Internet of Coins, a non-profit which supports several crypto-technologies with its open and autonomous platform, has announced the launch of hybrix, an API solution which allows developers to build on any of 24 available blockchains using just one platform.
Value Proposition: The main thing hybrix offers developers is the ability to easily interact and connect to various different data sources and ledgers, allowing their application to have connectivity to a wide range of blockchains. The main problem this purports to solve is that of isolated databases and ledgers. A stated goal of integrating and connecting data and ledger systems on the hybrix platform is to disrupt the inherent existing centralization in online payment ecosystems and put a dent into the trend of privatizing the Internet.
In addition to its mission of promoting inclusivity and collaboration between ledger based and ledgerless applications in the cryptocurrency space, hybrix also names privacy as one of its chief priorities as a time when many see genuine privacy as objectively non-existent. To this end, the hybrix API applies “deterministic cryptography” to promote user privacy.
Functionality: The hybrix API currently supports 378 tokens across 25 chains, and is also built to ensure that users can tackle their liquidity problems and have access to the resources they need to develop their own projects. An excerpt from the project brief reads:
“The Hybrix network is also implemented to stimulate liquidity in digital economies and other alternative economies by integrating them into a network of one-on-one interoperation, modular compatibility, and anonymous time-based escrow trading.”
The project is fully open source and free to use because Internet of Coins is registered as a non-profit. It does, however, accept voluntary donations from the public.
Accessibility: This multi-chain development API solution can be accessed by all users regardless of their level of web development skill. For beginners, the REST-API has been developed to help them learn and integrate the basics of blockchain development. Basic activities like retrieving balance, getting transaction history, enabling secure encrypted communication channels, transaction fee can be carried out by simply integrating the REST API to the crypto application under construction.
Additional Features: The project incorporates the sophisticated hybrix daemon which allows users to have their own wallet, run a multi blockchain system and be their own bank from the comfort of their PC.
Verdict: While the jury is out on the project’s success for the time being because it is still so young, it is nevertheless an exciting project with significant implications for future on-chain development and cross-chain interoperability of upcoming projects. This is one of a number of key blockchain development projects to keep an eye on.
Review: hybrix – the tool to build on multiple blockchains
Build on several chains with just one tool. Use the unique characteristics of diﬀerents chains simultaneously by making optimal use of the available variety of chains and tokens. Deterministic blockchain technologies are complex.
To avoid being forced to use tools that lead to vendor lock-in the hybrix team has developed a tool that makes building a solution on the blockchain easier and more ﬂexible than ever.
The hybrix interoperable multi ledger API provides developers with one tool that can be used to build blockchain solutions on multiple several diﬀerent chains.