XYO Network Project Review – Location Based Oracle Network with Working Tech
XYO is a proof of origin protocol that is looking to solve and existing gap in blockchain technology today, which is a location based network. Basically utilizing technology similar to IoT but making it even easier to implement for real world use. Imagine being able to implement a tracking platform for all high end goods via sticker trackers or affordable hardware that can ensure there is Payment upon Delivery via the XYO Token. That’s what XYO is trying to accomplish, being able to fully track via location logistics, a package from factory to the end-users home and ensure all the information along the way. This type of service for eCommerce can assist with loss prevention, carrier oversight, time tracking and so one.
XY Oracle Network is a company that was birthed by the XY Findables Company which has delivered over 1 million devices to consumers. The technology that they offer allows individuals to find devices such as keys, car, luggage and even pets via affordable small bluetooth and gps devices found at https://www.xyfindit.com/. They are the leader in findable devices and are looking to expand their existing technology to the blockchain and make each of the devices mobile miners, also known as Sentinels on their platform. You can get on waitlist for the mobile miners here: https://app.xyo.network/squeeze-page19341286 .
The goal of the XYO Network is to provide a Network of Oracles to provide validations so that it is a true trustless network that has multiple sources of truth to do the validations, this includes all four parties; the sentinel, the bridge, the diviner and the archivists. This group of validators, also known as bound witness, is what builds their “Proof of Origin” , in which no one can falsify the data within the chain. The network also is built with the zero-knowledge proof which is the bidirectional location heuristic to help ensure the certainty of the data within the system.
The Protocol will be Blockchain Agnostic, first working with the ethereum network to deliver and build the smart contracts for the requests. Then it will utilize its adaptor functionality to work with some of the faster and more scalable blockchains of the future such as NEO, Stellar, EOS, Bitcoin+RSK, Cardano, IOTA, Hedera Hashgraph, Counterparty and so on. The functionality to be blockchain agnostic is always a plus when it comes to protocols, as not to be locked into existing blockchains and leveraging multiple chains and clients.
The Platform will comprise of four different main contributors to the platform; sentinels, bridges, diviners and archivists. Each of these players take a different role in working the data within the XYO network in order to accomplish tasks such as delivering a package for an eCommerce package.
Sentinel - are the physical devices (bluetooth/gps/IoT/GPS/Telecom/Etc) that are the location witness’ (validation) that send the information to the bridge. They
Bridge - are the location data transcribers that relay the information from the Sentinel to the Archivist for data storage. This is where the Proof of Origin occurs.
Diviner - is the algothrim that translates the request from the smart contract, looks at the data thats available on the archivist and computes the information and delivers it.
Archivist - is the source of truth for the data that is sent from the sentinel, it is where the diviner looks to gather information from the systems request.
XYO Network Use Cases:
eCommerce
Medical Care and Hospitals
Rental Car Agencies
Commercial Airlines Luggage Logistics
Insurance Agencies
National Security Agencies (TSA)
Drone Package Delivery Systems
Autonomous Vehicles
Major Milestones from Roadmap:
Q2 2018 – TestNet
Q3 2018 – MainNet
Q3/Q4 2018 – API for Smart Contract Developers
Q3/Q4 2018 – Sticker Based Trackers
2019 – Grow Business and Launch Satellites!
Token Symbol: XYO
Price: 1 ETH = 100,000 XYO
Platform: Ethereum (initially)
Accepting: ETH
Hard cap: 48,000,000 USD
Country: USA
Whitelist/KYC: KYC & Whitelist
Restricted areas: USA
Sale Ends on May 20th
For more info, please see my video review:
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