XYO NETWORK: BLOCKCHAIN JUST ENTERED THE REAL WORLD

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SMART CONTRACT

Smart contract is when two parties decide to work out a contract. A lawyer draft out the document and make sure both parties mutually agree upon the terms and condition involved. Once both parties sign this document, it becomes legally enforceable.

Smart contract are neither oral nor verbal In contrast, they are all programmed. A software is programmed to carry out this function or operation, what this software those is, it carry out in details every thing specified in the contract. This eliminates the possibility of miscommunication or misinterpretation. Furthermore, because this code is written on top of the blockchain mechanism, it means that for execution purposes, the code of the contract is decentralized and immutable.

Consequently, smart contracts posses a very good advantage that ensures all terms and condition are meet and verified. As computer codes, they ensure a transparent method of exchanging money, shares, property, or anything of value are provided, leaving no room for conflict, deceit, or a middleman. Smart contract doesn't not need escrow services.

XYO NETWORK

With over 1 million location-verifying beacons already built, and hundreds of thousands ready to be enabled, blockchain's first crypto-location oracle network has arrived. Our mission is to enable smart contracts to interact with the real world as if it were an API. Join us in decentralizing location-reliant trade markets.

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XYO creates a save and secure platform, decentralised system of location that is resistant to cyber-attack and spoofing thus producing the highest certainty of the location of data when queried.

How it works

This system provides an entry point into a protocol of connected devices with the possibility of locating data through a chain of cryptographic proof. A term called queries is used by users when locating data on any blockchain which enable the full processing of smart contract algorithm

A user pays an outright bill in form of token when query is done at all to the XYO system, the bill is paid in XYO token.The query goes through a series of components: from the diviners to the archivists, to the bridges, to the sentinels. And then the answer comes from the sentinels (data gatherers) to the bridges (data relayers or securer), to the archivists (data store) then back to the diviners which select the most accurate reply for the query.

XYO Aggregators listen to the query issued on the smart contract, process it and look for suitable and accurate answers and then feed them back to the smart contract after reaching a consensus on the answer with the best score. This network of components makes it possible to determine if an object is at a specific XY-coordinate at a given time, with the most provable, trustless certainty possible
The XYO Network has four mainly components namely : Sentinels (The Data Gatherers), Bridges (The Data Relayers), Archivists (The Data Storers), and Diviners (The Answer Aggregators)

Sentinels are the data gatherers, these consists of devices all over the world which has GPS trackers, Bluetooth trackers, Geolocation trackers, satellite tracking device, RFID or QR scanners, etc. They gather location information. The sentinels are rewarded with XYO tokens when the information they provide are used to answer a query. There is also a reputation component attached with the reward system of sentinels to increase accuracy.

Bridges makes sure information received from the sentinels are safe.They also add an additional proof of origin to the location information relayed. When information's are relayed token is generated over time.

Archivists is known as the storage unit, this is where information relayed are stored. The amount of time the information is been reprocessed and re accessed by any user determines the amount of token the user will receive

Diviners are used to locate data stored from smart contract or XYO networks and give feedback to the sender the potion of the queries. The Diviners that provided the answer within the shortest time frame, will be granted privilege to create block on the main XYO blockchain (XYOMainChain) through Proof of Work. Queries and your XYO answer work hand in hand, because the more XYO answers you render determine how high you Query will be prioritized.

ADVANTAGES OF XYO NETWORKS

it makes the tracking of location easier.
It help a lot of businesses.
XYO network can be used to write smart contracts to automatically pay for goods when they are delivered.
it help to find location of any lost item.