XYO Network: Introducing New Level of Progress in The World of Blockchain
With growing popularity of the blockchain in the current marketplace, the need for such platform is raised which will give eliminate the need for centralized authorization with full security and privacy. Moreover, along with growing connections worldwide, our safety also relies on the precision of location information. Various attempts have been made to integrate such technology and collaborate it with the physical world. Even with the tremendous increase in the popularity of blockchain based platform in association with trustless smart contracts, the need for Oracle-based services has also increased. In the current scenario, most of the smart contracts are based on the individual or set of the Oracle services to bring the output. However, in the most of the cases, either good oracles are not available or they do not exist due to the availability of corruptions and errors.
The factor of location comes under the category of Oracle. The preciseness in the location information relies on relay, reporting, processing component of the Oracle and the storage. There are many risks which are involved with the oracle such as data pollution, data loss, collusion and data manipulation. The accuracy and certainty of the location are negatively hampered by the factor of lack of trust and decentralized environment of the Oracle system. The platforms such as blockchain and Ethereum has been used increasingly in the market to eliminate the problems associated with such fields. Still, many platforms concentrate on the online platforms only rather they ignore the physical world because of corruptible data integrity and data manipulation.
Thus to bring a solution for such problems the XYO Network is working with the technology of blockchain for enabling the developers to deal with the physical world as they deal with APIs.
The solution offered by XYO Network
The XYO Network is the world's first oracle protocol which enables the two parties to interact and transact in the real world without any involvement from the third party. The technology behind this network enables it to make location verification trustless for the developers and create a nobel use case which was not possible till date.
The goal of XYO network is to create a trustless platform with a decentralized system of location oracle which will resist attacking and will even provide the highest certainty of data when enquire about it. This is done with a certain set of rules and regulation which will reduce the risk of location spoof.
The following are main components of the XYO Network
- Sentinels
These people are the location witness. The most important work of a sentinel is that they produce ledger that the other components could be certainly come from the same source. Moreover, they are the data gatherers. For answering each query they got rewarded for it in the form of XYO Network token.
- Bridges
These are those people who transcribe the data of locations. They are the mediator between the sentinels and the archivists. The most important feature of the bridges is that the archivists believe that while the data come via bridges the data will be pure and there will be no chance of manipulation associated with them.
- Archivists
These are those part of the XYO network, who saves the data which is transferred via bridges form sentinels. Basically, they are the data keeper.
- Diviners
Diviners are considered as the most complicated part of the XYO Network. The main goal of the diviner is to fetch the most reliable and accurate query from the network and give the data to the issuer of the query.
ICO details for XYO Network
The name of token which is associated with the XYO Network platform is 'XYO'. There will be an issue of unlimited tokens at the time of the main sale and all unsold tokens will be burnt at last. The value of 1 ETH is equivalent to 33,333 XYO.
Conclusion
With the current development in the world of blockchain and ethereum, there is a need for location oracle oriented platform. The Platform of XYO Network provides all those facilities which are required for the upcoming generation, and when the talk comes to the location, it very important for the data to be very accurate. With all new features and technologies, the up coming platform of XYO Network for location Oracle will definitely achieve a great height of success.
Website : https://xyo.network/
Whitepaper : https://docs.xyo.network/XYO-White-Paper.pdf
ANN : https://bitcointalk.org/index.php?topic=3040825.0
Telegram : https://t.me/xyonetwork
Authored By: Ollivander7
Btalk profile: https://bitcointalk.org/index.php?action=profile;u=1069616