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.
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/