XYO Network - Proof-of-Origin Based Trustless Location Network.
Proof of Origin
The systems in use mostly rely on the private keys for making transactions in a system. While we are a part of this system we try to assume that the beginning and the end nodes of the network that sign the data are physically and virtually secure.
If any of the keys are compromised we can be the ones ending up on the wrong side. So, there is a need of system which can identify the edge nodes of the network and can analyse the data produced by them as valid.
It is time to end the reign of untrusted source of data and bring in the concept of trustless system. The system will enable to determine the certainity of data provided by edge nodes based on pieces of data taken from the same source.
Trustless System
Trustless system is a term related to blockchain which may be confusing and ambiguous.
The term does not eliminate trust but tends on minimising the amount of trust required by a single source in a system. Trustless system is referred to a system where we do not require any third party for the conduct of transactions. While trustless system can be defined as a system which works when the two nodes are in a close physical proximity, the use of small contracts helps the functioning of this system keeping the economies of scale in mind. That means the system should enable transfers with any party in world regardless of distance.
Small contracts work as the third party of the system. Small contracts track the location of edges with network components, gives the proof of origin to create trustless, decentralized system of location oracles resistant to attack and other forms of interference.
Network Based on Incentivized components.
Source
To reduce the risk of location spoofing the XYO-Network uses the set of abstractions through a chain of zero knowledge proofs along the components of the system. The components of the XYO-Network are:
- Sentinels
- Bridges
- Archivists
- Diviners
Sentinels are the data gatherers. Sentinel gathers the data and gives the location of the source. To validate the location sentinel will add a proof of origin to it. For the honest location information these sentinels which provide the location data and its proof of origin are incentivized with XYO network tokens.
After the location data is available to the system now it is the job of the bridges to relay the location data from sentinels to the archivists ensuring that no alterations are made to the data. The data available to archivists is stored by them in a decentralized manner.
The job of a archivist is to store raw data and to retrieve it for its specific use. It is for this job that it is incentivized with XYO tokens.
The accuracy of the location depends upon the data stored by archivists. More the data saved greater will be the accuracy. Diviners receive the data from the archivists. Diviners end up by selecting the best possible location data which depends on the proof of origin query made.
For the queries issued to XYO smart contracts diviners poll the applicable blockchain platform.
The best chosen answer has the ability to create a block on the main XYO blockchain.
Source
This was a little about XYO-Network which aims to act as a portal by which smart contracts can be executed through geo-location confirmations. Its applications are in an abundant number as accurate location data is needed in all parts of the world. Its ICO is currently running and tokens are for sale.
The ICO is expected to run till 20th of May 2018. You can also be a part of some bounty programs.
Here are some links
WEBSITE
TELEGRAM
FACEBOOK
TWITTER
WHITEPAPER
BitcoinTalk Bounty
Bitcoin Talk ANN
This is interesting! Projects like these need to come up with the ever evolving world of technology. Very informative and very well written 👌🏼
This is indeed a good project.
Very well written! I could get the idea of the importance of accurate location and how it can be our future. The devices and this technology can be a great combination. It did clear my concept of "trustless systems" as it explains the sharing of trust by nodes. Great bounty programs with some 5,6 days to go. Thankyou
I think you should also take part in the bounty program as you have all the knowledge it takes and you know good projects like these are never left behind.
I will for sure.
I will like to b a part of this bounty program and I am looking forward to b a part of this ICO .Thank you so much for this informative post and well explained concepts.
I was thinking to write some blogs on the same for bounty, it is really a good project.
I forget to write though, but now I will definitely look on it,
The components of XYO-Network you have submitted are well defined.
But you have to write some more information in it. Like both ,the interaction histroy of sentinals and Bridges, they creates an unalterable proof of origin chains which later on stored and indexed through Archivists.Also on examine individual proof of origin chains and intersections to other chains,Diviners are able to provide location verification and location history for a particular Sentinal or set of Sentinals.
Thankyou.
Interesting project. Such kind of projects are needed in future as they are having great potential.
Informative 👍
Thank you!