Following a freshly stamped partnership, ProBit Global has added USDT, BTC, and ETH markets for the trading of LOX, the utility token powering the Lox Network’s unique 3-token approach of establishing transparent proof of ownership through NFT-stored digital identities stored on the XRP ledger.
The two governance tokens comprising the core of the team’s NFT digital identifier and global security network will also trade on ProBit Global with SMARTLOX listing on November 24, 2021, 05:00 UTC and SMARTNFT trading scheduled to open December 1, 2021, 05:00 UTC.
ProBit Global has also launched a trading competition where competing users proving their trading prowess will be eligible to claim a share of the 800,000 LOX rewards.
Lox Network addresses a viable market gap presented by the inadequacies of IMEI blacklisting to combat global phone theft through a dual NFT proof-of-ownership and a transparent ledger to verify real-time location and authenticity of digitally stored devices and user identities.
By essentially storing a universal, verifiable IMEI blacklist on-chain, Lox Network uses NFT and its immutability properties to create a proof-of-ownership bond between digitally stored information of both a device owner and the physical device itself for tracking and provenance capabilities.
LOX is used for payments across the ecosystem, while holders can offer bounties, or rewards denominated in LOX for anyone recovering a lost device.
Decentralized and securely stored private information will be housed on SmartNFT, which incorporates QR codes to mint a user’s data on an NFT. Essential device information such as IMEI and other identifiers will subsequently be stored as an NFT for safekeeping with proof of ownership establishing an immutable link between user and device.
Mobile security application SmartLOX establishes proof-of-ownership by linking the user and device NFT with both whitelisted following verification. By accessing the Lox Network and the XRPL-stored proof of ownership bonds, SmartLox can provide a full range of tracking and management services along with remote tracking and access for whitelisted devices.
Lox Network will expand its reach through additional IoT device onboarding and an upcoming feature called LOX Nano Security Tagging using microdot technology, which essentially laser-etches thousands of microscopic dots that can reveal key identifying information for valuables including electronic devices.
Holders of both SmartLox and SmartNFT will be privileged with governance oversight over quarterly token burns, token emissions, and fees generated from product and service usage. The stake pledging feature evens out the often lopsided playing field by enabling smaller holders to amplify their voting power by staking tokens over a 30-day duration.
ProBit Global will host The LoX Network team for an upcoming AMA session at a date to be specified with the team on hand to detail future developments and insights into their mobile device and digital identity solution.
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