XYO Network: The First Crypto-location Protocol

ashadiya (39)in #blockchain • 7 years ago

You may wonder how XYO Network differs from the other platforms. In short, when the others only focus on the crypto world, the XY Oracle network will use the latest technology to connect the crypto world and the real world. Let’s see how this platform will put the plan into a real project.

XY Oracle Network (XYO) offers consumers a decentralized platform which provides certainty on location data through blockchain. This platform enables its users to track the devices and things in the real world, thanks to its Proof of Origin and Bound Witness core concepts. By using API, the platform also enables both of developers and smart contract creators to be connected directly with each other in the real world without any help of middlemen.

The blockchain technology enables a trustless network. It means that the power and trust are shared on a distributed network. The technology eliminates the need for trust by enabling transparent, decentralized, accurate and secure transactions.

Tracking Method

XYO Network will connect over 1,000,000 devices around the world. Its Bluetooth and GPS devices will enable consumers to track physical things/ devices they want such as keys, luggage, bikes etc through mobile apps via their smartphones. Just imagine how the technology will make the tracking and monitoring activities become easier.

Users will be able to do transactions or “queries” to get location data. Then, the platform will start to answer the queries by using its four primary components. Each component has its own role. For example, sentinels will act as the data gatherers, bridges as data relayers, archivists as data Storers, and diviners as answer aggregators.

Security Consideration

It is true that hackers will do their job to hack and attack, but XYO platform also has considered this security issue. The system is built to be resistant to attack and at the same time provides a trusted and high certainty data to avoid location spoofing. The platform is also designed to be resistant to Fake Diviner Attack and Sentinel DDoS Attacks by using several secure verification procedures. You could read the rest information about the security consideration on its whitepaper.

Use cases

The XYO team has provided several use cases of XYO platform as the crypto location protocol in the real world. One of the use cases is the partnership with an eCommerce Company. You could read it and the other use cases both on its whitepaper and its official website.

Team Members

The XYO network is managed by a great team with credible and experienced team members who work hard behind the scene. The team consists of seasoned engineers, business development professionals and marketing experts located in downtown San Diego, California.

Token Information

The XYO Network has its own token called XYO tokens. The tokens will be used to ensure the transparency of any transaction and activity occur within the ecosystem. The XYO token is an ERC20 token, with its tiered pricing structure starts at 1 ETH: 100,000 XYO to 1 ETH: 33,333 XYO. For your information, the token sale of XYO token is still live.

Being a part of this sophisticated platform will give you a new experience and several advantages. Yet, it is important to bear in mind that there are also several things to be considered such as the risks of the project. That is why you have to read carefully the whitepaper and also other additional documents related to the platform.

You could access its official website to download the other documents. The green paper provides information about the solutions and the details of crypto economic tools provided by XYO network. The red paper contains the information about potential security risks. Then, its pitch deck contains some information about the real world problems, XYO team and its token sale.