What is Lox Network (SmartLOX)?
SmartLOX is a mobile security app built on the LOX Network hybrid blockchain. It references the SmartNFT platform to identify and bridge a user's and a device's QR-coded NFT creating a proof-of-ownership bond that irrefutably determines the user as the rightful owner of a specific device. The SmartLOX token is used for the governance of the SmartLOX mobile application and to purchase in-app services. It 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 its focus on using blockchain technology to secure mobile devices and prevent theft. It achieves this by utilizing microdots and NFTs to tag and trace items on a distributed network, making it easy to track and identify lost or stolen devices. Additionally, LOX Network's governance structure allows token holders to participate in decision-making, giving them a say in the platform's direction and development. The platform's use of XRPL and Flare Network allows for fast and efficient transactions with minimal fees, making it accessible to a wider audience. Overall, LOX Network's combination of security, transparency, and community involvement makes it a unique and innovative platform in the blockchain space.
Tokenomics
The token, SmartLOX, is an XRPL token that governs the SmartLOX mobile application. SmartLOX was launched on September 5, 2021, via a snapshot of all SmartNFT holders and distributed via further airdrops. The maximum supply of SmartLOX is 1 billion tokens, and the tokenomics structure is as follows:
- 12.5% Airdrop
- 12.5% Community
- 10% Team
- 2.5% Advisors
- 7.5% Legal
- 15% Marketing
- 20% Development
- 20% Reserve
Users can stake their SmartLOX tokens to earn LOX tokens. Staking rewards account for 20% of the total tokenomics structure.
What purpose does LOX Network (SmartLOX) serve?
LOX Network's SmartLOX token is the native token of the SmartLOX mobile security app, which is built on the LOX Network blockchain. The token is used for governance of the app and to purchase in-app services. SmartLOX can also be staked to earn LOX tokens. The main purpose of the SmartLOX token is to provide a means of accessing and using the SmartLOX app, which allows users to securely verify and bind their mobile devices to their user profiles using blockchain technology. This provides an extra layer of security to prevent mobile device theft and unauthorized use.
