INTRODUCTION TO XYO NETWORK

 

Good day everyone,i would be writing on the XYO network(the first crypto-location oracle work).This is a project i would love all you to participate in because it would be highly profitable.Today i would be writing on ;

• WHAT IS XYO NETWORK?
• PROOF OF ORIGIN

WHAT IS XYO NETWORK?

The XYO Network has been working towards the concept of enabling developers, such as those writing smart contracts for blockchain platforms, to interact with the physical world as if it were an API. The XYO Network is the world’s first oracle protocol that makes it possible for two entities to transact in the real world without a centralized third party. The abstractions allow them to make location verification trustless for developers, creating a protocol with novel use cases that have not been possible until today.

The XYO Network will be built upon an existing infrastructure of over 1,000,000 devices circulating in the world that were distributed through their consumer-facing findables business. XY’s Bluetooth and GPS devices allow everyday consumers to place physical tracking beacons on the things they want to keep track of (such as keys, luggage, bikes and even pets). If they misplace or lose such an item, they can see exactly where it is by viewing its location on a smartphone application. In just six years, the XYO Network has created one of the largest consumer Bluetooth and GPS networks in the world.

From straightforward to complex, the XYO Network has vast applications that span a multitude of industries. Airline baggage tracking, medical facility equipment tracking, cargo hold inventory verification, package theft detection, car rental key tracking, school arrival notification, and countless more. The use cases are infinite and the potential is unlimited.

With XY’s geo-location network of XY devices circulating the world combined with its breakthroughs in blockchain technology (via its introduction of Proof of Origin and Bound Witness protocols), XY is ready to execute the monumental task of making location verification trustless.

Location data is used every day across the world. Societies and economies are becoming increasingly reliant on the certainty and security of location heuristics. Self-driving vehicles, package-delivering drones and smart cities will likely call for an increased reliance upon trustless location data. The adoption of the technologies of tomorrow centers on their ability to trust location heuristics they receive from an off-chain resource.

They believe the current location technologies lack the necessary certaintyand security properties necessary to move us into the future. They have developed an ecosystem of crypto-location protocols and components, which leverage the strengths of blockchain technologies, and solve the short-comings of location technologies relied upon today. The project is called the “XY Oracle Network” (XYO Network). The XYO Network enables trustless transactions through an ecosystem of crypto-location components that can bridge the gap from the world of today, to the world of tomorrow.

MISSION

Their mission is to enable smart contracts to interact with the real world as if it were an API. Join them in decentralizing location-reliant trade markets.

PROOF OF ORIGIN

COMBINED, THE COMPONENTS OF THE XYO NETWORK CREATE BLOCKCHAIN’S FIRST EVER IDENTITYLESS, TRUSTLESS LOCATION PROTOCOL

In a trustless system, data may be lost, damaged, tampered with, or otherwise corrupted. Traditional Proof of Origin in a trustless system relies on a private key for signing transactions or contracts in a system. This works very well with the assumption that the node on the network that signs the data in question is physically and virtually secure. If the private key is compromised, then the ability to prove origin falters.

Proof of Origin (Proof of Origin) is the key to verifying that ledgers flowing into the XYO Network are valid. A unique ID for source of data is not practical since it can be spoofed. Private key signing is not practical since most parts of the XYO Network are difficult or impossible to physically secure, so the ability for a bad actor to steal a private key is too feasible. To solve this, XYO Network uses Transient Key Chaining. The benefit of this is that it is impossible to falsify the chain of origin for data.

MAKE SURE YOU ALL PARTICIPATE IN THIS GREAT PROJECT.

THANKS FOR READING.

STAY TUNED!!!!

To know more about this project;

visit the website: https://xyo.network/

join the telegram group: https://t.me/xyonetwork

my bitcointalk link: http://bitcointalk.org/index.php?action=profile;u=1070043

whitepaper link: https://xyo.network/whitepaper

twitter link: https://twitter.com/XYOracleNetwork

ANN/BOUNTY THREAD LINK: https://bitcointalk.org/index.php?topic=3053801.0