XY Oracle Network Token & Proof of Location Blockchain Buzz Is Growing
The XY Network is a blockchain-based solution for providing location information about tracked objects. The main limitation of current location tracking systems is that they rely on a single, centralized organization that users must trust to be truthful and accurate. Built upon the XY Findables product, the XY Oracle (XYO) network provides the first decentralized tracking system.
The XYO Network is based upon Proof of Location (PoL) where trackable objects within the system mutually validate each others’ location. This makes a forgery of location data extremely difficult as it would require forgery of the location data of each tracked object that came into proximity to the target object, the objects that came into proximity to those trackers, and so on.
EOS is an up-and-coming blockchain designed to provide an operating system-like construct on the blockchain that allows developers to build decentralized applications. Like Ethereum, integration between the XYO Network and the EOS network will initially be implemented as a smart contract. EOS is designed to be a virtual machine-independent blockchain and is currently considering the Ethereum Virtual Machine as a possible Virtual Machine to be implemented on the EOS blockchain. This may allow execution of Ethereum smart contracts on the EOS blockchain and a logical flow
The XYO Network is designed to provide proof of location in a distributed, trustless environment. This makes their inherent design suitable for IoT. XY network has been building IoT hardware and location technologies for over six years. 3.5% of the total funds raised from the token sale will be allocated to XY network. . The XYO Network has active and pending engagements with many such brands. This includes its fellow members of the Enterprise Ethereum Alliance, Trusted IoT Alliance, Bluetooth, IFTT and more. Also, 3.3% of the proceeds will be given for enterprise partnership, focusing on strategic partnerships for IoT.