XYO Network ICO Review: What’s Proof Of Location Oracle Blockchain?

9 min readApr 14, 2018

One of the most interesting and ambitious blockchain projects of recent times is about to have its ICO and it is called the XYO Network.

It is aiming to use its vast network of connected devices in the real world to accurately track items — everything potentially from your cat to your Amazon parcel.

Then with the benefit of blockchain technology, it will use this location data to execute smart contracts for agreed actions to happen, for example to take payment for an Amazon parcel once it is successfully delivered to your home.

The ICO will start on 20th March and run until 20th May.

XYO Network brings Blockchain to the real world.

XYO Network Propose the blockchain’s first decentralized, trustless and secure Proof of Location network. The XYO network will allow blockchain developers to interact with the real world through it’s API

“The need for a difficult-to-disrupt system to complement GPS has been well known for years. GPS is exceptionally accurate and dependable, yet jamming, spoofing, cyber attacks and other forms of interference appear to be growing in frequency and severity. This has the potential for devastating effects on our lives and economic activity.”
- RNT Foundation’s President, Dana Goward

The network is consists of 4 key parts Sentinels, Bridges, Archivists, and Diviners. These four components are designed for geo-focused, consensus-building and trustless confirmation of location data.

For more technological information.. XYOTechGuide

So how the XYO Network Will Work

How will the XYO Network work exactly then?

Well, you have probably heard of the “Internet of Things.” It is the little gadgets and devices around us that will soon be talking to each other to make life easier for us all.

So for example your phone may communicate with the thermostat in your home, to get an idea of your daily routine and when you are likely to be home so that it can set the temperature to the right level for when you come in.

The Internet of Things (IoT) revolution is coming.

The XYO Network is planning to do is take the huge network of over a million GPS-tracked devices it has in the real world and connect them up to the blockchain to provide a kind of trustless tracking system that could revolutionise how we track objects according to their location and then use that information.

These devices — called “sentinels” — include everything from light bulbs to internet routers, doorbells, garage openers, cars, fridges and not forgetting the more obvious ones like phones and tablets. Or they could even be your microchipped cat.

With all of these devices linked up, they can track very accurately where something is and then use that data to execute a contract on the Ethereum blockchain.

It will give people what? This is a transcendental question to know exactly what a new project can offer to every person. That is, to know what the real contribution is. Therefore, as mentioned above, the area developed by XYO Network specifically focuses on hierarchical geographic location.

This geographic location focuses on the GPS field. For many years XYO has been at the forefront of creating new methods and positioning systems. Exactly what they care about most is the ability to build an environment in which information flows quickly, securely, and securely. A system that allows direct, continuous and uninterrupted user interaction.

Exactly, the task that the XYO Network has developed over time is performing dual functionality. In addition to providing users with an outstanding geographic location service with accuracy and speed, it also aims to create a completely decentralized platform. In a nutshell, a system where only users and applications intervene and correlate without the intervention of third parties or intermediaries, reducing the real high cost globally. In fact, you only need to see the amount of money moving the markets depending on the location, not less than $ 11 trillion a year. If you compare them with other markets (about $ 400 billion in total capitalization of all secrets, or $ 2.77 trillion in B2C online sales).

Here is how the system works by design: Sentinels are the ones that collect location data then produce “temporary ledgers” with an accurate stamp of the data location. Then, it’s up to Bridges to relay this data from sentinels to Archivists while providing immutable Proof of Origin — the XYO proprietary consensus mechanism. Archivists then store the relayed information into distributed ledgers for Diviners to analyze. Finally, Diviners are the Oracles that generate answers to “queries” (the term used for any token holder inquiry, such as “where is my package”) and lock the process into smart contracts.

Some Real-World Examples

Here are some examples of what this might mean in practice:

- Amazon may switch to the payment model when delivery, whereby a package is tracked until it reaches your front door and you only pay for it once it is with you.

- Hotel review sites may know whether people have actually traveled to stay in a particular hotel that they have just reviewed, thereby removing fake reviews.

- Hand luggage can be tracked more accurately, so if luggage does not arrive, you will know its exact location and can track its progress back to where it should be.

- Medical equipment can be monitored to ensure it arrives on time and on time

- The pet tracking can be used, so if your cat is missing, you will know exactly where it is with high precision and the appropriate authorities can be warned. to pick it up.

- Here are some clear applications for XYO technology, but there are indeed limitless applications.

These are some of the obvious uses for XYO’s technology, but actually there are potentially limitless uses of it.

XYO Network’s technology could be used to track lost pets and return them safely

The beauty of the blockchain is that it can perform automatic smart contracts if it meets the criteria.

It sets up a system that says “if x happens, do y .” In this case, x might be “if Amazon successfully handles the parcel for this person’s home” and he can “pay for the item from that person. “

So, the XYO Network will incorporate all the IoT’s revolutionary connection devices with blockchain to make agreed things happen automatically and do not need the average man to verify them.

