XYO Network Is Providing Location Data To The Blockchain
The Blockchain Has Issues
Everybody loves the blockchain. According to an article by CNBC two-thirds of big corporations are expected to adopt blockchain technology by the end of 2018.
As many of you know the blockchain is a form of a digital ledger that records transactions and is immutable, which means the history cannot be altered. Ethereum introduced smart contracts to the blockchain, which allow computer code to be executed based on specific events.
Smart contracts are what allow cryptocurrencies to act as more than just a store of value. Users are already using smart contracts to do many things including conducting ICOs, dispersing royalties, and playing games like cryptokitties.
The common factor between all of these is that the events that trigger the smart contract are all occurring in the digital world. Right now this is a big issue for the blockchain, there currently is no way of taking real-world physical information and using that in a smart contract.
One of the solutions to this problem is the use of oracles. An oracle is an entity that finds and verifies real-world occurrences and sends this information to a blockchain to be used by smart contracts.
Oracles feed external third party data to smart contracts which allow them to execute based on real-world events. This means that smart contracts can execute based on weather readings, sports scores, traffic conditions or GPS locations.
XYO Network is creating the first protocol for translating geocoordinates to the blockchain. This will allow external location data to be used to trigger smart contracts. The location data market is already worth more than +$8 billion per year and XYO Network is trying to be the first to integrate it with the blockchain.
Why Location Data Matters
The location data market is expected to grow to over $16 billion by 2021. This data is used in numerous business sectors some more obvious than others.
Businesses can use location data to track employee efficiency, abuse of company vehicles, and to utilize AI to analyze movement patterns based on past history.
Location data is also big business and is utilized by Google and Facebook to target advertisements and provide services. The XYO Proof of Origin would prevent GPS spoofing and provide accurate data to companies paying for it.
XYO Is The Answer
XYO Network is a protocol that creates a network of location verifying oracles that will enable smart contracts to interact with the real world. The network will oracle to send XY coordinate data to smart contracts that allows them to execute based on the location of the subject.
These four components work together to create what is essentially an API from geo-coordinates to the blockchain. Here's an overview of how they work.
Sentinels are data gatherers and collect location data from sensors including Bluetooth trackers, GPS trackers, geo-location tracking built into IoT devices, satellite tracking technology, QRcode scanners, RFID scanning, cell phones and many others. Sentinel data is verified via the XYO Network Proof of Origin consensus model and through a reputation system.
The data collected by Sentinels is relayed by Bridges to Archivist for data storage. Bridges add an additional layer of Proof of Origin and receive XYO tokens as a reward when data they relay is queried.
Archivist store the location data that is produced by Sentinels in a decentralized fashion. The Archivists are rewarded for storing data and for providing data to Diviner. Like the previous components, Archivist, add an additional Proof of Origin each time the data is transferred.
The Token
The XYO token has two functions. It acts as "gas" to power the complete transaction of information from Sentinel to blockchain. The token is also used as an incentive to help with user, developer, and partner acquistiion.
Cross-Platform Compatibility
XYO Network is being built as a protocol that can provide Oracle information to many different blockchains including Ethereum, Carano, RChain, EOS, IOTA, BTC +rsk, Stellar, NEO, Dragonchain, Lisk, Counterparty, and Hedera Hashgraph.
This gives developers using any of these blockchains the ability to integrate real-world location data into their smart contracts. As a protocol XYO has the chance to be adopted across the board.
The Team
The team is highly experienced in the location data business and the parent company XY has been building IoT hardware and location-based technology since 2012.
XY owns and operates a successful hardware location business, with 1 million location-verifying beacons produced to date, and a successful consumer business in the findables space that has generated over $10 million in revenue to date. The team can leverage these active location beacons into nodes on the XYO Network.
The team has added three young and talented blockchain developers through the acquisition of GEO. The developers created an Ethereum based project that allows trustlessly notifying a device that an object was there with absolute certainty, and without having to communicate private data with the network.
Summary
XYO Network is backed by a solid idea, a real-world company with an existing product, and young blockchain talent. The need for location-based oracles is going to grow as use of the blockchain increases. The ability to act as a cross chain protocol for the use of location data gives XYO Network a strong chance of being adopted as a solution in this sector.
More Information on XYO Network
📅Token Sale Dates: Open until May 20
📈Token Ticker: XYO
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Accoring to your article XYO Network introduces a source of location data that does not originate from a centralized system.thanks for info and keep going such nice articles.