HYBRIX: BRINGING A COMMON PROTOCOL THAT WORKS ON ALL LEDGER SYSTEMS
Going down memory lane it will be a big surprise to most people that the blockchain space has grown tremendously beyond every expectation. This is because no one ever thought Bitcoin which is the first cryptocurrency and blockchain would ever make it this far. Back in the days, there were many backlashes and so forth but through all those phases Bitcoin is now the most valuable coin in the crypto space, thus paving the way for the crypto space to grow into billions of dollars. From there, what is to be taken into consideration is that the blockchain space is working towards the future hence the reason we have so many blockchains and cryptocurrencies today such as Ethereum blockchain, EOS and so on.
However, irrespective of the fact that the blockchain space is worth billions of dollars it still doesn't mean there aren't issues or there isn't any need for improvements, enhancements etc.
As already known Bitcoin, Ethereum and other cryptocurrencies have advanced features such as scripting and smart contracts; this advanced feature enables many users to create advanced financial solutions. Also, the consensus from these blockchain solutions and the manipulation of value has been found to be confined to the ledger on which they are implemented on, this can be seen as a limitation to growth. In the same way, there are cases where atomic transactions make it possible to connect distributed ledgers, even at that, many of these solutions need certain implementations and compatibilities that not all ledger systems can offer therefore leading to another type of limitation in scope.
On the other hand, there is an already developed platform which believes that to solve this problems or limitations there is need to denominate or use a common protocol that works on any ledger; the name of this platform is HYBRIX.
In order to understand what Hybrix offers there is a need to know what it is all about first.
Hybrix is a blockchain integration solution which came in the form of a decentralized asset for transacting value across different cross-ledger systems, therefore, allowing for ledgers and blockchain platforms to be used as a value transfer medium without depending on any sort of intermediaries.
Also, Hybrix is built to solve the problems isolated digital currency systems are facing such as the dependence on third-parties to intercede on their transactions. This is solved via using a meta-level transfer protocol with a modular design in this way making accessible any kind of digital asset system for cross-blockchain operations.
HIGHLIGHTS OF THE SOLUTIONS BROUGHT BY HYBRIX
In the crypto space today there are many consensus algorithms or mechanisms used by many ledger systems, therefore rather than creating another network infrastructure, Hybrix uses the data layer of the ledger system's infrastructure in conjunction with its consensus mechanism to achieve its aim which is taking over the ledger systems and use their combined powers to create a truly cross-ledger value. It is also important to know that the benefits of the underlying ecosystems are inclusive as well.
Furthermore, since Hybrix takes over the ledger system's computing power, the ecosystem in question will also benefit from hosting the Hybrix protocol; this benefit is Hybrix protocol transaction returning a profit to these respective ecosystems by paying transaction fees to their network that is, supporting miners and stakers.
Another good feature of Hybrix is that it totally removes the power of centralization. This is achieved by providing a protocol which serves as a value transfer between distributed ledger systems, this protocol is open by design, and not controlled by a centralized party. Also, with this protocol users are offered a way to move/transact units of account across distributed ledgers in a truly decentralized way thus opening up the ability to exchange value on
ledger back to usable digital currency or token.
Another benefit associated with this protocol from Hybrix is that it enables users to transfer value between different ledger systems trustlessly, thus providing an alternative to centralized exchanges. Lastly, value transfer problems across different distributed ledgers are solved via using a meta-protocol for value distribution across multiple decentralized ledger systems.
As aforementioned, Hybrix offered a protocol, but what actually is this protocol?
The Hybrix protocol is seen as a cross-ledger colored coin, thus being technically borderless and not restricted to a single ledger system.
To further understand this, the Hybrix protocol is a second-level token protocol that can transact units of account on a single ledger, or over multiple blockchain systems. This protocol transactions are stored in a data block within the attachment section of a zero-value transaction on any distributed ledger system or rather the blockchain systems onboard Hybrix. The beauty of this is, this protocol gives users the advantage of moving units of account to any blockchain that best suits their needs.
