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XYO Network: The Blockchain Based Location Oracle Network to Ease Smart Contracting

With the growth and development of blockchain-based, trustless smart contracts, data location is becoming important every day. Location based technologies largely depend upon the accuracy and validity of the information related to the geographical location. Attempts have been made in the past to eliminate the need of centralized entities that control the flow of data related to location. However, all these attempts relied on the integrity of the devices collecting this data. But there is a new sheriff in town, XYO Network.

What is XYO and how will it operate?

XYO is the blockchain based platform specially developed to use the largest networks of Bluetooth and GPS beacons in the world to serve the users. The XYO Network is blockchain’s first decentralized, trustless and secure Proof of Location platform. It is based on two one-of-a-kind ideas – Proof of Origin and Bound Witnesses. The XYO Network allows developers and smart contract creators to interact with the real world, just like they would through an API.

The XYO Network has four essential parts, Sentinels, Bridges, Archivists, and Diviners. These four segments empower geo-centered, accord building and trustless confirmation of area information. This implies when you write a smart contract that indicates for a question show up at a particular XY arrange, in the event that it shows up there, you will realize that it was at that area with absolute certainty . This is altogether managed without danger of caricaturing the area flagging devices checked by a large number of Sentinels in the XY Oracle Network with the longest Proof of Origin chain.

“Our aim is to make trustless location data possible through an ecosystem of crypto-location technologies and protocols necessary for bridging the gap from the world of today, to the world of tomorrow,” reads the project’s whitepaper.

Uniqueness of XYO Network

Currently, XYO Network is depending on two major technologies – cryptocurrency and blockchain system. The idea of blockchain system to provide a transparent and cheat-proof platform where possibilities of scams can be limited or even eliminated. With the blockchain technology, each user forms its own network which will, in turn, form a bigger and more complete network. It would be impossible to cheat the system because once it has been recorded, it will be shared among users. Unless someone is able to beat and override the whole system, this technology by far has been considered the safest and the best.

Cryptocurrency also makes everything easier. If you think that it is similar to the regular online transaction, you are wrong. In cryptocurrency, however, there is no absolute power controlling everything so it is more flexible, giving you a total freedom of managing everything.

ICO details

XYO Network is in the process of raising funds through its ongoing token sale. The token sale went live on March 20, 2018, and will go on till May 20, 2018. During the token sale, participants can purchase the XYO tokens at a price of 1 ETH for 100,000 tokens.

The proceeds from the token sale will be used for the platform development, and any unsold XYO tokens during the crowdsale will be burned to conserve the value.

More information about the XYO token sale is available at https://xyo.network/

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The Bitcoin industry has allowed wealthy individuals to do some very unusual things. In most cases however, those developments will not make any media headlines. The literal fiat currency airdrop executed by Wong Ching Kit, a Bitcoin millionaire, will raise a lot of questions. It may be a positive sign for the struggling industry as well. A Fiat Currency Airdrop to Promote Bitcoin Those who invested in Bitcoin at a very early stage have made millions over and over again over the past few years. Especially if they managed to hold onto their BTC holdings until the all-time high of $19,500 was reached in late 2017. Whether or not Wong Ching Kit sold his holdings prior to that date will always remain in question. The end result is how this 24-year-old is a Bitcoin millionaire residing in Hong Kong. Over the years, he has amassed a significant portfolio and associated value accordingly. During these troublesome times for Bitcoin and other currencies, he decided to airdrop some money in the real world. Although airdrops are nothing new in the world of cryptocurrencies, they usually involve digital tokens and assets. For Wong Ching Kit, he decided to distribute over 100 million Hong Kong Dollar this week. That is worth at least $13m, which was given away to random people. Chinese 24 year old Bitcoin Millionaire Wong ching kit 黄鉦杰 AKA bi shao ye 币少爷 (Mr coin ) throws 100’s of millions of HKD from the roof top. He said “he feels as if he is god and he is responsible to teach the world about bitcoin.” Is this a sign of a bullrun incoming or ?! pic.twitter.com/IfgKykB0ME — Mia Tam (@_blockandchain_) December 16, 2018 To make this cash airdrop successful, Wong Ching Kit decided to throw the money off a rooftop in Hong Kong. During this event, he also proclaimed to “feel like a god” and “being responsible for teaching the world about Bitcoin”. Two very serious claims, although it seems the latter one may be interpreted in many different ways. Unfortunately, he was also later arrested when he was heading back in his Lamborghini. Police arrested him for causing a disorder in a public place. The main question is what this person aims to achieve by giving away millions of HKD for no apparent reason. It can be seen as a sign of how investing in Bitcoin will always be a good option to make money down the line. One could also say his youthful age simply got the best of his common sense and he acted on a whim. Various images of the stash of money being dropped from the sky have surfaced on Twitter ever since. It is something that makes many people wishful they were part of it. A cash airdrop doesn’t happen all that often, especially not for such large amounts. Even so, this person can seemingly pare the money without losing sleep over it. Giving something back to the rest of the world is a noble gesture, though one that will always be criticized. For the Bitcoin industry, this may not necessarily be the signal most people are looking for. There will always be those who claim this person should just reinvest the money and keep the price afloat. Even so, people are entitled to use their money as they see fit. If they want to make it rain Hong Kong Dollars, that is their prerogative to do at any given time. A very remarkable airdrop first and foremost and one that will be remembered for some time to come. The post Bitcoin Millionaire Airdrops Millions of Dollars in Hong Kong appeared first on NullTX.

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