XYO Network – Providing High Level of Certainty and Security for Data Location
Since the initiation of blockchain technology and smart contracts, there has been a significant growth of the demand for Oracle services that determine the contract’s outcome. In order to settle the contract’s outcome, smart contracts are used based on an aggregates set of authoritative oracles. This happens for most smart contract implementation. The problem is that most oracles fail to be authoritative due to the corruption of error possibility. In short, they do not properly work. This includes location oracles. Data reporting and storage are prone to be error and corrupted. It can result in data loss and manipulation. XYO network can solve the problems by using a new decentralized concept.
The Mission of XYO Network
From the explanation above, it can be summed up that the current problems of location data are the lack of certainty and accuracy. These problems are present due to the absence of a trustless oracle. Actually, there have been some platforms like EOS, Ethereum, and perhaps some other else which serve as a mediator for online interactions. However, most of these platforms concerned mainly with the online world. They did not focus on the physical world. The mission of the XYO Network is to connect two parties to have a transaction in a real world without the interference of third parties.
There are four major components in the network: Sentinels, Bridges, Archivists, and Diviners. Each of them has its own role in the flow of the system. All of them works based on trustless validation of location technologies. These components use consensus-building a geo-focused of location data. In this system where all of the four components are working, whenever a smart contract deal is made, it will appear in the particular location. This system explains how XYO Network works. In this mechanism, XYO will be the first blockchain network offering trustless location protocol.
The Project Roadmap
Since 2012, actually, the company has started running the business by generating a successful Bluetooth GPS and now they came back again with a new project that is developing trustless location protocol. The project started in 2017. For the first half of the year, the focus was on releasing some devices necessary for XYO network operations such as tracking devices and the XY4+ device. At the end of 2017, the XY Oracle Network is born. Entering 2018, XYO began creating smart contracts and XYO tokens. For the rest of the year, XY will launch the XYO Main Network followed the completion of API that enables developers to interact with the network. In 2019, it is planned the network can reach wider global location. Finally, in 2020, there will be a global expansion of the network.
Information about ICO Token
XYO Token sale has already started on 20 March 2018. It will run for two months. If you want to make an investment you can visit its website directly because the most recent updates are available there. The token sale will generate funds. The funds will be allocated for various purposes, mainly for growing the network. It includes marketing and building more partnerships.
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