Blockchain First Crypto-Location Based Network(XYO Network ICO Review)
INTRO
Blockchain technology has really come to stay and consistently improved on. This is why we do witness added features from time to time. One of these features has been the advent of smartcontract championed by the ethereum network.
SMARTCONTRACT:
This reflects a contract entered by two parties on a blockchain technology without the need for a third party. When Mr. A agency and Mr.P decides to engage in a transaction bothering on payment on the delivery of a service, They can write a smartcontract that a coin worth of the service be released to Mr.P on delivery of the service BY Mr A agency. You don’t need a legal practitioner to mediate on any crap. Having written and agreed on this said contract, it will execute itself on delivery.
Now smart contract has proven overtime to be nothing short of a success. But one may ask, what proof do I have to show that goods were actually delivered from one location to another before payment is activated. May be you just had a flashback on some blockchain based transactions. Well; yes we’ve not had the Location feature built into smartcontracts on blockchain technologies before now. This may not be due to an oversight function or negligence, but the need for a gradual evolution of a process.
Well it appears next on that evolutionary downline is the XYO project. So what the Heck is this XYO technology?
THE XYO PROJECT
This is the first decentralized location verification system protocol that combines location innovation with blockchain developments. Before now we have come to witness developments like self driving cars, Package delivery drones, GPS enabled google map and other location data based technologies; but still,
“The need for a difficult to disrupt system to complement GPS has been well known for years. GPS is exceptionally accurate and dependable, yet jamming, spoofing, cyber attacks and other forms of interference appear to be growing in frequency and severity. This has potential for devastating effects on our lives and economic activity.”
-RNT Foundation’s President, Dana Goward
These and many more has made it necessary to usher in a project that will not just resolve the pending issues, but make it’s usage practicable, accessible, verifiable and reliable.
This is what the XYO project represents; creating blockchain first ever identityless, Trustless location protocol for a proof of origin.
PROOF OF ORIGIN
Proof of origin is the key to verifying that ledgers flowing into the XYO Network are valid. In a trustless system, data may be lost, damaged or tampered, making it difficult to verify the proof of origin. Traditional proof of origin in a trustless system relies on a private key for signing of 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.
A unique ID for source of data is not practical since it can be spoofed. Private key signing is not practical since most part of the XYO Network are difficult or impossible to physically secure, so the ability to steal a private key is too feasible. To solve this, the XYO Network uses a process called the “Transient Key Chaining”.
The benefit of this is that it is impossible to falsify the chain of origin for data; Hence through the XYO Network’s Web App, users can instantly submit Trustless Location queries to the XYO Network by specifying the public address of the object they wish to track eg, deliveries, vehicles etc.
Curled from “https://xyo.network/index.html”
COMPONENTS OF THE XYO NETWORK:
The XYO network is comprised of 4 different components which includes:
THE SENTINELS
These are heuristic witnesses. They observe heuristics and vouch for the certainty and accuracy of the heuristic by producing temporal ledgers. More importantly, the sentinel produces ledgers that diviners can be certain came from the same source by adding proof of origin to them.
THE BRIDGES
These are heuristic transcribers. They securely relay heuristic ledgers from sentinels to diviners. More importantly, a diviner can be sure that the heuristic ledgers that are received from a bridge has not been altered in any way. The second most important aspect of a bridge is that they add an additional proof of origin.
THE ARCHIVISTS
- The Archivist components store heuristics in a decentralized form with the goal of having all historical ledgers stored. They also index ledgers so that they can return a string of ledger data if needed. Archivists store data only and gets paid for a retrieval of the data.
THE DIVINERS
- A Diviner answers a given question by analyzing the historical data store by the Archivists on the XYO Network. Given that the XYO Network is a trustless system, Diviners are insentivised to provide honest analysis of heuristics. Unlike Sentinels and bridges, Diviners use proof of work to add answers to the blockchain.
Curled from “https://xyo.network/index.html”
These four components enables geo focused, consensus- building and trustless verification of location data. This means that when you write a smart contract that specifies for an object to appear at a specific XY coordinate, you will definitely know if it does appear there with absolute certainty without risk of spoofing the location signaling device hence; an enhanced trust on the project.
AREAS WHERE XYO NETWORK SERVICES CAN BE APPLIED
- E commerce
- Medical care and hospitals
- Rental car agencies
- Commercial Airline Luggage Logistics
- Insurance Agencies
- National Security (TSA) Agencies
- Drone Package Delivery System
Curled from “https://xyo.network/index.html”
Note:
While XYO NETWORK is a blockchain technology of its own, it hopes to support other blockchain based technologies via API tech on location data.
XYO NETWORK PARTNERS
- IFTTT
- ENTERPRISE ETHEREUM ALLIANCE
- TRUSTED IOT ALLIANCE
- AMAZIX
- And Many More To Come
THE ICO LISTINGS
The XYO NETWORK has been listed on the following platforms:
- ICO DROPS
- ICO BENCH
- FXEMPIRE
- ICO ALERT
- COIN SCHEDULE ICO RATING
- ICO WATCHLIST
- COIN BILL
- ICO HOLDER
- ICO TRACKER.NET
- TOP ICO LIST
- ICO BAZAAR
XYO TOKEN SALE INFORMATION
TOKEN SALE DATE: 20 MAR – 20 MAY 2018
ICO Token Price: The public token sale has a tiered pricing structure that starts at 1 ETH: 100,000 XYO and maxes out at 1 ETH: 33,333 XYO.(Visit https://get.xyo.network/ for the current token price)
Hard cap: 48,000,000 USD
Ticker: XYO
Token type: ERC20
Accepting: ETH
Whitelist/KYC: YES
Restricted areas USA
For more Information On XYO
Website: https://www.xyo.network/
White paper: https://xyo.network/whitepaper
Ann Thread: https://bitcointalk.org/index.php?topic=3040825.0
Facebook: https://www.facebook.com/xyonetwork
Twitter: https://twitter.com/XYOracleNetwork
Telegram: https://t.me/xyonetwork
Disclaimer
I am not a financial advisor. I am sharing my opinion about XYO Network. DO Your Own Research Before Investing In any ICO project.