05 September, 2022
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Monthly ALA (Ask Lucas Anything)

05 September, 2022

SKIBOY: Still on track for tech paper, website, and updated roadmap this month?

LUCAS: Yes, all in September!!

SKIBOY: I see the LOX wallet is getting low on tokens. How many of each of the three tokens supply do Bitrue have as rewards for power piggy and will be returned to LOX when PowerPiggy ends?

LUCAS: The agreement with Bitrue is to continue until all the tokens we initially allocated have been depleted

JPW88: Are there some plans to promote the lox trio? Last time you told us you will use YouTubers.

LUCAS: Yes this is still the plan but we are holding back until we have a working product and network so we have something to shout about, at the moment it will be a waste of

money and resources.

SKIBOY: I was thinking in terms of ongoing funding past the monies from the IDO?

LUCAS: We still hold a lot of our XRP but the value is low for the time being ☹

Jpw88: I also wonder how much circulating supply there is?

LUCAS: We have sent the API for this and should be visible via coinmarketcap and coingecko soon.

Hina: Has the schedule changed for the metaLOX information scheduled for the end of August?

LUCAS: Slightly delayed but we are working on launching this very soon, infect this is something I would like to dive a little deeper into today.

Zero Balance: When is the expected release of smartlox app?

LUCAS: External beta December.

Jpw88: BSC updates?

LUCAS: No further updates as we need to test the build on the testnet once its launched. Mostly built out and ready for testing.

HINA: Will metaLOX be used for auctions?

LUCAS: MetaLOX and all the trio tokens will be used as well as eth USD and BTC. There will be additional bonuses for MetaLOX token sales or Land purchases.

Hina: What can you get from owning land other than the rewards?

LUCAS: You can buy, sell or trade the land, most importantly this is your place within MetaLOX, a place you can build a personal experience.

Jpw88: Can we read more about MetaLox somewhere?

LUCAS: Website and white paper but we will need to wait for the LOX website to go live first.

Hina: Will you need VR goggles?

LUCAS: Optional, we will focus more on AR to be fair.

Hina: Will Lucas also buy land?

LUCAS: I will register my address.

Jpw88: Some news about Bitmart? Like volume and stuff, how well is it going lox?

LUCAS: For us it’s just another platform so more people can hear about us etc, we don’t and can’t comment/talk about price volume etc.

Hina: What will be included in the tests published in September?

LUCAS: Nodes and validators are expected to be live, EVM compatibility is expected to be included in the initial launch.

Jpw88: Are there more platforms coming in the near future?

LUCAS: It will be a work in progress.

Hina: Want to recruit validators for your testnet? I don’t think the number of validators will increase with the current LOX price after the mainnet launch, but do you have any thoughts?

LUCAS: We will be looking for people to become test validators, these initial validators will be getting early bird rewards at an accelerated rate.

Skiboy : Smarts on Bitmart soon?

LUCAS: We will be looking towards the end of the year or early part of next.

Hina: You said that the number of issued LOX will increase and it will be allocated as a reward but is it the same for SmartNFT and SmartLOX?

LUCAS: SmartLOX and SmartNFT will remain unaffected for the foreseeable future.

Skiboy: The supply is capped at 1 billion. Can you explain this, please?

LUCAS: SmartNFT and SmartLOX will remain fixed. LOX will need to change and a new tokenomic is going to be available with the updated whitepaper v3.0.. being a mainnet token used for rewards and gas fees etc the token needs a burn and mint function to maintain a healthy ecosystem.

You will have the option to bridge your XRPL based tokens to native LOXNet based tokens.

Jpw88: What does this mean? What if we don’t?

LUCAS: This means it’s optional, nothing will change if you wish to keep them as XRPL-based tokens, but to interact with the LOX blockchain you will need your tokens on the LOX Blockchain.

But with new staking rewards for all tokens to be paid in the native lox will be a good reason most will want to cross over.

So if you keep the XRPL LOX tokens you can trade them as usual on the exchanges or keep them in your xumm wallet, if you want to earn new rewards then it will be on the bridged native LOX tokens on the LOX network.

if you want to pay for gas fees or transaction fees then you will again need them on the bridged LOXN tokens.

Hina: What percentage reward can I expect from becoming a LOX NETWORK validator?

Lucas: This you will need to wait and read in the new paper.

Jpw88: Xprl and loxn tokens will they have the same value?

LUCAS: Value will be the same but the ratio may change

in fact it is due to change.

Jpw88: Can you clarify this?

Less tokens you mean?

LUCAS: We want to lower the number of tokens on the launch of the mainnet so what we propose to do is offer 2:1 so for 2 LOX XRPL tokens you will get 1 LOXN LOX token but the LOXN version will be worth twice as much, this means the physical value of your asset/wallet does not change.

Hina: What is your reason for wanting to reduce it?

LUCAS: Launching with a smaller supply will help give us additional headroom to grow and expand.

Hina: Is the validator easy to set up?

LUCAS: Solulab has made it easy but Jamal our internal Devops engineer is working on making it even better and as simple as installing an app with a few clicks.

Hina: Are meetings with cryptocurrency exchanges continuing? Are there any exchanges to look forward to after Bitmart?

LUCAS: We have active conversations and ongoing talks all the time, this is not going to change so yes there will be more but who what when I could not say.

Some of the Plans for MetaLOX

We have been working on the launch map that is to be LONDON!

London is made up of 33 districts or boroughs as they are called in the UK. These include 32 London boroughs and the City of London being its own district.

32 of the 33 boroughs will be auctioned, each borough is made up of approximately 10 post codes, zip codes to some.

The owners of the borough will then get 2 postcodes areas and 8 will be actioned off in the second round. The borough owner will get rewards and commission from the other 8 postcodes that are actioned off in round 2.

Each post code area is made up of many streets and blocks, these will come into play in round to and the above process will be repeated and then each block will be further divided into actual plots of land with physical addresses.

Each round before the next will gets benefits and rewards from subsequent round or rounds.

Landowners and landlords will be able to register to own the digital twin of the physical property or land.

The 33rd brought will be saved for commercial partnerships and form the business and commercial area within the MetaLOX London map.

© LOX Technology Limited
Company No.13083900  .