Hybrix Proposes a Meta-Protocol Solution for Value Transfers Across Distributed Ledgers
Introduction
Since the inception of Bitcoin and blockchain technology, online businesses and interactions have recorded a revolution which has opened up e-commerce to hitherto unreached people and also, giving significant financial power to the people. What this means is that more people are now able to interact directly when it comes to financial transactions instead of the conventional way whereby all financial dealings online must go through third party financial brokers controlled by the government and large corporations. Bitcoin and digital currencies have made decentralization of financial dealings possible with features such as very low transaction fees, super fast payment processing time and provision of a trustless ecosystem.
But then, as with every other aspect of human endeavour, there is competition even in the development of decentralized ledgers and digital currencies which have seen the birth of numerous distributed ledgers and blockchains. Most of these blockchains have their unique properties and features which make them inherently incompatible with each other, thus making transfer of values across different blockchain ledger systems impossible.
To this end, the Hybrix Protocol is designed to provide a solution to the problem.
What is Hybrix Protocol?
Hybrix is simply a borderless cross-ledger ledger system designed to manage real world assets on the Bitcoin blockchain, a process known as “Colored Coins Method”. The Hybrix Protocol has redefined this Colored Coins term by creating a token with the capacity to utilize any existing blockchain distributed ledger as its underlying infrastructure to facilitate the transfer of value across different distributed ledgers. So, instead of joining the mass to create additional distributed ledger, Hybrix Protocol chose to stand out from the crowd and pursue a different route of harnessing the different meta attributes of existing distributed digital ledgers and using these attributes as a factor in facilitating inter-ledger transfer of value. Hence the proposed solution is termed Hybrix Meta-Protocol Solution.
Properties of the Hybrix Meta-Protocol Solution
For the Hybrix Meta-Protocol Solution to be of maximum usefulness to the user (and of course, the individual ledger systems in use), certain properties are put in place and they include:
Open Source: this ensures that on the Hybrix Meta-Protocol, every user can write on the ledger and once written, data is immutable and transparent to all.
Not Controlled by any central body: this makes the solution totally decentralized so transactions cannot be reversed, censored or tampered with
Token Issuance: on the Hybrix Meta-Protocol, there is the possibility that users can issue tokens with the right authentications
Users have the authority to transfer value across different ledger systems.
As to be expected, developing such huge projects as Hybrix Meta-Protocol comes with its own challenges such as how to avoid double spends by implementing thorough validations, how to prevent index spamming and token squatting, Sybil attacks on validator nodes and 51% attack on an individual data chain.
I will be discussing these challenges and how the Hybrix Meta-Protocol solves them in my next article, so do keep an eye on this page.
To learn more about the Hybrix Protocol, visit any of the following links
Website
https://hybrix.io/
Discord
https://discord.gg/WbDfAWb
Telegram
https://t.me/hybrix_io
Twitter
https://twitter.com/hybrix_io
Whitepaper
https://hybrix.io/docs/papers