XYO Network: Blockchain Tech becoming a Reality
Overview
XYO network or XY oracle network is trying to decentralise the location data. Every object on this planet falls under some XYZ coordinate which helps to find out where exactly the object is. Such location verifying beacons are already present all around the world called GPS. These already existing beacons have the risk of location data getting manipulated. Therefore, XYO have come up with the idea to use properties of blockchain technology like decentralization and time stamping to location verifying services to prevent any data manipulation.
Core concepts of XYO Network:
XYO network works on two core concepts i.e. Proof of origin and Bound Witnesses.
• Proof of origin: Proof of origin is used to confirm where the object came from by using its geolocation. The data that is provided various nodes can be verified using zero knowledge proof. In zero knowledge proof only, a specific information is conveyed to other party in such a way that the other party cannot proof this information to anyone else thus retaining security.
• Bound witnesses: Bound witness is two directional proof of an interaction. If a witness is something that witnesses an event (i.e. that the item has passed through its scanner) then bound witness is when two witnesses can confirm the same event between them. So, both parties can validate the occurrence and range of an interaction by co-signing the interaction.
Four Components of XYO Network
Sentinels: Sentinels gather information about the real world and prepare their own ledger with proof of origin. This information when used by other nodes above the network a reward is paid to sentinels in the form of XYO tokens.
Bridges: They bridge the information between sentinels and archivists. The feature of getting information via bridges is that the data is secure and is not altered in any way.
Archivists: Archivists store the information gathered from bridges in a decentralised platform. One archivists can ask for information to other archivists. The information thus exchanged is appended with proof of origin to increase the validity.
Diviners: Diviners try to fetch answer to the queries by contacting archivists and providing the answer with greater accuracy. The Diviner will then send a transaction to the smart contract containing the answer along with its accuracy score. It also sends a list of other Diviners’ signatures to prevent an attacker from issuing fake information into the blockchain. The smart contract can then verify the integrity of this information by checking the signature list.
Real world problems solved by XYO Network:
• E-Commerce: The problem of frauds happening in the supply chain is eradicated by XYO network. Here after placing an order by the consumer an Ethereum smart contract is generated which releases payment to the merchant only when the product is delivered.
• XYO Network in Hospitals: XYO is trying to solve the problem of deaths happening due to insufficiency of data recording of a patient. XYO sentinels connects the the accurate past medical history of a patient by gathering information from various sentinels that the patient interacted with in the past.
• Lost luggage in airports: The XYO Network has implemented a decentralized, trust less system for tracking and locating luggage. Its decentralized nature even allows airlines to utilize each other’s networks without compromising the airlines’ network security or needing to coordinate system updates. Should a bag be permanently lost and a passenger file a claim with the airline, the decentralized and trust less nature of the blockchain ledger allows both parties (the airline and the passenger) to independently verify who had possession of it last.
The XYO Executive Team
Arie Trouw – Founder and Architect
He is an accomplished serial entrepreneur with a rich history of technological breakthroughs and business successes
Scott Schepher – Co-founder and Head of Marketing
He has worked on many exciting ventures with talented group of people.
Markus Levin – Co-founder and Head of Operations
He has 15 years of experience in managing and growing some companies around the world.
William Long – Head of Hardware
He has over 25 years of experience in engineering management and the development of electrical engineering.
Christine Sako – Head of Analytics
She has an extensive background in mathematics and has worked in upper management for five years.
Verdict:
XYO Network is not positioning itself specifically to one aspect. It is creating an umbrella which consists of broad categories to track everything and anything by integrating blockchain technology.
XYO is the first network to connect blockchain with the real world. It is a trust less platform where the users don’t have to rely on any central authority but rather trust comes from the participants.
XYO network has sold up to one million Bluetooth and GPS devices till date which shows that the acceptance is good in the market and this technology can get more success.
Having a very efficient team also adds an advantage to trust the new technology coming up.
XYO Token Specifications
The public token sale has a tiered pricing structure that starts at 1 ETH: 100,000 XYO and maxes out at 1 ETH: 33,333 XYO. Details regarding our volume and time-based pricing structure will be announced soon.
• Smart contract platform: Ethereum
• Contract Type: ERC20
• Token: XYO
• Token Name: XYO Network Utility Token
• Token Address: 0x55296f69f40ea6d20e478533c15a6b08b654e758
• Total issuance: Finite and capped at the amount reached after the Token Main Sale
• Projected XYO Token Cap: $48 Million • Unsold and Unallocated tokens: Burned after the token sale event. No further XYO tokens will be generated after the Main Sale ends.
Whitepaper: https://docs.xyo.network/XYO-White-Paper.pdf
Website: https://xyo.network/
Facebook link: https://www.facebook.com/xyonetwork/?ref=br_rs
Twitter link: https://twitter.com/XYOracleNetwork