Project Introduction #23: Hybrix, A Freedom Of The Transactions

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Before the inception of Bitcoin, commerce on the Internet had come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. Since the start of the Bitcoin experiment, online commerce has started to change, since cryptocurrency payments incur lower fees, and peer-to-peer payments open up online commerce to people in developing countries.

However, large institutions are positioning themselves into finance, presenting services that make the use of digital currency easier. While touting decentralization, in reality, these organizations are trying to control the flow of capital across the Internet, and across the world.

The hybrix protocol makes transactions technically borderless and not bound to a single ledger system.

Hybrix, A Freedom Of The Transactions

Hybrix’s proposal is to create a protocol called hybrix protocol as a cross-ledger colored coin, making it technically borderless and not bound to a single ledger system. The term Colored Coins loosely describes a class of technics for representing and managing real-world assets on top of the Bitcoin blockchain.

However, in this case, Hybrix redefines this term to describe a token that utilizes any distributed digital ledger as its underlying infrastructure. In developing this protocol it would be beneficial to users that the resulting technology is open by design, not controlled by a centralized party, enables any user to transfer value between ledger systems, provides the possibility for users to issue tokens.

With challenges to a successful implementation of the protocol is such as proper validation to avoid double-spending, Sybil attacks on the validator network, token squatting, index spamming, and 51% attack on a single chain.

By design, the hybrix system is open and transparent.

The hybrix protocol Advantage

The hybrix protocol is a second-level token protocol that can transact units of account on a single ledger, or over multiple ledger blockchain systems. Its transactions are stored in a data block inside the attachment section of a zero-value transaction on any distributed ledger system. This gives its users the advantage of moving units of account, ultimately value, to any ledger system or blockchain that best suits their needs.

Transactions containing metadata pay the usual fees denominated in the base currency of the ledger to miners, forgers, or stakers in order to register the meta transactions in the blockchain. This means that the assets using the hybrix protocol (HRC1 tokens) benefit from having a trusted and secure mining, forging, or staking network without the need to re-create its own or use additional resources.

Bitcoin, Ethereum, and other cryptocurrencies have advanced features such as scripting and smart contracts which enable many users to create complex financial solutions. The consensus of these solutions and the manipulation of value is, however, confined to the ledger on which they are implemented. There are some cases where technologies like atomic transactions make it possible to connect distributed ledgers.

Conclusion

Yet many of these solutions need specific implementations and compatibilities that not all ledger systems have on offer and thus are limited in scope. Hybrix solves the existing problem by denominating a common protocol that works on any ledger.

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