HYBRIX.IO - One Token On All Chains

Abstract

Hybrix propose an answer for the issue of these separated advanced money frameworks utilizing a meta-level exchange convention with an extendable and particular design, making available any sort of record based economy or other computerized money framework for cross-blockchain and between foundational exchanges . Numerous record frameworks have their own type of agreement component .This makes it feasible for example to 'seize' record frameworks and utilize their joined forces to make a really cross-record asset, with all the advantages of the basic biological systems.
The motor that Hybrix have been working since the crowdfund in 2017 is freely accessible starting now and into the foreseeable future. Group has chosen to call this engine hybrix.

Hybrix is a Multi Ledger API. Look at more on hybrix.io

The wallet

Hybrix have fabricated a model undertaking of what the Multi Ledger API can do. This undertaking is the digital currency wallet that has been accessible and created since 2017. The wallet will proceed under the name Internet of Coins. Since this wallet is manufactured utilizing hybrix, its advancement will be corresponding to hybrix improvement.

Hybrix

Hybrix will keep taking a shot at the motor, as we have done since 2017. Nonetheless, the undertaking is a part larger than only a cryptographic money wallet. That is the reason, starting now and into the foreseeable future, we will impart under another name: Hybrix. You can download the libraries to assemble your own multi-blockchain and multi record arrangements on api.hybrix.io

Diagram

Hybrix proposal is to create a protocol called hybrix protocol - as a cross-ledger colored coin, making it technically borderless and notbound to a single ledger system.

The term "Colored Coins" loosely describes aclass of methods for representing and managing real world assets on top of the Bitcoin blockchain.

In Hybrix case we redefine this term to describe a token that utilizes any distributed digitalledger as its underlying.

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.

Challenges to a successful implementation of the protocol are: proper validation to avoid double spends; sybil attacks on the validator network; token squatting and index spamming; 51% attack on a single chain.

Intersystemic Transactions

Organized Data on a Ledger: The content of the attachment of transactionon a base ledger can be parsed into a secondlayer transaction of the meta ledger.A parsing function p will extract the required meta transaction details from the base transactions attachment as well as using details from the base transaction that are still relevant.Each owner transfers their zero esteem transaction containing the token data to another owner by digitally signing a hash of the previous transaction and the current transaction.

Making and Spending a Token : The hybrix protocol is designed to function over multiple ledgers.The practical inception of a hybrix token occurs when a recipe containing the identifier and economic rule set is signed using the issuer's private key , and averification hash is stored on a public ledger. The only thing that is added to the recipe is the ledger symbol, and transaction hash of where the verification hash can be found.

Different Types of Trasactions: When a transaction contains more data than a ledgersystem can handle in its attachmentstorage space, the transaction may be split up, and sent using a transaction accompaniedby tailing part transactions that complete thecontents of the entire operation .Using a swap transaction, HRC1 tokens can be switched for native tokens that can then be used on the chain for trading, or interacting with smart contracts.A swap transaction is legitimate when the counterparty responds to a swap proposal using a signing trans- action.

Beginning of a hybrix Asset

Field Definitions: These variables are stored as field definitions in what we call a Genesis Recipe.In case of a collision, validators will only accept the recipe that was proven first by way of the genesis transaction.The older genesis transaction must also be recorded in therecipe, so the chain of mutations can be followed and approved by validators.Validators check a new incoming recipe for validity first, by comparing its hashes with available data in the blockchain, and authenticating that the updated genesis transaction has been done using the same secret key as the first genesis transaction.

Formula Verification: Hybrix may verify the example recipe by pulling in the attachment data from the genesis transaction, which is located on the Bitcoin blockchain, and verifying the recipe contents by calculating the hash of it, and comparing that to the hash recorded in the transaction data.It is also possible torecord the genesis validation transaction on multiple distributed ledgers, to ensure deduplication of available verification hash data.

Independent Distributed Token Minting: When any actor can potentially launch a cross-record token, we assume this may result in the creation of a lot of tokens.To mitigate this we propose the protocol ties a fee to the genesis of a new token.

Basic Hybrix Index

Storing the genesis transaction ID, or other hash information in every transaction would require a significant amount of blockchain storage as the volume of transactions grows.This entails genesis type transactions that contain a hash of the content of a recipe that defines the way a cross- ledger asset works.This means the genesis transaction can be used to verify the recipe file that describes in detail the rules and prop- erties of an asset. This index number is passed along in every transaction, similar to Omni.Storing the index in every transaction takes up either 1 to 4 bytes of space.

In return they get the benefit of utilizing less storage per transaction in the ecosystem, thehigher the tier.This cap is intended for businesses that havea sizable market share or IPO listing, need proper validation, expect many transactions and have medium market exposure.This cap is for organizations or startups that have a small market share, need occasional validation, expect a few transactions and havelittle market exposure.

Several approaches to validated ledger systems have been made to try and solve this problem: who or what validates the work of the validators? Omni for example has chosen to validate from a centralized entity.Next to that the workload for validating the transactions grows over time, which puts all this work on the centralized validation entity.This decreases the security and integrity of the transaction ledger any time the centralized entity is not able to validate momentarily for whatever reason.Ripple, another example, has chosen a selectamount of validators that have a sizable stake in the Ripple ecosystem to make sure transactions are done properly.The sanction for being a corrupt validator in Ripple is the possibility of having your stake reduced.This means we cannot simply reduce the stake of any party in the network from an authoritative entity. Transaction reversals should only be an action of very last resort.

RESTful API and libraries

The RESTful API is free, and the libraries unreservedly accessible. They are made with your assistance and with bunches of adoration and will make blockchain advancement not so much confined but rather more community oriented over all the various records.

CONCLUSION

Hybrix have proposed a system for meta-level transfers across multiple distributed ledgers without relying on centralized exchanges or decentralized atomic transaction compatibility.The process of moving value between ledger systems is not controlled by a centralized party, as transactions can be created and signed client-side and sent peer-to-peer among users.We started with the usual framework of second-layer tokens specified by putting away data attached to transactions, which provides a method of accounting on top of existing ledgersystems, but is incomplete without a way to prevent double-spending.Their work is rewarded by users in the network that need their ledger balance verified, and this simultaneously verifies ledger balances of usersthat are the source ofthe ledger statetobe verified. We proposed a mechanism for creating new tokens without the needfor a centralized index.Network fees toissue new tokens make token squatting an expensive undertaking, in order to keep the second layer protocol free of spam.To ensure the recovery from a 51% attack on any one single chain, we proposed a recipe based protocol that enables a token issuer to update the possible chains on which a token can operate.

Hybrix Useful Resources:
Website: https://hybrix.io/
Wallet: https://wallet.hybrix.io
Twitter: https://twitter.com/hybrix_io
Telegram: https://t.me/hybrix_io
Discord: https://discord.gg/WbDfAWb

Author: Raman Pandwar
Bitcointalk username: Raman123
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2532013
Telegram: https://t.me/ramanpandwar