XYO Network ICO: What’s Proof Of Location Oracle Blockchain?
XYO Network aim to bring blockchain technology to the real world with a “proof of location” network. Find out how it works today in our review.
What Is XYO Network?
XYO Network, found online at XYO.network, is blockchain’s first “proof of location” oracle network. The goal of XYO Network is to decentralize location-reliant trade markets.
The XYO Network website claims that location-reliant trade markets are a $11 trillion industry – 3 times larger than the entire e-commerce industry.
An ICO for XYO tokens is scheduled to take place from March 20 to May 20.
How Does XYO Network Proof Of Location Oracle Blockchain Work?
XYO Network aims to take advantage of location-verifying beacons that are already in place worldwide. XYO Network wants to leverage this network in order to decentralize location-reliant services.
In other words, you can sell location data online to support various services that rely on location data.
The XYO Network website explains that there are already over 1 million location-verifying beacons in their network today, with more added to the XYO Network every day.
The world is becoming more and more reliant on location data. Self-driving vehicles, package-delivering drones, and smart cities will continue to require location data. There’s a need for a decentralized system capable of taking location data from an array of different location-tracking devices.
XYO Network sees itself as the solution to that problem. It facilitates trustless location data using an ecosystem of crypto-location technologies and protocols.
Everything in the world is defined by their XYZT coordinates. Physical objects cannot leave that space. Everything from jewelry to cars to people can be tracked using XYZT coordinates.
The “T” coordinate refers to time. As people travel along their T coordinate, they interact with one another to create what’s called “metadata”. Two people might hold a conversation, for example. The conversation serves as a record of that interaction. Here’s how XYO Network explains what happens next:
“The conversation is a record of the interaction. In the case of the XYO Network, we are taking this interaction as the time signature between these two parties – two people taking a selfie, making two copies of the selfie, signing both of them, and each taking one. That metadata which was generated is now also a permanent link between the two entities; this is a core protocol that underlies the XYO Network's platform and is covered in detail later.”
The end result is a decentralized, cryptographic location network built for the work of tomorrow.
Use Cases For XYO Network
Users can interact with XYO Network in a number of different ways – including through the use of smart contracts. Users can use smart contracts to determine if an object is at a specific XY-coordinate. If it is at that coordinate, then the smart contract can execute certain functions based on this information.
One proposed use case is an e-commerce company that offers payment upon delivery to certain premium customers. In order to offer this service, the e-commerce company needs to use the XYO Network to write a smart contract. The network will track the location of the package throughout the supply chain – from the warehouse shelf to the shipping courier, taking it all the way into the consumer’s house and every location in between. This could allow e-commerce retailers and websites to verify, in a trustless way, that the package not only appeared on the customer’s doorstep, but is also safely inside the customer’s home.
Once the package is safely inside the customer’s home, the payment is released. Through this system, customers can only pay for goods after they received those goods. And, e-commerce services can provide this service without compromising security.
XYO Network Features
XYO Network emphasizes all of the following features:
Verification does not involve any large, fee-based corporations or institutions. The network runs on a completely transparent and autonomous system. The system is free to use (open source) and has no entrance barriers (for fair competition).
Power and trust is shared between XYO Network participants. It’s not concentrated in some centralized entity.
Location data is shared anonymously to protect the privacy and safety of participants on the network.
Proof Of Origin:
Proof of origin is the key to verifying that ledgers flowing into the XYO Network are valid. It relies on the concept of a Bound Witness (which we’ll talk about next). It also uses “Transient Key Chaining” in order to make it impossible to falsify the chain of origin for data. All oracles are verified using an “Origin Chain Score”.
Bound Witness allows Origin Chains to be built for use in determining proof of origin while maintaining a trustless, zero knowledge proof system. The network ensures that nodes were in proximity to each other, verifying that the node provided accurate location data.
XYO Network will have multiple participants, including Sentinels (location witnesses that observe data and vouch for data accuracy), Diviners (those who answer a given question by answering historical data stored by archivists), Archivists (those who store location information from Bridges in a decentralized form to make data available to Diviners), and Bridges (location data transcribers that securely relay heuristic ledgers from Sentinels to Archivists). All of these participants can be considered XYO Miners.
XYO tokens are used to incentivize desired behavior on the network. They can be thought of as the “gas” needed to interface with the real world in order to verify the XY coordinates of a specific object.
The XYO Network XYO ICO Details
The XYO Network ICO for XYO tokens is taking place from March 20 to May 20, 2018.
The tokens are being sold at a rate of 1 ETH = 200,000 XYO during the pre-ICO, rising to 1 ETH = 100,000 XYO during the main token sale.
Any tokens unsold after the ICO will be destroyed.
Who’s Behind XYO Network?
XYO Network is being developed by a company named XY. That company has reportedly been developing the technologies behind the platform for several years.
XY has already built one of the largest networks of Bluetooth and GPS beacons in the world. They’ve released GPS tracking technologies like the XYGPS, the world’s first hybrid GPS and Bluetooth device capable of reporting its location from anywhere in the world where cell and GPS data is available. They’ve also released the XY4+ device.
XY is based in San Diego, California. The company was founded by Arie Trouw. Other key members of the team include Scott Scheper and Markus Levin, who joined the company as co-founders.
XYO Network Conclusion
XYO Network aims to launch its main network in 2018. The token sale for XYO tokens is expected to conclude on May 20. XYO Network already has an existing network of location-tracking devices, including hybrid Bluetooth and GPS devices capable of tracking location anywhere in the world.
To learn more about XYO Network and how it works, visit online today at XYO.network.