XYO: Location Based Technology
As we continue to become more reliant on location-based technology, there’s an ever-growing concern with the privacy and safety aspects of the location information service providers. Given the fact that these technologies are usually located or managed at a single point of presence, interference and possible hacker attacks are imminent. Many use cases of location-based technology are life-dependant so consolidating its reliability, and security levels are paramount.
XY Oracle Network: A possible solution?
The team at XYO proposes a trustless blockchain-based location network using state of the art technology that’s reliant on a zero-knowledge chain of proofs to provide a high degree of data reliance on location information.
By employing cryptographic processes that abstract more layers of the data protocol, XYO will enable location verification across multiple device classes and network types. POO (Proof of Origin) and Bound Witness are just some of the innovative mechanisms that bring the blockchain tech and real-world data together.
The XYO token
At the heart of XYO network stands the XYO token. Based on the ERC20 architecture the XYO token will make use of the Smart Contracts feature, a crucial part that has to be implemented to make full use of the ecosystem. Developers will able to access location data and store it as a step in the creation of the Smart Contracts; thus code can finally transcend the virtual space into the real world.
The token will also incentivize both XYO crypto-location miners and token holders, this way a healthy liquidity level will be achieved via low transactional fees and the projected long-term value of the network itself. Another interesting thing to note is, the fact that once the token sale ends that will be the permanent cap of XYO, ANY unsold tokens will be subjected to burn to achieve a truly democratic model where supply will meet the demand.
The location-based technologies market is enormous. XYO is approaching an 11 trillion USD market, if the technology is genuinely disruptive it will most likely rake profits for the early adopters of the network.
Building Bridges
Bridges or location data transcribers will securely relay the location-based ledgers from the Sentinels module into the standard cryptographically secured archive. These bridges will add abstraction level to the network by applying the Proof of Origin concept. As the core architecture is based on a trustless system, the bridges must be rewarded to provide an accurate information transfer. Combining a reputation system with an actual payment plan XYO will assure a reliable governance system.
To apply trustless systems to the IoT (Internet of Things) devices, it’s assumed that the edge bridges or nodes are not physically or virtually safe. By employing the decentralized ecosystem of XYO however, this will not be the case as all interactions and transactions will be cryptographically encrypted within the distributed ledger. Any tampering attempts with this system will not be feasible as it would require a quantum level processing power to break into the ecosystem.
Essentia is a persistent, secure, censorship-free, and privacy-focused digital identity system built on blockchain technology. The system is built with decentralization in mind: the team wants to offer full control of decentralization into the hands of users by enabling on-chain and off-chain interoperability between users, machines, and third parties. Overall, Essentia wants to create the framework for your decentralized digital life
excellent your post Thanks for sharing...entia is a persistent, secure, censorship-free, and privacy-focused digital identity system built on blockchain technology. The system is built with decentralization in mind: the team wants to offer full control of decentralization into the hands of users by enabling on-chain and off-chain interoperability between users, machines, and third parties. Overall, Essentia wants to create the framework for your decentralized digital life
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This is a platform which encourages the entire token holder not to use their tokens as that can lead to a huge problem in the long run in this field of economy. This platform provides a limited store of value and reason for normal desire which is created for not using the token; this is done on behalf of increasing usefulness and liquidity. The crypto economic platform looks after the problem faced by the token miner and not onto the token users. If we look at the XYO Token then it looks after both the account properly. The platform does not only look at the accurate data but also have knowledge regarding when to provide them.
Every so often a new technology arrives that changes the way we live. When Thomas Edison invented the light bulb in the late 19th century, he lit up the world. And we haven’t lived the same since.
When the Wright brothers became the first to achieve flight at the turn of the last century, it changed how we traveled the globe. When the Internet became mainstream in the 90's, the whole world became connected.
And now a new technology has arrived which will once again change the way we live... and shake institutions like banks and governments to their core while doing so.
https://xyo.network/index.html
Location data is used all day, every day across the world.
We are all becoming more and more reliant on location data and the self-driving vehicles, package-delivering drones, and smart cities of the future will increase their dependence upon it significantly.
The biggest limiting factor the world currently faces in advancing us into a more efficient technological future sits in direct prop
The components that make up the XYO network are encouraged using an Ethereum-based token referred to as the XYO token. These tokens are used within the network based on the complexity and priority of a user’s query and are gifted to the Diviner that comes up with the most suitable answer, the Archivist that kept the information used by the Diviner, and the Bridges and Sentinels that provided the Archivist with the data. This system of operation makes sure that everyone that participates in the network gets rewarded.
Using the unique features of the blockchain technology, the XYO Network provides world-class location protocols that are essential in developing a location network that is decentralized, trustless, and secure....
And with the XYO Token, all participants within the network stand to gain a lot.
Thabks for sharing ..