XYO Network - Proof of Location Oracle Network
First thing I want to say is these guys already have 1 million location verifying beacons globally which are GPS and Bluetooth. They allow you to track basically a parcel, a car, diamonds the ability to do a lot of stuff is endless in the sense that there's many things that you could utilize this on. Myself I could see this being used in facilities management where I need to know if people actually done some servicing because obviously if we can identify that people have been to a specific site or specific equipment has there’s been purchased for a specific task I can verify they've been there. The other part of this being which is why the token is important is you can have a trustless environment in the sense that as long as say I ordered a tool for something and I need it to go to a location which could be a hospital if that actually reaches the hospital, it could actually generate an automated payment rather than somebody then invoicing me to say it's to being delivered last Tuesday and nobody's told me is there. It's a case of the beacon would actually be able to identify that the package is in that location and verify that is there as such it's trustless because it doesn't rely on whether I trust them or not. It's actually there, it’s proven because it identifies it. This is a system that allows the proof of the location of pretty much anything. It could be for used for drone deliveries, could be used for autonomous cars, it could be used for tracking a stolen car even because you can identify where it is. So, this is the technology and why use this over GPS? GPS is get block by fog, they get blocked by cloud cover which can make it unreliable but also it doesn't have the ability to become trustless and well unless something's changed when recent times where it could identify some things at my door. The other side of this being if you’ve got multiple beacons like I said have got million beacons already, if a parcel is on its ways to your house it would have the ability to actually ping to say it’s within five miles which means you know roughly when it's got get delivered because if you know a lot of these parcels from all over the world, I have no idea when it is going to arrive.
The business is not new, being up in one since 2012 I believe. They've got 1 million Bluetooth and GPS trackers around the world already and they’re the first company that they are doing it. The crowdsale after the XYL token generation event ends in a matter of weeks after it begins and possibly soon in spending on transaction activity, every unsold token, XYO token will be burn forever creating a true incentive and an opportunity for those who participate during the token sale. I do want to verify that the XYL tokens are not representative inequity or a security. XYO tokens are used for transacting with the XYO network and critical to leveraging crypto economics to maintain a healthy ecosystem that rewards providers of accurate location signal providers as well as those who transact XYO. You can also mine as well, there’s GPS mining Bluetooth mining. It starts March 20th, ends May 20th. One ETH equals 100,000 XYO tokens all unsold and not allocated tokens will be burned after the token sale event. How will be broken down is 40% of the tokens will be used for network growth and marketing, 5% support for ethereum platform projects represent overheads. 15% XYO Oracle Network platform operations, 35% engineering, research and development.
Website: https://xyo.network/
Twitter: https://twitter.com/XYOracleNetwork
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Whitepaper: https://docs.xyo.network/XYO-White-Paper.pdf
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3040825.0
Authored by: donniedarko
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