XYO NETWORK: BRINGING AN EXCEPTIONAL CHANGE TO SMART CONTRACTS

emmy92 (42)in #ico • 6 years ago (edited)

Blockchain technology is taking the world by surprise, how? It can be implemented on almost any platform, give amazing results and yet maintain its outstanding features such as decentralization, efficient real-time transactions (by smart contracts), time stamping etc.
These outstanding features of blockchain technology and the accompanying results in areas implemented has led many companies, organizations, businesses to embrace it, implement it thereby solving related issues. It has found uses in Healthcare systems, Finance, Gaming, Engineering etc.
Talking of smart contracts, in any system blockchain is implemented on, smart contracts are responsible for ensuring trust, reliability and efficient real-time transaction. Smart contracts are used to execute contracts or orders, in an efficient and transparent manner, thus removing the need for middlemen or escrows. Even with these unique attributes of smart contracts, it still has issues which tend to limit its effectiveness.
Owing to the wonderful nature of blockchain technology in relation to smart contracts, a platform or company like no other, unique in all ramifications aims to utilize smart contracts in other solve life challenges at the time solving the issues limiting the efficiency of smart contracts. This is no other project or platform than XYO NETWORK.
XY stands for coordinates as in locations, while O stands for Oracle, thus called XY Oracle Network.
XYO Network is a project with the aim of utilizing smart contracts to solve location related issues.
With the tremendous growth of connected and location-reliant technologies, it has been shown that our privacy and safety greatly depends on the accuracy of the information shared on locations.
Owing to this, XYO Network introduced a source of location data with no dependency on a centralized system but rather relies on its components so as to deliver the required data information that location-based smart contracts need for execution.
Smart contracts are very vital to XYO Network, therefore, its built in a such a way that it interacts with the real world as in the case of API (Application Programming Interface), that is, solving issues without having to fully interact or alter the system.

LIMITATIONS OF SMART CONTRACTS

Like earlier pointed out, smart contracts have an issue which tends to limit its effectiveness, this issue is that smart contracts rely on centralized systems for data input, thus leading to limited offline applications for smart contracts.
Someone might ask how? Assuming you write a smart contract to always source for the current price of books so that you can be updated in order to make a profit as at when due, you will utilize centralized systems such as e-book websites, the information they give is what you take. While in offline, it's a tedious thing to do.

SOLUTION OFFERED BY XYO NETWORK

Before going into the solution, it is worthy to explain the components of XYO Network.
XYO Network has four (4) components which are used in solving geo-location issues.
These components are;
a. Sentinels: This component is heuristic in nature. It is a location witness, and thus sends location data to Bridges.
b. Bridges: This is used for location transcribing, it collects data from Sentinels and keeps them ready for Archivists.
c. Archivists: This stores location data collected from the Bridges in a decentralized ledger thus making data available for Diviners.
d. Diviners: This answers the given question (questions like lost luggage, lost car key or the current price of books ) by accessing the results gotten from Archivists.
XYO Network solves issues limiting smart contracts by making it possible for smart contracts to utilize these components, thus getting involved with the real world, in the long run, determining the actual location or XY- coordinate of an object or as the case may be. This then leads to execution of the smart contract.
With smart contracts utilizing XYO components, the answer gotten is concrete and absolute.

USE CASES

E-commerce: To track shipment progress from the fulfilment centre to the customers home.
Drone Package Delivery Systems: Ensuring package delivery while maintaining compliance with FAA.
National Security Agencies: Used to ensure the control of firearms in addition to a system which is independent, secure and publicly accountable for controlled firearms.
Insurance Agencies: Owing to the decentralized nature of blockchain, XYO Network partners with insurance agencies so as to track lost goods as well as uncovering insured and stolen goods thus putting a stop to fraudulent activities.
Commercial Airline Luggage Logistics: Study made by SITA has shown that as of 2016, lost and mishandled luggage cost airlines a whopping $2.1b. To solve this, XYO Network launched a decentralized and trustless tracking system which can track and locate lost pieces of luggage.
Rental Car Agencies: By embracing XYO Network, rental car agencies and its customers can reduce the number of lost keys.
Medical Care and Hospitals: XYO Network incorporates it's system to the existing framework of care providers, thus reducing the failure in communication and record keeping, in the long run, putting a stop to patients injury and death.

XYO NETWORK TOKEN (XYO)

XYO Network token XYO is an ERC20 utility token built on Ethereum blockchain with a projected token supply of 24,158,373,684.
Uses of XYO:
a. Used by smart contracts developers for accessing geo-location verification from the real world,
b. Used for accessing the outside world.
Token Details

TOKEN SALE DETAILS

TOKEN ALLOCATION

CONCLUSION

XYO Network aims to build a system whereby smart contracts will interact with the real world as if it's an API.
XYO Network has the following features;
a. Decentralized: It is an Open source, with no restrictions and requires no verification from fee-based organizations.
b. Trustless: All transactions are transparent, secure and decentralized.
c. Identityless: Privacy and safety are ensured because data is shared anonymously.

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