XYO Network is blockchain's first crypto-location oracle network

It is a widespread practice now when companies operating in a, let’s say, physical world decide to use the benefits offered by the decentralized and trustless blockchain technologies. XY Oracle Network is definitely one of the most exemplary ones.
The company proposes a cryptographic network which guarantees a high degree of data accuracy on geolocation leveraging a chain of zero-knowledge proofs. It makes location verification possible across many device classes and protocols. The core of the network are innovative cryptographic mechanisms known as Proof of Origin & Bound Witness that unite blockchain technology’s unparalleled gains with data gathering in the real world to create a system that is of immediate urgency today.
The company currently has an existing infrastructure of over 1 million Bluetooth and GPS devices which allow customers to place physical tracking beacons on those things they’d like to keep track of (it can be keys or luggage, bikes or scooters, even pets). If any of these things get lost the customer can search for their location using a smartphone app.
The XYO Network’s best practices can be used across many industries with eCommerce companies and hotel review sites among them. The first ones can have the XYO write a smart contract for them and then use it to track their packages at every stage to make sure their customers only pay for the delivered packages. And the second ones can make sure all reviews at their site are true and written by customers whose visit to a hotel can be tracked thanks to XYO.
XYO Network is one of the biggest in the world, and guys are not going to rest on their laurels. They consider these achievements as just a starting point. Taking into account the fact that XYO Network is an open system, it should be noted that any operator of location devices can join the network and start earning XYO Tokens.
The company’s token model allows the ecosystem to remain balanced, flexible and powerful. It incentivizes miners to decide when to provide specific data and when to keep them. Moreover, the end user is rewarded to make transactions when network liquidity is low rather than high.
Generally, XYO tokens can have a status of “gas” which needs connection to the real world in order to verify the location of a certain object. The process can be described like that: The user who is also a token holder sends their query to the network, which is then lined and waits for a reply. When creating the query, the user can set XYO gas price. The cost depends both on the amount of data required to get the reply and the market dynamics. The more valuable the information is, the more expensive the query can be.
The token used within the network is named XYO Network Utility Token and it is an ERC20 coin.
The company is ready to issue an unlimited amount of tokens during the Token Main Sale. However, all the unsold and unallocated tokens will be burnt after the ICO. No XYO tokens will be generated thereafter.
More information on the date and conditions of the Main Sale will be available later. Please follow our news.

Authored by: monarx