XYO Networks – Offers Certainty and Security for Data Location Services

cryptobench (52)in #blockchain • 6 years ago

The technologies that are currently used to deliver data location services today lack both security and certainty properties. Considering this problem XY Oracle Network (XYO) is trying to develop a reliable network with trustless transactions for today and the future world. The network is supported by blockchain technology and Ethereum Smart Contract. The network will benefit all sectors to access data location.

Primary Components of XYO

XYO Networks consist of four main components. They are Sentinels, Bridges, Archivists, and Divines. All of them work together and relate one to another to provide location data services, producing reliable area-focused, consent-building, and trustless location data verification. In other words, when a smart contract identifies a particular location in the specific coordinate, it can be tracked. It means you will always know the exact location. The risk of spoofing will be reduced in this system. That is how these four components work.

Features of XYO

XYO proposes some features in which the features will become the strengths of this platform. The first one is the decentralized network. There are some benefits of the implementation of the decentralized network. First, it will make the system free. As an open source, anyone can enter the system with no barriers. Second, the data verification will be transparent. Next, the XYO network is trusted. Participants hold power and trust among others. It is something that centralized entity cannot offer. The next feature is anonymously location data. It is very important to make participants feel more protected. They can rely on the network to protect their safety and privacy. Another important feature is Proof of Origin. It is the main tool that ensures that validity of ledgers flowing into the network.

There is also a feature called Bound Witness that verify the accurateness of the location data provided. Lastly but not least, XYO Networks has multiple participants or components as explained previously.

XYO Token Sale and Resource Allocation

Since 20 March 2018, the sale of XYO token has started. As it will run for two months until 20 May 2018, you will still have an opportunity to participate in the sale. If you want to take part in the sale, the first thing you need to do is to visit the official website. Then, simply find the link that you can click on the next step. You will be required to enter some information before you submit. Prior to that, of course, you need to create your Ethereum wallet first.

The sale will generate some revenues that will be utilized to fuel the operation of XYO Network. 40% of the generated funds will be used for XYO network growth. It takes almost half of the resources because until 2020 the development of the network will keep going. Meanwhile, 35% of the raised funds will be used for research and development and for the engineering. It also takes a lot of portion because XYO is a technology-based network. So, it will need many funds for engineering. The rest of the resources will be allocated for platform operation.