Project Introduction #28: Hybrix, Second-level Token Protocol that Can Transact Units of Account on a Single or Over Multiple Ledgers Systems

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R3, IBM, Ripple and the Libra Association attempting to inject their influence back to online commerce, by creating pseudo-trustless and permissioned solutions for the exchange value and presenting these as secure and trustless to the public.

Simultaneously, solutions proposed by these organizations aim to form profitable top-down enterprises, in which the user becomes the customer and/or product of recent financial technology gatekeepers. what’s needed is a protocol for value transfer between distributed ledger systems that’s open designedly, and not controlled by a centralized party.

This protocol would supply users for how to move units of account across distributed ledgers in an exceedingly truly decentralized way, opening up the power to exchange value on the ledger (e.g. on-chain) back to usable digital currency or token. this permits users to transfer value between ledger systems trustlessly and provides an alternative to centralized exchanges. Hybrix proposed a system for meta-level transfers across multiple distributed ledgers without wishing on centralized exchanges or decentralized atomic transaction compatibility.

Second-level Token Protocol that can Transact Units of Account on a Single Ledger, or Over Multiple Ledgers Systems

The hybrix protocol is a second-level token protocol which could transact units of account on one ledger, or over multiple ledgers (e.g. blockchain) systems. Its transactions are stored in an exceedingly 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 most closely fits their needs. Transactions containing metadata pay the standard fees denominated within the base currency of the ledger to miners, forgers, or stakers so as to register the meta transactions within 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 necessity 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 form complex financial solutions.

The consensus of those solutions and therefore the manipulation valuable is, however, confined to the ledger on which they’re implemented. There are some cases where technologies (like atomic transactions) make it possible to attach distributed ledgers. Yet many of those solutions need specific implementations and compatibilities that not all ledger systems have on offer and thus are limited in scope.

By design, the hybrix system is open and transparent.

Uses No Advanced Features of Any Specific Ledger System

The hybrix protocol uses no advanced features of any specific ledger system. This avoids it becoming overly passionate about any single distributed ledger system. Many systems are a moving target when it involves the event of leading edge technology, and future support for their advanced options is in no way guaranteed.

For the hybrix protocol to work, hybrix assumes the subsequent requirements to be available on all ledgers. Ledger requirements like immutability of past transactions, verifiable signing and authentication of transactions, all transactions must be publicly available (in order to verify the transaction chain), and transactions have a novel transaction id, attachment field for storing data, and source and target address

Conclusion

Yet many of those solutions need specific implementations and compatibilities that not all ledger systems have on offer and thus are limited in scope, Hybrix solves all the matter mentioned above by denominating a typical protocol that works on any ledger.

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