THE BEAUTY OF XY ORACLE NETWORK BLOCKCHAIN TECHNOLOY

capableuwa (44)in #bitcointalk • 7 years ago

BRIEF INTRODUCTION ON THE XYO NETWORK
The world have gone Digital and the need to move from a centralized system to a decentralized system is in the interest of our time. Therefore, there is need for the requirement of the XYO Network Blockchain Technology in the decentralized crytocurrency Space. In the adoption of XYO; Most current implementations of smart contracts rely on a single or aggregated set of authoritative oracles to settle the outcome of the contract. In cases where both parties can agree on the authority and incorruptibility of the specified oracle, this is sufficient. However, in many cases, either an
appropriate oracle does not exist or the oracle cannot be considered authoritative because
of the possibility of error or corruption. Location oracles fall into this category. The divination of the location of a physical world item relies on the reporting, relay, storage, and processing components of the given oracle, all of which introduce error and can be corrupted. Risks include data manipulation, data pollution, data loss, and collusion.

PROBLEMS BEFORE XYO ARRIVAL
Thus the following problem exists: both certainty and accuracy of the location are negatively impacted by the lack of a trustless, decentralized location oracle. Platforms such as Ethereum and EOS have been used extensively for their power to mediate interactions securely online with the primary use cases involving escrows for fundraising escrows in the form of ICOs. However, up to this point, every platform has focused entirely on the online world and not on the physical world due to noisy, corruptible data integrity of current information channels.

THE SOLUTIONS XYO TALKS ABOUT
The XYO Network has been working towards the concept of enabling developers, such as
those writing smart contracts for blockchain platforms, to interact with the physical world
as if it were an API. The XYO Network is the world’s first oracle protocol that makes
it possible for two entities to transact in the real world without a centralized third party.
Our abstractions allow us to make location verification trustless for developers, creating a
protocol with novel use cases that have not been possible until today. The XYO Network will be built upon an existing infrastructure of over 1,000,000 devices circulating in the world that were distributed through their consumer-facing findables business. XY’s Bluetooth and GPS devices allow everyday consumers to place physical tracking beacons on the things they want to keep track of (such as keys, luggage, bikes and even pets). If they misplace or lose such an item, they can see exactly where it is by viewing its location on a smartphone application. In just six years, the XYO Network has created one of the largest consumer Bluetooth and GPS networks in the world.

The goal of the XYO Network is to create a trustless, decentralized system of location
oracles that is resistant to attack and produces the highest certainty possible when queried
for available data. We accomplish this through a set of abstractions that greatly reduces the
risk of location spoofing through a chain of zero-knowledge proofs along the components of
the system.

USEFULNESS OF THE XYO NETWORK ORACLE BLOCKCHAIN LOCATION TECHNOLOGY
Due to the increase in the demand for a decentralized system. The XYO Network has its usefulness in the cases for any participant in location-reliant transactions. Enumerated below are some of the uses that the XYO Network is actively being utilized for;
1 eCommerce: According to a recent study released by Comcast, more than 30% of Americans have had a package stolen from their porch or doorstep. As the market share of eCommerce continues to grow, this problem will only become more prevalent.

By utilizing the XYO Network and XYO Tokens, companies like Amazon and UPS can offer, as a premium service, an independently confirmed ledger to track every step of a shipment’s progress, starting at the fulfillment center and ending with the package’s secure delivery within the customer’s home.

2 Medical Care and Hospitals: According to a study released by Johns Hopkins School of Medicine; The medical error has been recorded among the third leading causes of death in the United States. Many of these preventable deaths are a result of operational or record keeping errors, including adverse drug interactions, improper medical records, and even unnecessary surgeries. By tying the XYO Network into the operational frameworks that are already in place, care providers can significantly reduce failures in communication and record keeping that result in patient injury and death.

3 Rental Car Agencies: The number one problem that rental car agencies face are logistical ones. Simple events such as the customer losing their keys results in millions upon millions of dollars in lost opportunity cost for car rental companies each year. XY has already implemented a pilot program with one of the largest US rental car agencies to help cut down on the number of keys that aren’t returned at major airports. By expanding the program to make use of the XY Oracle Network, the rental car company and its customers can reduce the number of lost keys.

4 Commercial Airline Luggage Logistics:
Lost and mishandled luggage costed airlines $2.1 billion dollars in 2016, according to a study by SITA. While systems are improving, the complexities of air travel still result in millions of angry passengers with lost bags each year. The XYO Network has implemented a decentralized, trustless system for tracking and locating luggage. Its decentralized nature even allows airlines to utilize each other’s networks without compromising the airlines’ network security or needing to coordinate system updates - this means that if you’re at the United desk in Dallas, but your bag is at the Delta desk at SFO, the bag can still be instantly located by accessing the XYO Network Ledger.

5 Insurance Agencies: Insurance for vehicles, modular homes, and other high-value, high-mobility objects can reimburse for theft, but can’t inherently assist in locating the original good. The insurance industry is also susceptible to fraud, especially in the case of insured items that are highly mobile. XY is already working with an insurance company that covers high value, high mobility goods to help them process claims and recover insured goods. Using the XYO Network, a decentralized and trustless location-based blockchain ledger, the company and its customers have access to an independently verifiable location history in the event of a claim.

6 National Security (TSA) Agencies: In high security areas, it is essential to ensure that any authorized firearms are strictly controlled. Creating a system that is secure, reliable, and publicly accountable poses an operational challenge. A high-profile government security agency has contracted with XY to secure firearms in major transportation hubs throughout the United States. The use of XY’s existing technology saves the agency millions of dollars, and the decentralized nature of the blockchain creates a system that is both independently secure and publicly accountable.

THE ECONOMY OF XYO TOKEN: Oracles stand as a significant portion of the power and infrastructure needs for decentralized applications, with most of the focus revolving around the connectivity and aggregation of authoritative oracles. We believe that the need for a fully decentralized and trustless system of oracles is needed for decentralized applications to reach their maximum potential.

THE XYO Token Specifications:
The public token sale has a tiered pricing structure that starts at 1 ETH: 100,000 XYO and
maxes out at 1 ETH: 33,333 XYO.

• Smart contract platform: Ethereum
• Contract Type: ERC20
• Token: XYO
• Token Name: XYO Network Utility Token
• Token Address: 0x55296f69f40ea6d20e478533c15a6b08b654e758

HOW TO ADD XYO TOKEN TO MYETHERWALLET:
Go to www.myetherwallet.com.
Login and Unlock your wallet
Go to the “View Wallet Info” tab
Click “Add XYO Token” on the right-hand side under “token balances,”
Now XYO token(with contract address: 0x55296f69f40ea6d20e478533c15a6b08b654e758) form will appear where you need to fill the contract address, the number of decimals, and the token symbol as provided by the token creators
Lastly, click “Save” you tokens will be seen in MEW.

XYO PARTNERS:
The XYO team have partnership with the following bompany below: