Blockchain technology is a core aspect of many crypto projects and platforms. A distributed database shared across computer network nodes, blockchains securely store information, including transaction records, digitally. Blockchains structure data into individual blocks that are strung together. Once a block is filled the data is permanently set and can no longer be changed, and a new block in the chain is started.
Since the launch of Bitcoin in 2008, blockchain technology has continued to increase in popularity and use. The first blockchain was successfully secured in 1991, when Stuart Haber and Scott Stornetta cryptographically secured a chain of blocks together, paving the way for many cryptocurrencies and DeFi projects to follow.
There are four types of blockchain: public, private, consortium, and hybrid.
Public blockchain is a distributed ledger system that anyone can access, with little to no restrictions and permission-free. The most well-known public blockchains are Bitcoin and Ethereum.
Private blockchains, like Ripple and Hyperledger, operate on a closed network where users need access rights and appropriate permissions before use.
A consortium blockchain is a semi-decentralized blockchain that more than one organization collectively manages. Consortium blockchains are typically used by banks and governments. Examples include Energy Web Foundation and R3.
Hybrid blockchains combine both public and private blockchain settings to provide both a private permission-based system and a public permission-free system. This hybrid system allows users the flexibility to join a private blockchain with multiple public blockchains, giving users the best of both worlds.
So, who is LOX Network and how are we using blockchain technology to change the world?
LOX Network is striving to tackle the global smartphone crime epidemic with the world’s first global blockchain-based IMEI blacklist. Our project is designed to target and dismantle the mobile phone theft industry through a decentralized blacklist by providing a hybrid blockchain solution.
LOX Network uses a hybrid blockchain to increase smartphone security, it’s the core of our ecosystem and is essential for the proof-of-ownership model within our secure network. The hybrid blockchain, built with Hyperledger fabric, will house a unique dual-NFT model, combining both the SmartNFT and SmartLOX NFTs to bridge users’ digital and physical ownership and vastly improve the security of their wireless devices.
Our technology combines private and public blockchains into a single solution. We’re adopting key elements of NFTs, DeFi, and DAO to build our ecosystem and deliver comprehensive platforms both at scale and reduced transaction costs.
The key features of our hybrid blockchain include:
Additionally, the benefit of a public and private hybrid blockchain means there’s no need for a bridge of multiple codes and our decentralized control prevents any compromise in security.
Our multi-functional platform is a time-saving, cost-efficient solution that lowers the entry barrier into the NFT and DeFi markets. By prioritizing user experience and accessibility, we’re promoting mass web3 adoption and encouraging technical innovation.
LOX Network’s hybrid blockchain not only enables us to improve wireless security, but also allows parallel development projects to run co-efficiently. We firmly believe in supporting projects to provide genuine solutions to real-world problems, by enabling partner businesses to develop on the blockchain source.
One project currently being built on our hybrid blockchain is Hurrian Network, whose mission is to revolutionize the music industry.
We want to demonstrate how blockchain technology can both change the world as we know it and for the better. Reach out to us if you’ve got a project that will make a real-world impact with the help of a hybrid blockchain.
On our blog, we regularly share educational posts about crypto, blockchain technologies, smartphone crime, metaverse, and more. As we like to keep our community in the loop with all of our progress, check out our beginning and end-of-week updates. You can read them all here.