XYO Network ICO Review - Blockchain's First Decentralized Proof of Location Network

XY Oracle Network – a new ICO that will change the face of location tracking system.  

  XYO Network has developed a revolutionized Proof of Location network that aims to provide accuracy in locating anything that you can think of. The platform was designed to utilize a wide network of connected devices to ensure precise location tracking.  

  Location-based technologies have been very popular to everyone nowadays. It seems like every person on this planet have this extreme desire to locate anything and anyone. And for decades, we have developed location tracking services that uses GPS and triangulation techniques. And there are location services that pile up multiple mediums of verification to create a Proof of Location. But these services cannot be 100% accurate at some point and cannot detect fraud signals and block location spoofing.  

  Now, XYO Network is working towards eliminating these inaccuracies with their new platform. Let’s take a closer look on how it works.  

Proof of Location Weak Points  

  To explain this briefly, Proof of location strengthens the powerful assets of blockchain which are time-stamping and decentralization. And with the expectation of making this system spoof-proof, these powerful assets are then combined with off-chain, location-aware devices. This technology is known as “crypto-location”.  

  Same with smart contracts that only centers around a single source of truth, crypto-location system works in the same way. With crypto-location’s dependence on off-chain devices to retrieve the object’s location is where it becomes vulnerable. And in smart contracts, the source for off-chain data is an oracle.  

The XY Oracle Network  

  XYO Network aims to create a location oracles system that is trustless, decentralized and spoof-proof to provide the highest accuracy rate for all queried data. And through the chain of crypto-graphic proofs within their system made this possible.  

  The main idea is to create the biggest network of GPS-tracked devices and link it to the blockchain system for a more accurate location tracking. With the help of the blockchain technology, the XYO Network was able to develop a revolutionized Proof of Origin that rely on the concept of a Bound Witness. And also, since the platform will be blockchain-based, smart contracts can automatically take action by simply following the criteria that has been set and without having the need for intermediaries for verification.  

 The Network has four key components for its tracking system: Sentinels, Bridges, Archivists and Diviners.  All of these should be aligned with each other to ensure accuracy on data provided to queries.

Sentinels  

  These are the location witnesses that gather data through sensors, radios and other mediums. They produce ledgers by adding Proof of Origin to a relay chain of cryptographic proofs. And in every data gathered by each Sentinel, when used to answer a query, XYO Network Tokens (XYO) will be rewarded.  

Bridges  

  These are location data transcribers. They ensure that the data being relayed to Archivist were not altered in any way. And they also serve as an additional Proof of Origin. And same with the Sentinels, they will be rewarded for the data they relayed when used to answer queries.

Archivists  

  They store all location information received from the Bridges in a decentralized form. They also index ledgers for easy retrieval of data when needed. For Archivists, they get paid with the XYO tokens for any data retrieved.  

Diviners  

  These are the ones who fulfill all data queries and ensures that all data given to the issuer of the query is the most accurate. They interact directly to the Archivists to retrieve the data with the highest accuracy score. Queries are prioritized based on the reward size and its complexity.  

XYO Token Details  

• Token: XYO 
• Platform: Ethereum 
• Price: 1 ETH = 100,000 XYO tokens 
• Hard Cap: 48,000,000 USD  

The Verdict  

 An ambitious project like this would have unlimited applications. From accurately locating your shipped package to easily finding your lost phone would be absolutely crazy. If this platform would make it, it’s possible that it can be as big as the other leading players in the crypto market. 

  Imagine the millions of IoT devices around and the people that utilizes them, they would be the same people who would be very interested in taking advantage of the XYO Network system. And if this happens – millions getting in the XYO bandwagon – more of the XYO tokens will be used for gas which will eventually raise their market value to the roof!  

  And yes, the project looks really bold and aspiring. But if this pans out in the real world, our lives would be way more convenient through the reliability, efficiency and transparency that this platform offers.  

For more information on the XY Oracle Network and if you are interested in their ICO, visit the links below:  

• Website: https://xyo.network/index.html 
• ANN/Bounty: https://bitcointalk.org/index.php?topic=3040825.0 || https://bitcointalk.org/index.php?topic=3053801.0 
• Telegram: https://t.me/xyonetwork