Ever got stuck at an unknown place? Stranded through the routes to find the correct direction? Yes, we probably all had faced this situation atleast once in our lifetime, especially if you like traveling a lot. But with the development of GPS navigation systems, life has become a lot more easier. A single click in our smartphone helps us to access the whole world around us. GPS navigation systems are indeed helpful with no doubt. But how dependable are the systems? Being controlled by centralized organisations, are their accuracy and reliability really appreciable? XY Oracle Network comes with an answer to these questions.
XYO Network is a new blockchain project that provides real world use of Blockchain technology through the use of a Decentralised network of local data around the world. Blockchain technology is a revolutionary technology with no doubt, which helps to store and record transactions securely and efficiently across a ledger. They are tamper proof and no altering of data are possible. XYO Network, through the use of Blockchain technology ensures accuracy of location data. Moreover vulnerability to hacking and data spoofing, which are among the current biggest challenges faced by GPS systems are completely avoided. The main goal of XYO Network is to overcome the problem of location verification by creating a layered location verification system using smart contract protocols. The project put forward the concept of Proof of Location.
Accurate and reliable location tracking is very essential for a variety of industries. From e-commerce to hospitality, the use cases are broad and infinite. But how much dependable are these systems? Most of the now available GPS systems are centralized. These are vulnerable to hacking and data spoofing by hackers. A small inaccuracy in location data may lead to bigger complications in the marketplace. For example, e-commerce industries largely depends upon navigation systems. An error in available data may cause wrong shipment and delivery which effects their reputation.
XYO Network is blockchain based Oracle network that provides reliable location data for tracking. They are decentralised and tamper proof, hence vulnerabilities with spoofing and hacking can be avoided. With already over 1 million location verifying beacons introduced within the network, XYO aims to become the pioneers in providing Decentralised Location data.
The XYO Network consists of four main layers:
They are data collecters. Sentinels gathers real world data using devices like beacons and are stored temporarily across the blockchain.
Bridges acts as a mediator for data transfer between sentinels and Archivists. Bridges collects data from Sentinels and assign Proof of Origin to their nodes.
Archivists perform the function of distributed storage on ledgers. They collect data from bridges and stores them on blockchain. They are assigned with location heuristic index.
Diviners are the most important part of the network which performs a variety of functions. They fetches queries from customers, then collects data from archivists and then formulates the best reliable answers to the queries. The results are then sent back to customers
XYO tokens fuels the XYO Network. All transactions within the platform are done via XYO tokens. It provides an Incentivized business model, where all four levels of network get a portion of the gas paid by the customer who raises the query. XYO tokens are built on ethereum platform and have a total supply of 100 Billion provided that all unsold tokens would be burnt after the tokensale. The Tokensale is live and will run until 20 May.
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