17 September, 2022
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Lox Network End of Week Update | Sept. 16, 2022

17 September, 2022

Wrapping up another busy week!

First off, we kicked off the MetaLOX Staking Program with tests drops for MetaLOX holders and then added LOX, SmartLOX and SmartNFT holders to the program.

We ran all four reward drops simultaneously. That created quite a bottle neck. Apart from that, the operation ran flawlessly.

We went back and tweaked the code to try again, but it’s simply not working as we originally hoped. Four scripts from a single location is causing issues, so daily rewards will run one after the other once we go live Oct. 1. Meaning, we’ll run the LOX script, then the SmartLOX script, then the SmartNFT script and finally the MetaLOX script in succession. On your side of things, the end result will be the same: daily rewards. The only difference will be rewards coming in throughout the day rather than in one drop.

As a result of the tweak to resolve the bottleneck, we ran two of the scripts twice. Meaning some lucky ones might have received as many as six rewards from today’s tests!

For those unfamiliar with the program, this is a great opportunity to reap some amazing rewards just for holding tokens in the LOX Network ecosystem. LOX will start with a crazy 300% APY and each of the Smart tokens will also have a huge 200% APY. MetaLOX, as previously stated in earlier updates, will have a 100% APY.

However, there appears to be a lot of confusion based on our data. While all MetaLOX holders are receiving rewards without issue, a large percentage of our LOX, SmartLOX, and SmartNFT holders are not receiving their rewards. We’ve found that it’s simply because those holders do not have a MetaLOX trustline.

The MetaLOX Staking Program rewards LOX ecosystem users with MetaLOX rewards. Meaning, each wallet needs a MetaLOX trustline regardless of what token each of our family members holds.

To be eligible for the MetaLOX Staking Program, you must self-custody your own tokens. We prefer XUMM ourselves and have only run our tests verifying results with our own XUMM wallet, but any XRPL compatible wallet should work just as well. You need to own at least 1 whole token of any of LOX, SmartLOX, SmartNFT or MetaLOX. Of course, you can own as many of any or all four as you please. Last, you need to have the MetaLOX trustline set in order to receive rewards.

For more information on the trustlines, please refer to the official documentation provided by the XRPL Foundation.

The sooner you set your MetaLOX trustline, the sooner you can start earning MetaLOX rewards simply by being a holder of any of the LOX ecosystem tokens!

MetaLOX London

The MetaLOX London land registry has also opened!

The process is simple. You register for land that you currently occupy, own or rent. Or, if you have a business that you own or rent land for, then you can register that land as well. In other words, you register your real world address and/or your business’ real world address. The first NFTs to be minted will be London addresses, but you can register your address from any part of the world. New York, Copenhagen, Tokyo, Manila. Any and all are welcome!

After we launch London, we will use the data to launch the next city based on registered addresses. The more people who register from your city, means your city could be next. So spread the word in your communities!

Feel free to stop by our Discord and Telegram to get more details. Or hit us up on Twitter!

AccuCities

Wrapping things up with a HUGE announcement!

We’ve officially partnered with AccuCities, our new tech partner providing us with accurate and realistic models of London! AccuCities have been building and perfecting maps and terrain information.

They’re expertise will save us so much time and money, but more importantly, will provide us the latest and most accurate maps and models of London handcrafted by industry experts. In short, the first city of our metaverse is mostly built already!

As our partners, AccuCities will provide us long term support pulling from their expertise, knowledge, experience and technology to map and recreate other cities that we plan to launch in MetaLOX.

We’ll also be using this data in our metaverse games, all powered by Unreal Engine, to recreate London in all of it’s 3D glory; it’s lighting, it’s shadows, it’s terrain, etc. The gathered data will help us both create NFTs and game designs! This is somewhat similar to Decentraland, but we also have the 3D model included that can be edited by the owner (to a point, but we can discuss in detail in AMAs).

London starts as is. But what will people build with it?

Take some time to check out our new partners and let us know what you think!

Thanks as always for your support, #LoxFamily! – Team Lox

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