Lox Network
Crypto Overview
Overview
Lox Network is a hybrid blockchain ecosystem designed to combat mobile phone theft through a decentralized blacklist system and proof of ownership. The project utilizes three different tokens (LOX, SmartLOX, and SmartNFT) to create a comprehensive solution for mobile device security.
Purpose and Utility
The primary purpose of LOX is to serve as the native currency within the Lox Network ecosystem, facilitating transactions and network operations. The project aims to create a global database of stolen phones and establish a secure system for proving device ownership.
Business Model Evaluation
The business model appears to be focused on legitimate utility in preventing theft and fraud, which aligns with Islamic principles of protecting property and preventing harm. The network does not involve interest-bearing products, gambling, or other prohibited activities.
Development and Adoption
The project shows ongoing development activity with regular updates to their technology. While adoption is still in early stages, the team has established partnerships with various telecommunications companies and security firms.
Token Distribution
The token distribution shows a reasonable allocation between development, marketing, and community initiatives. Vesting periods are in place for team tokens to prevent immediate selling.
Revenue Model
The revenue model is based on network usage fees and partnerships with mobile carriers, avoiding interest-based income or gambling mechanics.
Crypto Impact
To assign a comfort level investing in Lox Network from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Lox Network.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.