What is Lox Network (SmartNFT)?
LOX Network is a hybrid blockchain network built with Hyperledger Fabric that interconnects to the XRP Ledger and Flare Network for Turing Completeness using the Ethereum Virtual Machine (EVM). LOX Network provides a secure, efficient, and decentralized infrastructure for wireless carriers and device owners to combat device theft and protect their ownership rights.
SmartNFT is an NFT platform built on the LOX Network blockchain that allows users to mint digital representations of themselves and their devices in a QR-coded NFT. These NFTs contain important information such as name, email address, and device information such as make, model, and IMEI number. SmartNFT is governed by an XRPL token called SmartNFT, which is used for governance and purchasing artwork to pair with user or device profiles. SmartNFT can also be staked to earn LOX tokens.
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.
First, it is a hybrid blockchain that combines the Hyperledger Fabric with the XRP Ledger and the Flare Network. This allows for interoperability with other blockchain networks and provides greater flexibility in terms of smart contract execution and decentralized application development.
Second, LOX Network's focus on device security and proof-of-ownership is unique in the blockchain space. By using QR-coded NFT representations, the SmartNFT and SmartLOX platforms enable users to easily manage the security, whereabouts, and ownership of their devices. The LOX Nano Security Tagging, which uses microdot technology, provides an additional layer of security for items that do not have network connectivity.
Third, LOX Network's governance structure, which is based on stake-pledging, empowers smaller wallets to have a greater say in the network's direction and decision-making. This helps prevent centralization of power among larger token holders.
Finally, LOX Network's tokenomics structure, which includes a token burn program, stake rewards, and a clear allocation of token distribution, ensures a sustainable and equitable network that benefits all participants.
Tokenomics
SmartNFT governs the NFT platform on LOX Network. The tokenomics of SmartNFT include:
- Max supply: 1 billion tokens
- Airdrop: 12.5%
- Community: 12.5%
- Team: 10%
- Advisors: 2.5%
- Legal: 7.5%
- Marketing: 15%
- Development: 20%
- Reserve: 20%
SmartNFT tokens are used for the governance of the SmartNFT platform and can be staked to earn LOX tokens. They can also be used to purchase artwork to pair with user or device profiles.
What purpose does LOX Network (SmartNFT) serve?
LOX Network, specifically the SmartNFT platform, serves as a decentralized platform for creating and managing non-fungible tokens (NFTs) that represent ownership of physical devices. These NFTs are represented as QR codes and can be used to prove ownership of a device, track its location, and control its access to the LOX Network. The platform aims to combat device theft by creating a universal blacklist of stolen devices that is publicly accessible and can be used by marketplaces to securely sell devices with good standing. The LOX token is used to pay transaction fees when interacting with the LOX Network, and SmartNFT token holders can participate in governance decisions related to the platform.