XYO.network is the first decentralized crypto-location oracle network built on the Ethereum blockchain. XYO allows smart contract developers and contractors to interact with the real world as if it were an API. Thanks to the XYO network, tracking different types of goods becomes more comfortable, fast and accurate. The XYO network aims to disrupt the location data industry, where e-commerce needs services.
XYO is a real business that is not just a new discourse to raise money. There is a scalable strategy, a stable business model, and a clear vision. The XYO project is also supported by a group of accomplished, professional and knowledgeable individuals. Arie Trouw is the founder and architect of the XYO platform. XY is the company behind XYO that has built the largest Bluetooth and GPS network in the world. There are 1 million more beacons scattered in different parts of the world to verify the location.
We live in modern times, where society increasingly needs location-based data. Starting from small companies, medium and large companies. Unreliable location data is also frequently required by smart cities, packet sending drones and self-driving vehicles. So far, the location-based data industry relies on accurate GPS technology. Unfortunately, some problems such as spoofing, jamming, cyber attacks and so on increasingly rampant occur until the stage of severity.
Faced with the above problem, XYO team developed the component ecosystem and crypto-location protocol over blockchain technology. XYO implements a Zero-knowledge proof on location data, enabling transactions without trust and the creation of a location data network with high certainty. The XYO network is entirely decentralized, designed to withstand all sorts of attacks. There are four main components in XYO network consisting of Sentinel, Bridge, Archivist, and Diviners.
The workings of the XYO network are first of all Sentinel collects location data, then creates a “temporary ledger” with an official stamp of data location. Bridges then pass data from Sentinel to Archivist by applying the XYO proprietary consensus mechanism and giving Proof of Origin. This ensures that the Bridge does not alter the heuristic ledger. After that, Bridge passes the data to the Archive for safekeeping. The archivist will keep all data in a decentralized way. Finally, the Archivist distributes the data to Diviners for further analysis.
Diviners are Oracles who lock the process inside a smart contract and give answers to every “query” token holder. Diviners will respond by analyzing the historical data stored on the XYO network. Heuristics stored on the XYO network must have a high Proof of Origin, to measure the accuracy and validity of the heartland. This is achieved by assessing witnesses based on Exhibit Origin. To encourage honest analysis of heuristics, Diviners are given incentives. Diviners apply Proof of Work to add answers in the blockchain.
Sentinels, Bridges, Archivists, and Diviners can be considered XYO miners. Because they will be rewarded each time they complete their work. The XYO network is built with crypto economics that provides incentives to token holders and XYO miners. Ultimately, it will encourage long-term value, healthy liquidity, and low cost.
The tracking services offered by the XYO network will be beneficial for e-commerce to serve premium customers. E-commerce can provide payment when the consumer receives the order goods. E-commerce makes smart contracts on the XYO network, to track products from the warehouse until the customer arrives home.
XYO Network released the token standard ERC-20 named token XYO. ICO token XYO runs from March 20 to May 21, 2018. Platforms only accept purchases using Ethereum, with a value of 1 ETH equivalent to 100,000 XYO tokens.
Author ICOmagazine Bitcointalk UID 991082 Ethereum Address 0x09B22E8B4Bc2D2439684f4Fa89c53ceFFDf4Eab1