Data is Power – How is XYO Location Oracle Network Shaping the Real World?
Remember that one question that says “Allow X or Z to access your location while you use this app”? How often do you get that? You probably know by now that it’s not just in the apps we use, but location data is encountered every day across the world. As we become more and more reliant on location technology, our need for privacy and security becomes even higher. Moreover, delivery services are highly developed nowadays; however, errors still occur every day. What is the best solution when you can’t remember where you’ve left your keys or when your package is missing?
What does XYO do?
Blockchain-based XYO Network (XY Oracle Network) is a decentralized platform that enables location verification and allows two individuals or institutions to transact in the real world without the help of a third party. In their promotional video, XYO Network suggests that data is the raw material of the Internet age, while blockchain is the raw material of the decentralized age. Therefore, they believe blockchain can be brought into the physical, real world through the two concepts “Proof of Origin” and “Bound Witness” (Find more in the Whitepaper). With the help of this technology, XYO aims to shake institutions, banks, and governments.
In the future, XYO Network hopes to reach an infrastructure of over 1,000,000 XY Bluetooth and GPS devices distributed over the world that will help customers to place physical tracking beacons on the things they don’t want to lose. As this project advances more and more, people can track objects like jewelry, keys, phones, bags, bikes to cars. This will enable users to find the exact location of their items in a real-time, on a smartphone application.
Trustless Services
With the rise of blockchain which revolutionized online commerce, the constant need for trust has decreased little by little, as all transactions became transparent, decentralized and secure. We can see it in our daily lives that a person can now send money to another without a bank sitting in-between, taking a fee. Different e-commerce companies will be able to make use of XYO Network and develop to offer safer delivery to customers. Businesses will grow and provide more satisfactory and successful services while eliminating any possibility of fraud or loss of products. As mentioned on the website, location data is a huge trade market which is worth $11 trillion a year.
XYO Token
What makes their system unique is that the XYO Token model incentivizes the miner not just to provide accurate data, but also to know when not to provide data at all. Thus the ecosystem of the XYO Token has the ability to remain well-balanced, fluid and robust. source
The network utilizes a token called XYO Network Utility Token based on Ethereum platform. Tokens will be available for sale starting from the 20th of March 2018. Future events and details regarding token volume will be announced soon.
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