XYO Network; the Internal and External Factors

in #crypto6 years ago

In this article, I will be analyzing the external and internal factors of XYO Network that may have a positive or negative effect on it progress. The internal factors are the strength and weaknesses while the external factors are the opportunities and threats available to the project.

Strength

The major strength of XYO is in the services it provide and it multiple uses. The location services offered by XYO are extremely useful in many industries in the world. The tracking of location of many devices, human, pets, goods etc can provide an innovative and effective way of doing things in many industries. Businesses ecommerce, hotel & resort, medical services, shipping, airline etc can use XYO to effectively provide better and convenient services for their consumers. 

Multiple uses are a major strength to XYO as it uses are not limited to a particular industry or businesses, which means mass adoption for XYO. The aftermath effect of this is rapid increase in the value of the tokens.

Weakness

XYO network will depend on sentinels (location witness) to provide location information which must be consistent with other sentinels to show it authenticity and also provide proof of origin to show that they are the location information. XYO then incentivize the sentinels with XYO tokens when the location information they provided is used to answer a query, to encourage them to provide accurate and sincere location information.

The weakness of this approach is the value of the tokens that the sentinels will be rewarded with. The tokens that the sentinels are rewarded with have to be worth the effort put in by the sentinels. Nobody will be willing to spare a considerable amount of his time to report information for rewards that won’t commensurate with the time and effort put in. Considering the instability in the value of cryptocurrency, XYO network has to consider a stable rate of valuing the incentive paid to sentinels in other to encourage them.

Opportunity 

The worth of location data is on the rapid increase as companies, nations, societies, technology demand for an accurate and trusted location services for better operation. There are no companies or firms that offer better, trusted and tamperproof location services, which leaves the market largely opened for XYO Network to tap into and provide efficiency. XYO uses the Blockchain to provide trusted location information for those in demand for it and also through it smart contract offer real world asset the opportunity to effectively interact with smart contracts.

Threat

The location services offered by XYO have been needed for a long time. It provides many industries the opportunity to be more innovative. Despite the quality and advantage the project possesses, it is still not without it threat. The threat XYO faces is the similar to every project.

Blockchain is still relatively new to the world, and not everybody is aware of the quality it possesses and how it can provide solution to the challenges of any industry. Not everybody is technologically inclined to use the Blockchain. 

This will affect the adoption of XYO network by industries. XYO is no doubt an innovation but I still see it facing the problem of adoption due to the present limitation of Blockchain technology.

Official Contacts

Website: https://xyo.network/ 

ANN Thread: https://bitcointalk.org/index.php?topic=3040825.0 

Telegram: https://t.me/xyonetwork 

Whitepaper: https://xyo.network/whitepaper/ 

Facebook: https://www.facebook.com/xyonetwork 

My Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1633818




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Thank you @toluene for the article. I am not versed on the XYO token and found the SWOT analysis a nice angle as opposed to techical indicators. Location based services have great potential but adoption has been slow in the industry. I will give this one a year or two before keeping it on the map. (Thus, I lean towards your threat component). Thanks for the article.

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