Xyo network: decentralized crypto - location oracle network
Xyo(xy oracle) network is what I am going to be considering today focuing mainly on the description, problem faced in data accuracy and data integrity and solutions offered by xyo.
The advent of the blockchain has rapidly changed the landscape of the tech industry. In just a few short years, the focus of development has shifted from isolated, siloed, and privatized information systems to decentralized, independent and permissionless ledgers. More recently, the rapid growth of Ethereum has brought smart contracts and DApps to the forefront. Ethereum-based smart contracts give the ability to utilize the blockchain and cryptoeconomic principles across countless industries and implementations. However, we currently don’t have a decentralized and authoritative oracle to determine and verify location.
The XYO Network solves this problem by creating a layered location verification service that is effective across many device classes and smart contract protocols. It’s based on a set of novel cryptographic mechanisms, Proof of Origin and Bound Witnesses, which tie together the power of the blockchain and real world data collection into a system with direct applications today. XYO Network aims to create a decentralized and trustless system of location oracles which is not only resistant to attacks but also provides highest possible certainty when queried for the available data. The platform developers achieved this by implementing a set of abstractions that greatly reduce the risk of location spoofing. For this, they make use of zero- knowledge proofs along the components of the system. The system makes use of a protocol of connected devices to provide high certainty on the
location data. The users can issue transactions or “queries” to get the location data on a blockchain compatible platform.
The XYO Network is made up of four primary components:
Sentinels, which gather data about their location, environment, and other nearby XYO Network devices and store this information on an onboard digital ledger,
Bridges, which relay information from Sentinels to the public blockchain, where it is stored in perpetuity, Archivists, which store and index the information transmitted via
Bridges,
Diviners, which access the information in order to verify location or answer queries
The divination of the location of a physical world item depends on multiple of factors, which are not free from error and can be corrupted. This causes the problem of accuracy and certainty of location which are adversely affected due to the lack of a decentralized and trustless oracle.
XYO Network is working to allow the developers, like those writing smart contracts for blockchain platforms, to interact with the physical world like the way it were an API. It is the first of its kind protocol in the world that allows two entities to transact in the real world without the involvement of a centralized third party entity.
Important links
Website:https://www.xyo.network/
Telegram :https://t.me/xyonetwork
Ann Thread: https://bitcointalk.org/index.php?topic=3040825.0
My bitcointalk link:https://bitcointalk.org/index.php?action=profile;u=1582184