XYO network ICO review-XYO network introduction

qspace (25)in #crypto • 7 years ago (edited)

We hear a lot about ERC20 and smart contract, the 2nd of blockchain, many ICO use smart contract for build a decentralization system for e-commerce but seem no one successfully launches to the real world. So what is the problem here?

The weakness of Ethereum smart contract:

Blockchain has evolved a lot from the beginning day when Shatoshi created the first block of bitcoin.
People thought that the unique application of Blockchain is cryptocurrency which will replace the fiat until Ethereum was born with the new feature: smart contract.

Smart contract can be understood as: The smart method to make sure that the transaction is trigger when certain condition described in the contract is met.
They key thing here is: “How to know that the condition?”

Ethereum answer for this question based on Oracle data. With the support of many DAPP is built on Ethereum network, this method works well for the online activity. But for the offline activity, which is the important part of the physical world, this method is not enough. For example, In case of a smart contract is established between a seller and a buyer in P2P market, once the buyer receives the good, the money is released from buyer wallet to the seller. But the problem here: “How to know that the good was sent to the buyer?”. Current Ethereum oracle data cannot answer this question. That is the reason XY oracle data come to the decentralization world.

XYO network solution:

XYO network will provide trustless decentralized system XY location oracles. This is an important oracle data which help Smart contract DAPP can be executed in the physical world.

You will question me, why not use GPS data for proof of location? The answer is GPS signal can be easily faked, that causes the GPS proof of location is untrustworthy.

With the disruptive technology develop by XYO team and the dominance of decentralized system, XYO network can provide the accurate location data and protect it from attack.

How XYO network work?

The XYO Network has four components:

Sentinels (The Data Gatherers), Bridges (The Data Relayers), Archivists (The Data Storers), and Diviners (The Answer Aggregators).

Basically, Sentinels get XY location via sensors, radios, and other means and Diviner provides the best answer for the location request by the smart algorithm to getting data from Archivist. The XYO white paper provide a detail explanation of this algorithm, please check it.