XYO NETWORK — Amalgamating Blockchain Technology & Real World Location Verification
Humanity has come to embrace technology most especially, the Blockchain technology in recent times. The eagerness for well-connected location-reliant technologies which breeds accurate and valid location information has grown wild and wide due to the fact that safety and privacy is of great importance to each one. Centralization which attracts the dislikes of many people is what abounds when it comes to entities controlling the flow of location data. Although there has been several attempts to curtail this issue of centralized entities controlling location data, all have proven unsuccessful because their exact operations lie on the devices used for collecting the data.
The Blockchain technology and its trustless smart contracts in one way or the other, addresses the need for protocol or oracle services that arbitrate the outcome of a contract.
As it stands now, all these technology based platforms focus entirely on the virtual world (online) neglecting the physical world, perhaps due to the noisy and corruptible data integrity of recent data and information channels.
After an in-depth study of the trend of these platforms, XYO Network came up with an exceptional idea to address the market problem. XYO Network stands out as unique from the others due to its primary focus on the physical world location data collection. It has been the diving force of XYO Network to generate a model which enables developers, especially writers of smart contracts for Blockchain platforms to gain much access and interact with the real world as though it were an API. XYO Network works massively to eliminate the interference from centralized middle men (third parties), thereby enabling two entities to interact and transact freely in the physical world.
- XYO Network breeds abstractions which allows a trustless location verification for developers and creates an all-time protocol with novel use cases.
- XYO Network will be built and established on already existing infrastructure of over 1 million devices circulating in the world.
- XYO Network will eliminate centralized third parties thereby, enabling smooth transactions between entities in the real world.
- The six year epoch of XYO’s Bluetooth and GPS has seen tremendous consumer services throughout the world. It allows users to keep track of stuffs (like vehicles, pets, luggage etc).
XYO Network is built on four well architectured feature, which are: Sentinels (The Data Gatherers), Bridges (The Data Relayers), Archivists (The Data Storers), and Diviners (The Answer Aggregators).
- Sentinels: This model is set to collect and gather of location information via radios, sensors and other means.
- Archivists: These act as the primary storage adopting a decentralized model in order to store all historical ledges. It stores information from the Sentinels for the Diviners to act upon.
- Diviners: These are the oracles of the XYO Network. The Diviners analyse the location heuristics from the Archivists and produces answers to queries and assign accuracy scores to them. These answers are then transmitted back into a smart contract.
The major facilitator of the XYO Network will be the XYO Token which will serve as “gas” needed to interface with the physical world in order to verify the XY-cordinates of a particular object.
The XYO Token is an ERC20 based built on the Ethereum smart contract platform. During the crowdsale, an unlimited amount of XYO Tokens will be issued with all unsold and unallocated tokens burnt after the Token sale event. No further XYO Token will be created afterwards. The pricing structure starts at 1ETH: 100,000XYO and maxes out at 1ETH: 33,333XYO .
The hard cap will be determined by the amount pooled at the end of the Token sales.
Get whitelisted for the Token sales in about 10 days from now. Join this already successful project and get the chance to soar high above with it.
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Originally published at domithraxyonetwork.blogspot.com on March 9, 2018.