It is a very audacious vision and if it works in practice, can make a lot of different tasks more effective and transparent.

The XYO Network allows you to build a virtual panorama based on accuracy and accurate information transmission. This will not give way to mistakes and every venue is expected to have a level of detail unique in its style. In addition, security also plays an extremely important role at all times. Thanks to the guards, you can not forge a place, address or device. The entire database will be protected properly.

On the other hand, the “bridge” that constitutes the XYO Network is responsible for ensuring that information is transmitted properly and in a short time. This is how data transfer, regardless of their size, can be done quickly.

For file cabinets, this is a special technology that is only used by XYO to protect and store all types of data. Data backup is done in a way that is decentralized. Finally, fortune tellers are responsible for confirming the authenticity of all information coming in the system. This is how each device is perfectly matched to maintain the balance and excellence of the XYO Network.

The Token Sale Event

The token sale event is live as of press time (from March 20th, 2018) and embodies a tiered pricing structure with an initial token price of 100’000 XYO tokens per 1 ETH.

Only ETH will be accepted as a payment method, and the team has invested a great effort in KYC and safety making it virtually impossible for hackers to slip through the safety net.

Prospective users are prompted to carefully follow the instructions on the website and only send ETH to the token address listed.

The proceeds from the token sale event will be distributed as follows:

Token symbol: XYO
Contract type: ERC20
ICO opens: 20 March 2018
ICO ends: 20 May 2018
Total XYO supply: limited to total number purchased during token sale, no further tokens will be created
Price: 1 ETH = 100,000 XYO initially and 1 ETH = 33,333 XYO at max
Accepted payments: TBC

The Papers

That’s right; the team puts forth many documents for the prospective users with different levels of technical detailing. The white paper is technical-oriented and makes for a 20-pages-read of exceptional quality. For marketing purposes, an overview document is also presented with an executive summary.

To focus on the token economics, the green paper dives deeper into the state and shortcomings of blockchain technologies today. It also provides insight on how XYO Network delivers viable and consistent answers to the location data space.

The quality of documents and the amount of effort invested is an excellent demonstration that this ICO is well set to go far. “Bon vent!”

The Team behind XYO

Arie Trouw — Founder and Architect

He is an accomplished serial entrepreneur with a rich history of technological breakthroughs and business successes

Scott Schepher — Co-founder and Head of Marketing

He has worked on many exciting ventures with talented group of people.

Markus Levin — Co-founder and Head of Operations

He has 15 years of experience in managing and growing some companies around the world.

William Long — Head of Hardware

He has over 25 years of experience in engineering management and the development of electrical engineering.

Christine Sako — Head of Analytics

She has an extensive background in mathematics and has worked in upper management for five years.

Roadmap

It all started in 2012 with the creation of XY Tech startup following a successful Kickstarter crowdfunding event.
In 2013, XY launched Consumer-Facing B2B Location Brand for “Webble.”
2014 saw the birth of the Second Generation XY Product: “The XY2.”
2016 is when the third-gen product “XY3” established itself in the location data gadgets business. The startup was sec qualified with an A+ Securities rating.
In 2017, XY Releases GPS Tracking Device: The “XYGPS,” The XY4+ Device, crosses the 1’000’000 products sold milestone. It’s also when XY Oracle network kick-started.
In 2018, the plan is:

In Q1 & Q2:

+to launch the first “XYO Token” to be used for smart-contracts to Access the XY Oracle Network.

+XY will complete the development of the XYO Testnet.

In Q3 & Q4:

+XY will launch XY Oracle Main Network (”XY MainNet”)

+Release of the XYO Network API that enables smart contract developers to write contracts to interact with the XYO Network.

+Launch the sticker-based tracking product, the “XY-Stick” to enable retailers and e-commerce businesses to track their products in real-time. This will potentially mark the end of “Porch Pirates”!

Summary

XYO Network has four primary components.

Sentinels or the data gatherers
Bridges or the data relayers
Archivists or the data stores, and
Diviners or the answer aggregators.

Sentinels gather information about the location through multiple means like sensors and radios. Bridges collect this data from Sentinels and provide it to the Archivists who store the data for analysis by the Diviners. The Diviners analyze the location heuristics to generate answers to queries and relay the answer back into a smart contract. The accuracy score or the Origin Chain Score is determined through Proofs of Origin Chain, which are essentially a set of zero knowledge proofs. The chain guarantees multiple pieces of data which is originated from the same source, all the while not revealing any underlying information. Each component of the query generates its own Proof of Origin which is chained to each component it relays data to. The Proof of Origin is a novel formulation in the sense that it builds a chain of cryptographic guarantees along a path of relays in the network. This is done to achieve high confidence of real world data. The Proof of Origin Chain encapsulates the confidence a user can have about the location data. This can be tracked to the very first device that gathered the data.