$LOX Network: A new era of Smartphone security
In a recent Smartphone Theft survey report, it came to light that a staggering 70 million smartphones are lost each year. The recovery rate? a meagre 7%…let that sink in.
Diving further into a report published by Trustsonic, the smartphone theft statistics are as follow:
- 15,000 smartphones stolen everyday in Brazil 🇧🇷
- 6,000 smartphones stolen everyday in Peru 🇵🇪
- 5,000 smartphones stolen everyday in Argentina 🇦🇷
- 1,000+ smartphones stolen everyday in UK 🇬🇧
This is crazy figures and this gives the smartphone theft ring its own industry.
Yes, we have iCloud from Apple in place, which is undoubtedly the most robust anti-theft measure implemented by any smartphone company out there, but most of these stolen smartphones are sold on the market for parts — logic boards, camera modules, flash-drives, display panels etc… So how do we solve this menace and specifically, how do we solve it with the power of Blockchain?
Enter Lox Network — Lets Deep Dive
Native token of Project: $LOX
Direct quotation from the project website:
“Providing Global Security for Wireless Devices”
Reference from project whitepaper:
“At Lox Network we’re proud to announce the world’s first fully decentralised security network”.
The team at Lox Network believe that they have the perfect solution to address the $30 billion global mobile phone theft market. Out of the $30 billion, $17 billion is paid out by insurance companies throughout the globe 🌍.
This is a classic example of real-world useage implemnetation through Blockchain. A very interesting concept, will be a compelte game-changer if the execution is succesful.
Network availability of Project:
• XRP Ledger — Contract Address: https://xrpscan.com/account/rLLJvh6bwj2eTYwzLL484AW6EyH4rdZqWZ
Unique Selling Points
- A Layer-1 Hybrid Blockchain
- All transaction executed on the Lox Network are recorded & verifiable on the XRP Ledger
- SmartLOX Mobile Security App (not yet launched) would include the following features:
- Reviewing the security status of a smartphone
- Remote locking a device with a passcode
- Remote backup a device theough Lox Network protocol
- Blacklist a stolen device
- Send device proof-of-ownership to users who would try and activate the device
- Offer rewards for the recovery/return of lost/stolen devices
- Secure rewards for finding lost devices
- Secure rewards for returning lost devices to owners
- In initial testing phases, the above mentioned features will be limited to smartphones only. Later phase inplememntation will include smartwatches, laptops & other electronic devices with GPS capability
Project Audit Report:
There was nothing I came across on my search that pointed to the project team applying for a third-party security audit for the project 🚩🚩
- Smart NFT Platform within the networks ecosystem
- AR (Augmented Reality) Game is currently in development phase
- Dual-NFT Ownership of Device to put control of the smartphone in the owners’ hands, instead of the carriers
- All Dapps built on the Lox Network will communicate with each other to ensure 100% device IMEI blacklisting across the board. This feature also ensures the blacklisting data will have a global reach, instead of being region locked.
LOX Foundation as a DAO (Decentralised Autonomous Organisation)
- To participate in community voting events, a user must hold either SmartLOX or SmartNFT. To participate in all the voting events, user has to mandatorily hold both SmartLOX & Smart NFT.
- To propose a voting session, user must stake either SmartLOX or SmartNFT
- To avoid the manipulation of whales and having them control the Governance of the DAO, the wallets are weighted. So if a users wallet is staking less than 1% of total staked SmartLOX, SmartNFT or both, then the longer the user stakes and the more power their vote has.
Project Team & Advisors:
Although the team has publicly given out their names and pboots, there is no link to any external sources (LinkedIn, Twitter) to verify their credentials.
If you want to do some deeper digging, here is the LinkedIn profile link of Lucas Collins, CEO: https://www.linkedin.com/in/lucas- collins-459a78165/
Partner Backings &/or Venture Capital (VC) Investors:
I am not 100% sure about who the Venture-Capitalists involved are/were, but XRP is for sure a huge-partner in the project, maybe as an Angel Investor (don’t quote me on this, this is just my personal opinion)
My personal take would be for them to onboard members from relevant industries, like Insurance, Carrier executives, Smartphone anti-theft app developers…
The roadmap has some key features for the success of this project.
- A working mainnet
- Expanding app functionality to other high value devices
- Mobile app release (the most crucial)
I also particularly love that the roadmap has been segregated into phases, rather than just writing down some giberish and passing it off as an intellectual’s playground…
2022 Roadmap phase
2023 Roadmap phase
The team has been working on the project since 2020, you can find the previous year developments HERE
Tokenomics of LOX:
- $LOX is the native token of the Lox network and will be utilised towards fee payment on the platform and reward distribution
- $LOX will have a Total Supply of 1 billion tokens
- Every financial year, the team will conduct 4 quarterly token burns from a portion of the fees collected. This effectiveky makes LOK a deflationary token 🔥
- Before launch of mainnet, a Governance vote will be conducted to decide the duration of token burning and annual token emission rate.
- SmartLOX & SmartNFT will have a Total Supply of 100 million each
Token Supply for SmartLOX and SmartNFT is distributed as follows:
- 20% allocation for reserves
- 20% allocation for project development
- 15% allocated towards marketing activities
- 12.5% allocated towards community
- 12.5% allocated towards Airdrops
- 10% allocation for team
- 7.5% for legal
- 2.5% allocation reserved for Advisors
Social Media & Resource Links:
- Twitter: https://twitter.com/LoxNetwork
- Discord: https://discord.gg/XNCWhvMezD
- Medium: https://loxnetwork.medium.com/
- Coinmarketcap: https://coinmarketcap.com/currencies/lox-network/
- Whitepaper: https://spark.adobe.com/page/QEhCDpsDd5CyA/
- Website: https://loxcoin.io/
Lox Network looks to be a great project and brings in a real-world use case for something that we always have on us, our Smartphones.
Being a tech freak myself, I am not sure how this will compare to the current iCloud offering if we strictly talk about smartphone theft or loss ONLY.
- What if a stolen phone on the Lox Network Blacklist is sold for parts?
- How does a user benefit from utilising their service if the phone is dismantled?
These are two questions that plague my mind at present, but nonetheless, its a project tht is trying to create something new, instead of following the herd and copying something already in circulation.
A huge thank you to CoinDCX for giving me this opportunity to write such a detailed report and be a part of the #CoinDCXpathbreaker initiative, enabling me to share such knowledge with everyone in the crypto space 🚀