The XYO network is blockchain’s first crypto-location oracle network that enables the interaction of smart contracts with the real world. The network seeks to create a decentralized system of location oracles that are attack-resistant and are accurate when requested for data. The network anticipates that its trust-less location data will be applicable in self-driving vehicles, package delivery drones, and smart cities.
The network seeks to replace the world’s reliance on centralized GPS that are not accurate and are prone to security attacks that happen through device spoofing.
XYO NETWORK Composition
The network’s ecosystem consists of crypto-location protocols and components that will improve the strength of blockchain technology and solve the shortcomings of current location technologies. The ecosystem will also allow trustless transactions, which will move the world closer to the future.
The network uses incentives to reward behaviors that are desirable and prevent attacks to the network. The XYO Network contains four key components that create an identityless blockchain and a trustless location protocol.
- Sentinels– they are heuristic witnesses. They produce ledgers that diviners can use to ascertain that the ledgers came from the same source by adding proof-of-origin to them.
- Bridges– they are heuristic transcribers that relay ledgers from transcribers from sentinels to diviners while ensuring that no alteration of ledgers takes place. They also add a proof-of-origin.
- Archivists – they store heuristic in decentralized way in order to store all historical ledgers and receive payment when there is data retrieval. They also index ledgers.
- Diviners – they answer given questions through analysis of historical data stored on the network. As the network is a trustless system, the diviners receive incentives so that they provide honest analysis of the heuristics. They use proof of work to add answers to the blockchain.
XYO Network Accepted Token
All the transactions on the XYO Network will be through XY’s Utility Token: XYO. Investors and users can purchase the tokens during the Initial Coin Offering using Ether (ETH). The tokens are also mined using the ready-made XYO Mining Kits that are pre-loaded with XYO in bulk. The mining kits can be purchased using credit cards or other traditional payment methods. Miners will receive rewards in form of XYO tokens for providing the network with accurate verification signals.
Benefits Of The XYO Network
Interaction: The network will give developers the power to interact with the real world as though it were an Application Programming Interface (API)
Crypto economic reserves: The network utilizes a Crypto economic Reserve that is built in the smart contract of the token sale, which will provide crypto economic incentives to valued members of the XYO network ecosystem. This will ensure the growth of the network so that it builds a robust network location that might replace the over reliance on GPS in the future.
Secure: The network has undergone thorough penetration testing and privacy audit on its systems in order to prevent loss of sensitive user data or any security compromises.
User-friendly interface: The network has user-friendly web app interface, developer APIs and software libraries that have a variety of smart contract languages. The interface will allow users to submit their location queries on objects such as packages that they would like to track.