XYO Network - The Blockchain is Coming into the Real World
The growing number of connected and location-oriented technologies influence our privacy and safety based on the location information. There have been several attempts to eliminate centralized entities controlling location data flow, but they all rely on the device integrity needed to collect the data in the real world.
With the blockchain-based smart contracts, oracle services started to play an important role. The most current smart-contract implementations use a single or an aggregated set of oracles to resolve the contract’s outcome. This is necessary when both parties agree on the authority and incorruptibility of the specified oracle.
However, there are plenty of risky situations: data manipulation, data pollution or data loss.
The problem is: the certainty and accuracy of the location can be impacted negatively due to lack of a decentralized location oracle.
XYO Network
The XYO Network enables developers (those who write smart-contracts) to interact with the physical world as if it were an API. The XYO Network is the world’s first oracle protocol making it possible for two entities to transact in the real world without a centralized third party.
The XYO Network will have the infrastructure with over 1,000,000 devices circulating around the world. The XYO Bluetooth and GPS devices allow users to place beacons on the things they want to keep track of (luggage, bikes, keys and even pets). If they misplace or lose such an item, they can see exactly where it is by viewing the location on a smartphone app.
The aim of the XYO Network is to create a reliable and a decentralized system of location oracles, which are resistant to cyber-attacks and hacking.
How does it work?
The XYO Network has an entry point into the connected device protocol providing the location data using cryptographic proofs.
The XYO Network has four primary components: Sentinels (The Data Gatherers), Bridges (The Data Relayers), Archivists (The Data Storers), and Diviners (The Answer Aggregators).
Sentinels
Sentinels track the location. They produce specific ledgers maintained by the Proof of Origin.
Bridges
Bridges transcribe the location data. They securely transfer location ledgers from Sentinels to Archivists. As for Archivists, they can be sure that the ledgers received from a Bridge have not been altered in any way.
Bridge has an additional Proof of Origin. Bridge also combines reputation and payment components.
Archivists
Archivists store the location information received from Bridges, in a decentralized platform. Even if some data is lost or becomes temporarily unavailable, the system keeps functioning, but its accuracy is reduced.
Diviners
Diviners are the most complex part of the XYO Network. Diviner fetches the most accurate query data from the XYO Network and moves it back to the query issuer. Diviners pull the applicable blockchain platform for queries issued to the XYO smart contract. After that, they answer the query by interacting directly with the Archivist network in order to fetch the answer with the highest accuracy.
The process
The system participants were briefly illustrated above. Still, how does it all functionate?
- Sentinels gather the real world location information.
- Bridges gather the necessary data from online Sentinels and apply Proof of Origin to their chain. Then, Bridges gain access to the Archivists.
- Bridges constantly send information to Archivists in accordance with the decentralized stores, along with a location data.
- Diviners use the blockchain, sending it to the Ethereum smart contract and start the formulation process. Diviners take on a query by fetching the appropriate information from the Archivist network.
- Diviners choose the best answer to the query from the Archivist network containing the best Origin Chain Score.
- Diviners then propose blocks on the XYO Main Chain containing the answer, the query, and the XYO Tokens (XYO) paid through the Proof of Work.
- Diviners pack the answer, its Origin Chain Score, its set of digital signatures and securely connect to the XYO smart contract.
- The answer to the query is received. Sentinels, Bridges, Archivists, and Diviners are rewarded for their work.
Tokens and ICO
The XYO-Token model encourages the user to provide the accurate data. In the end, the user is awarded to transact more when the network liquidity is low, compared to the situation when the network liquidity is high. Thus, the XYO-Token ecosystem has the ability to remain well-balanced, fluid and robust.
ICO sale dates: 2018-03-20 - 2018-05-21
The public token sale starts at 1 ETH: 100,000 XYO.
Total issuance: defined at the end of the Token Main Sale.
HardCap: $48 mln.
Unsold and unallocated tokens will be burned after the token sale event. No further XYO Tokens will be generated.
Bonus and bounty programs are available for all contributors.
Dear Readers, if this article was interesting and useful for you, put Upvote and followed my blog. And I wait for your comments, what do you think about this project?
You can find detailed information on the following links:
Official website
Whitepaper
Bitcointalk ANN Thread
Bitcointalk Bounty Thread
Telegram
Twitter
Bitcointalk Username: CapnBDL
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=212645
My Ethereum address: 0x577FA2553Af35908072Af7fc61270fd98022002b
Are you sure that governments and other structures will allow such a platform, let alone launch low-orbiting satellites?
Let's hope that they will solve it, because technology is necessary!
This is amazing.
Good to know
Yes, the information is really useful!
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STOPPowerful project with an experienced development team, thanks for the review. I take part in this company and see great prospects!
Yes, the prospects here are really huge!
I liked the fact that not sold tokens will be burnt. This will well affect the price in the future, the fewer tokens, the higher the price!
Yes, it's really great! I agree with you completely!
I have been watching this project for a long time. I feel that they will reach a high level and improve the current positioning systems. This will be GPS 2.0 =)
Maybe you're right! After all, the team offers innovative solutions in this area.
The project team has chosen a very promising direction, and most importantly it needs to be improved and implemented new technologies. Ordinary GPS has recently been performing poorly, and even more, so many utilities are jamming the signal. Even the navigator in the city center could not be used.
Indeed, recently I have problems with navigation on my smartphone.
Thanks for the information, this post was very useful for me. I will take this company into a portfolio for asset diversification.
It will be the right choice!
Amazing how far technology has come, and that's just in my experience in a quarter of a lifetime.
Really cool, thanks for sharing! :)
Well, finally, I can safely use the navigators and other location systems. Recently, the systems work very badly = (
I, too, was waiting for this change!