What is Lox Network (LOX)?
LOX is the native currency of the LOX Network blockchain, and it serves as the payment mechanism for all actions on the LOX Network. It has a total supply of 1 billion tokens and was launched on the XRPL decentralized exchange through an IDO in September 2021. LOX Network aims to revolutionize mobile security by using blockchain technology to prevent stolen phones from being connected to any other cellular network worldwide, which significantly reduces theft and increases the likelihood of getting a misplaced phone returned. The LOX Network also offers various services, such as the LOX Security App and LOX Nano Security Tagging, to help users manage the security, whereabouts, and ownership rights of their devices.
Who Are the Founders of LOX Network?
Lucas Collins is the CEO and co-founder of LOX Network. He has a background in software development and has worked in the tech industry for over a decade. Collins is a blockchain enthusiast and is passionate about using the technology to improve mobile security.
What Makes LOX Network Unique?
LOX Network is unique in several ways. Firstly, it uses blockchain technology to secure and manage the ownership rights of network-connected devices. This helps to prevent theft and provides a means for the recovery of lost or stolen devices.
Secondly, LOX Network offers a distributed blacklist that unites wireless carriers and device owners. This enables wireless carriers to share information on lost or stolen devices with other carriers, making it much harder for thieves to use stolen devices.
Thirdly, LOX Network has developed its own microdot technology called LOX Nano Security Tagging. This is an invisible tagging system that allows users to tag their valuables with microdots and register them on the LOX Network. If an item is ever lost or stolen, it can be easily tracked using the unique LOX Security Tag.
Finally, LOX Network has a unique token economy that incentivizes users to participate in the network. Token holders can create bounties for the recovery of lost or stolen devices, and users who find lost or stolen devices can receive rewards in the form of LOX tokens. This creates a community-driven ecosystem that rewards good behavior and promotes the recovery of lost or stolen items.
Tokenomics
The LOX token is the native currency of the LOX Network blockchain and has the following tokenomics:
- Max supply of 1 billion tokens
- IDO allocation of 50%
- Listings allocation of 30%
- Staking rewards allocation of 20%
- Any remaining tokens from the IDO will go towards LoxDAO reserve
Staking LOX tokens allows users to earn rewards and participate in the governance of the LOX Network. Token holders can propose and vote on referenda to decide the platform's future direction. Additionally, the LOX token is the payment mechanism for all actions on the LOX Network.
What purpose does LOX Network (LOX) serve?
The LOX token is the native currency of the LOX Network blockchain, and it serves as the payment mechanism for all actions within the LOX Network ecosystem. It is used to pay for network products and services, such as accessing the SmartLOX mobile security app and utilizing the LOX Nano Security Tagging technology. Additionally, LOX tokens can be used to create bounties for the recovery of lost or stolen devices, and to reward those who find lost devices and return them to their rightful owners. Finally, LOX tokens can be staked to earn rewards and participate in governance decisions for the LOX Network DAO.
