INTRODUCING THE CRYPTO-LOCATION TECHNOLOGY USING THE XYO NETWORK

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Since the introduction of blockchain platforms, they have evolved in our everyday life. It has the capability to facilitate smart contracts that can be executed automatically provided agreement is reached. This reduces trust on third party to execute a transaction or agreement. For example to individuals can bet on a game that Chelsea could beat Arsenal. As we speak only a trusted third party can act as a middle man, demanding a transaction fee or wager fee. Blockchain technology and smart contracts are changing all of that; smart contracts innovation can now determine who to deposit the winning bet after completion of the game. But this can only be achieved by yet another platform called the oracle. The oracle exists as a point of call for the smart contract to determine the result, and exist as a weak point in this ecosystem. External data bases can be tampered with. For example party A can use privileged access to tamper with a data source to win the game or intercept a result.

When financial incentives are involved, interfering with data is tempting, smart contracts and cryptocurrency are now used to make such actions null. Oracles are now built on Consensus meaning the smart contract won’t take its result from one oracle rather several oracles in consensus, producing a result that is trustless and decentralized.

The company behind the XYO network is building an ecosystem of location network to make the physical world programmable and accessible to developers that writes smart contracts, with the power to interface with the real world as if it were API, since; blockchain technology is mainly narrowed to the internet. This is a longchain project that can be achieved in components.

XYO has four (4) components that can help in achieving crypto-location technology;

· Bridges
· Archivist
· Deviners
· Sentinels

The importance of this components is that they help to geo-reference consensus, building and doubtless authentication of a location data. Meaning if Amazon uses XYO technology to send an object to a specific XY coordinate, once it arrives, you will know it was absolutely there. This is achieved without any interference knowing that Sentinels in the XYO oracle network with a long chain proof of orgin has verified.

USAGE

· E-commerce: . As a trustless and decentralized system, the XYO Network provides independent confirmation not only of a package’s delivery, but of its entire shipping history.
· Hospitals and Medical errors : XYO Network and XYO Tokens can provide a trustless, decentralized, and independently verifiable record of all patient interactions with any staff as well as a log of relevant patient data such as the patient’s vitals, treatment details, and test results for the duration of their stay

XYO TOKEN SPECIFICATIONS

The XYO Network will rely on an ERC20 token called the XYO Token used to incentivize the desired behavior of providing accurate, reliable location. XYO Tokens can be thought of as“gas” needed to interface with the real world in order to verify the XY-coordinate of a specified object.

• Smart contract platform: Ethereum
• Contract Type: ERC20
• Token: XYO
• Token Name: XYO Network Utility Token
• Token Address: 0x55296f69f40ea6d20e478533c15a6b08b654e758
• Total issuance: Finite and capped at the amount reached after the Token Main Sale
• Projected XYO Token Cap: $48 Million
· Unsold and Unallocated tokens: Burned after the token sale event. No further XYO tokens will be generated after the Main Sale ends.
· Token sale: 1 ETH: 100,000 XYO and maxes out at 1 ETH: 33,333 XYO.

THE TEAM

· Arie Trouw solely founded XY Findables in 2012 and other team members who are seasoned engineers, business development professionals and marketing experts.
· Scott Scheper and Markus Levin joined as co-founders of the blockchain initiative in 2017 to assist in building the XY Oracle Network.

Others team members: https://xyo.network/team

CONCLUSION

The importance of crypto-location technologies making their way to multiple platforms is becoming noticed. The XYO Network supports all blockchain platforms that possess smart contract execution2, and this is massive addition to the blockchain technology been able to choose from a network which smart contract you want. This is a technology of tomorrow starting today and should be encourage

Telegram: https://t.me/xyonetwork

Website: https://xyo.network/index.html

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