Like earlier stated, some isolated digital currency systems are facing limitations such as the dependence on third-parties to intercede on their transactions; Hybrix takes every possible step to ensure this doesn't happen in its platform. Thereby the Hybrix protocol uses no advanced features of any specific ledger system which results in avoiding anything that will make it be overly dependent on any single distributed ledger system.
Also, in as much as Hybrix supports a lot of blockchain systems, it still has requirements which must to met before any blockchain system is accepted and this is, the immutability of past transactions, verifiable signing and authentication of transactions which must be possible on the blockchain system. In the same way, another requirement is, all transactions must be publicly available, this is to verify the transaction chain. The last requirement is, all transactions must have a unique transaction id, an attachment field for storing data, a source and target address or addresses.
HOW HYBRIX WILL POSSIBLY DEFEND AND SOLVE DIFFERENT ATTACKS
a. To solve the double-spending attack, Hybrix proposed a peer-to-peer "cross-systemic-ledger" network of validators of which the persons in charge are rewarded so as to cryptographically verify the public history of second-layer transactions.
b. Impostor attacks on the Hybrix protocol are prevented through using the consensus mechanisms of the associating ledger systems. This is also used to thwart attempts at double-spending.
c. Sybil attacks on the validator network are reduced by way of a service model on a necessity basis. In addition to this, the user is independently able to verify the chain of transactions to ensure their account isn't compromised.
d. Owing to the fact there are network fees to issue new tokens makes token squatting an expensive endeavour, thus keeping the second layer protocol free of spam.
e. However, in cases of 51% attacks Hybrix set in steps to solve it; therefore to ensure the recovery from a 51% attack on any single chain, Hybrix offered a recipe-based protocol that enables a token issuer to update the possible chains on which a token can possibly and easily operate on.
The Hybrix protocol indeed offered a system built for meta-level transfers across multiple distributed ledgers without depending on centralized exchanges or decentralized atomic transaction compatibility. Also, owing to the way it is built, the system is open and transparent with the process of moving value between ledger systems not controlled by a centralized party. In addition, transactions can be created, signed clientside and sent in a peer-to-peer way among users.
There is also another feature worth knowing in Hybrix and that is the network Daemon also called Hybrixd; it is used to connect to a large variety of blockchain APIs via a peer-to-peer network.
In the same way, is the Hybrix node which is found at the core of the Hybrix platform. Users can also run a local node for complete control while supporting the decentral network of the Hybrix platform.
The token of the platform is HY, it is based on Hybrix protocol with a maximum supply of 21 MM. HY is now trading on Biki exchange
Also, in order to check transaction history and so on just like in other blockchain platforms, users can leverage the Hybrix multi-chain transaction history and/or block explorer, which can be accessed via the link
Moreover, it will look somehow for a blockchain platform to be without its platform wallet, hence the reason the Hybrix team built their own platform wallet both for web wallet and for command-line wallet for Linus and MacOS users.
With these wallets, storage and management of cryptocurrencies are done in a completely decentralized and user-friendly way.
Furthermore, to show how exceptional Hybrix is, the platform is already assisted, endorsed and supported by a large number of household names in the industry namely;
a. Lisk Center Utrecht.
b. SIDN Fund.
c. NLnet foundation.
d. Internet Archive.
e. Computable NEXT.
h. Wire breakage.
FOR MORE INFORMATION ABOUT HYBRIX, VISIT THE FOLLOWING LINKS;
Command-line (Linus and MacOS): https://github.com/hybrix-io/dist/raw/master/cli-wallet/latest/hybrixd.cli-wallet.latest.zip
Hybrix Node (Linus and MacOS): https://github.com/hybrix-io/dist/raw/master/node/latest/hybrixd.node.latest.zip
Supported Assets: https://hybrix.io/docs/supported-crypto-assets