13 September, 2022
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LOX Network Start of Week Update | Sept. 12, 2022

13 September, 2022

Kicking off the week with some good news!

Last update, we stated that we were considering adding LOX and the other Smart tokens to the MetaLOX rewards program after successfully evaluating the program’s start. Many in the community asked if it was possible for that idea to be scratched and simply start the program as soon as possible.

You asked, we listened.

LOX, SmartLOX and SmartNFT will be joining the MetaLOX reward 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, will have a 100% APY.

We know you have been asking and patiently waiting, so this is our way of saying thank you! It’s been an amazing journey so far with more incredible things to come very soon.

As we make progress on the LOX Network bugs discovered a little more than 10 days ago.

The issues we faced came from some of the libraries. More specifically:

  • SignTransaction (Not Working)
  • SendRawTransaction (Not Working)
  • WriteTransactions (Not Working)

These now seem to be fixed. We estimated 10-11 days to complete and very nearly hit that estimate right on the head with implementation as shown in demo. Now, RPC is working with Metamask to deploy the Smart Contracts and Transfer Tokens from one account to another. We plan to do final testing this week. Otherwise, things are going to plan and we can resume our normal development roadmap.

Rewards Program

Some wallets may have noticed a random MetaLOX drop. This was the first of our 100% APY drops and was simply a test to see if the script worked as intended. Despite this being only a test, we used actual MetaLOX tokens — not a testnet version. We will continue to do a few more tests as we near the scheduled October 1 launch.

Now, remember, this is our homebrewed XRPL “staking” solution, not a true staking program as you may see on Ethereum, for example. Our solution is to use trustlines and snapshots. From a purely technical point-of-view, it’s a daily snapshot with a daily airdrop. From the holders’ point-of-view, the end result is similar to collecting rewards from staking.

There’s really not much to it: hold your LOX ecosystem tokens in a self-custody wallet compatible with the XRPL, like XUMM. Then receive your fair share of MetaLOX tokens daily in that self-custody wallet. As your balance grows, each drop gradually becomes larger. We plan to start this program Oct. 1. We do not have a scheduled or expected end date as of now, but will announce in due time.

If you choose to participate in our self-custody LOX rewards program, we encourage you to begin moving your tokens to an XRPL compatible self-custody wallet. We prefer XUMM ourselves. You are free to choose whatever XRPL compatible self-custody wallet that you are most comfortable with. Please understand if you have any questions, that our answers will be based on XUMM’s layout.

We also need to clarify that tokens that are currently held in open orders cannot be seen by our script. On the XRPL, tokens you hold that have on the built-in DEX orderbook are differentiated from tokens you hold off the orderbook. The script we wrote only “sees” tokens not on the orderbook. Meaning, if you currently own 5000 LOX tokens, but have 1000 LOX tokens on the orderbook to trade for XRP, the script will only see the 4000 tokens that are currently not in the book and base your fair share APY on those tokens not in the orderbook. This is the same answer regardless of what interface you choose to access the only DEX on the XRPL — XRPL’s built-in DEX — as each interface is the exact same under the hood just with a different coat of paint.

This is not to discourage you from trading LOX tokens for any other token, of course. This is simply a clarification to some questions we received. We want you to have as much information as possible so you can make whatever you feel is the right decision.

Updates

Also next month, we will begin the full transition to our new update strategy. Updates will shift to larger, monthly newsletters — more in line with what many projects do on Medium — but we will publish our updates on our website. This will give us more time to discuss in greater detail important topics and minimize the fluff that some of the updates have suffered from.

Of course, we won’t be leaving our #LoxFamily in the dark.

Any important information and reminders that comes up will simply be redirected to our social media channels.

This does a few things: 1) It helps our own SEO to encourage organic growth, 2) allows our devs to focus on the project instead of being interrupted for what appears to be minor progress reports and 3) allows us to spend more time on social media to, well, be more social.

Wrap Up

Speaking of social media, please be sure to follow MetaLOX on Twitter (the handle should read @LoxMeta). One, our primary account, Lox Network, is locked out for now while we’re waiting on Twitter Customer Service to help us. Two, we would love if you supported the overall development of the ecosystem as the MetaLOX land registry begins Sept. 16. It’s a free land ownership registration, so get in to be in with a chance to own your own property or business in the MetaLOX metaverse.

As we get ready to launch MetaLOX, we have not and will not take our foot off the gas on LOX Network and SmartLOX mobile security application development. It’s absolutely not forgotten. Once the technical issues are fully resolved, we’ll be back to a full court press to get realigned back onto the roadmap.

Last, start shifting your tokens to self-custody if you choose to participate in:

LOX’s crazy 300% APY

SmartLOX and SmartNFT’s 200% APY

And MetaLOX’s 100% APY

Thanks for the support as always, #LOXFamily! – Team LOX

  • Editor’s note: We had published conflicting information on the MetaLOX land registry start date. The updates have stated the registry opens Oct. 16, but that is incorrect. The correct date is Sept. 16 as seen on the MetaLOX Twitter page. We apologize for the confusion. This update has been corrected to reflect the Sept. 16 date.

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