XYO Network - Bridging Blockchain and Location Data (SWOT Analysis)
XYO Network is a cross chain protocol for collecting, storing, querying, and sending off-chain X-Y geo-coordinates to blockchain based smart contracts. XYO is creating the first protocol for location-based Oracles. Simply put, XYO Network will provide the framework that will allow smart contracts to be triggered by off chain location data.
For a longer overview of XYO see my article here.
Let’s look at the Strength, Weaknesses, Opportunities, and Threats (SWOT) of XYO Network.
The team is extremely strong in the location-based data field and has created a working and profitable business that sells Bluetooth devices that can be located using geocoordinates. The team has done great work in enhancing Bluetooth technology by delivering a device that can communicate up to 300 feet away.
The strength of this product is also in the need. A location-based oracle protocol will be severely needed in the blockchain space. The need will become more noticeable as teams begin releasing working products that require locations to trigger smart contract events.
Although the team is strong in location-based data the blockchain development core is very young. The team includes two gifted blockchain devs that are currently in college but developed and marketed their blockchain based product at GEO at ETHDenver. It is important to note that San Diego is a hotbed of GIS businesses and up and coming tech.
At this time the Sentinels which are the location finders are limited to Bluetooth XY findables (over 1 million in use) which are a product that the related firm XY Findables creates. The team has addressed this weakness by creating an open network that will allow software to be installed on almost any GPS or Bluetooth device allowing them to become Sentinels on the network.
The opportunity for XYO to succeed is enormous. The advancement of blockchain technology is quickly creating a need for oracles to allow off-chain data to trigger smart contracts. Without oracles, smart contracts can only be triggered by computer-based events.
A location-based oracle has enormous implications and can be used in a large number of massive industries including supply chain, autonomous vehicles, drone delivery, airlines, transportation, criminal justice, real estate, and medical.
Location-based data is also important to data aggregators like Facebook and Google who then analyze this data to repackage and monetize via ad space to their enterprise customers.
The XYO team has created an even larger opportunity by designing the product to be cross-platform. This prevents the project from failing if the associated blockchain fails. In the case of XYO Network, there is a good chance that at least one of the over 10 blockchains they are aiming to work with will succeed. Even more likely is that many of them will succeed and all will eventually need a location-based oracle as part of their infrastructure.
The market for this type of service is not completely developed but will likely be the blockchain equivalent of an API for location-based data. The main difference is that the Proof of Origin tied to the data creates a provable location trail that is not available via regular location services.
The team is faced with two major threats, hardware integration, and adoption.
Initially, the team is going to utilize their own Bluetooth based location devices but they are quickly going to develop software to integrate into third-party hardware. This hardware will include phones, GPS units, and eventually IoT devices.
The threat to the project is that any of these products may not be compatible with XYO software or certain countries may limit access to location-based data. This threat is encountered by most decentralized projects.
Adoption of a protocol is always key to its success. If nobody is using your product then it really only exists in essence. The threat to XYO Network is that each blockchain ends up creating their own location-based oracle system or a similar project is developed and advances quicker than this one.
In general, protocols overcome some of these threats by making themselves available to a large number of products via open source information. XYO Network has taken this even further and is promising compatibility with man popular blockchains from the start. These blockchains include Ethereum, Carano, RChain, EOS, IOTA, BTC +rks, Stellar, NEO, Dragonchain, Lisk, Counterparty, and Hedera Hashgraph.
Overall
XYO Network is an important project for many reasons, the first being that there is a giant need for oracle type protocols of all kinds in the blockchain space. Secondly, XYO is the first product that is providing location-based data via oracles.
The team is experienced in location-based data systems and has acquired young and talented blockchain devs. If the team can meet their short-term roadmap deadlines and partner with some high profile apps the project can get off to a very successful start.
More Information on XYO Network
📅Token Sale Dates: Open until May 20
📈Token Ticker: XYO
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It's about time locational services was revamped using the most available cutting edge technology. It's even better that blockchain will be the catalyst in that change. XYO has the potential to be a staple of many of the services that we currently rely on using its oracle technology and ability for multi use.
Great article man. Have upvoted and followed. Please feel free to to follow back and also have a look at some of my articles ON XYO.
Blockchain projects have not even scratched the surface of their potential. One of the main problems is the inability to bring real-world based events into the blockchain ecosystem. Oracles are one of the key pieces of blockchain infrastructure that need to develop and a geographic location based Oracle should be one of the most desired by many blockchain devs.