized without compromising security.
Having LOX Network sit on the XRP Ledger enables quick peer-to-peer value transactions at a low cost to the user, without the need for a middleman.
Hybrid blockchains are comparatively inexpensive and generally faster than public blockchains, as fewer nodes are needed to verify transactions.
Ripple’s XRP ledger is being utilized for its speed and cost-efficiency. For comparison, Bitcoin is currently running on almost 16,000 nodes, with Ethereum on nearly 6,000. Ripple runs on a mere 35 nodes.
Nodes are independent network operators. They record transactions and filter out invalid or fraudulent transactions, helping to keep LOX Network decentralized and secure. Owing to its speed, reliability, and cost-efficiency, Ripple’s XRP ledger is the ideal destination for recording transactions.
So, how exactly are we utilizing our hybrid blockchain for SmartLOX?
When creating NFTs, marking devices as lost, stolen, or found, or even offering and retrieving bounties in exchange for the safe return of missing devices, SmartLOX users record their device ownership status to the blockchain.
Anyone can access device status information, such as IMEI, on the public side of the blockchain. This aspect enables our decentralized blacklist to be accessible by default, realizing our mission of recovering devices through global data sharing.
LOX Technology’s private chain, meanwhile, will grant partnering branches of law enforcement specific data access. This allows police departments to verify basic device information by using the public LOX Network chain.
Where necessary, they can then trace the device’s transaction history using our hybrid blockchain.
We’re working alongside SoluLab, our official development partner for both the SmartLOX Mobile app and our forthcoming hybrid blockchain, to complete the LOX Network ecosystem.
The basics of the blockchain are currently in progress, with a tech stack including: Go Lang, RUST, Solidity, EJS, and NodeJS.
Additionally, we’re developing a proof-of-authority consensus mechanism and customized funding structure to incentivize and reward validators. We’ve also hired a CTO, helping to speed up delivery of the LOX Network ecosystem and bridge the gap between our offices and SoluLab.
LOX Network is a developer-friendly ecosystem with a community-centric platform, where users can vote on important decisions and get rewarded for participation.
Once the hybrid blockchain base is ready, users will be able to start developing their own apps and deploy them on the platform. This empowers other projects, businesses, and institutions to develop similar applications to our very own SmartLOX security app.
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