XYO Is Mapping The World (But How?)

adekogbe (53)in #ico • 6 years ago

XY Oracle Network is established as a fresh blockchain initiative of an already existing company "XY Findables" which started back in 2012 and the team has started the building of XY Oracle Network which is a platform that is going to be built on a existing infrastructure of over 1,000,000 devices that has been distributed around the world.

This project's team is taking proactive steps towards achieving their goals and in this piece I will be getting into how this decentralized platform creates a system where smart contracts can seamlessly interact with oracles sourcing data from real life assets and in the process creating a trustless network of location data.

How XYO Works

The Basics

The basic principle of the XYO network is this: Physical devices (witnesses) source location data, this data is then verified by a smart contract (Proof of Origin) and relayed by oracles to the XY Oracle network interacting digitally with smart contracts in the execution of commands on the network.

For the purpose of simplicity I will be breaking this down into concepts and components.

Concepts

XYO Network as a blockchain platform adopts two main interconnected concepts for the sourcing of authentic real time location data, these are: Proof Of Origin and Bound Witness

Proof Of Origin: This concept is adopted in order to verify that the information flowing to the XYO network is not false or fake. The basic principle is this; sourcing data from multiple chain of devices (witness nodes) will provide reliable valid data as compared to getting data from a single node which can be compromised. If a device or a few devices from the chain is compromised, there will be conflicting information sent to the network, thus a calculation will be done by the smart contract based on all the data sourced from the nodes to determine the true location of the assets in question.

Bound Witness: In order to determine the proof of origin stated above the concept of bound witness is adopted, this concept allows for the formation of a chain of devices/nodes (origin chain). What this does is to allow nodes in adjacency or closeness to each other to relay information between themselves. This ensures the validity of data to be verified by the proof of origin system.

Components

The physical components of the XYO network can be in 4 forms: Sentinels, Bridges, Archivists and Diviners. The senitels works like having multiple GPS devices reporting data with the other devices also performing connected functions of linking, storing and analyzing location data to the network. More information about how this devices work can be found in the Whitepaper.

This four components when integrated together are known as "bound witnesses". They provide proof of origin to location data which is used for verifying its validity. However this devices are not just specific standalone devices and can be in different forms, ranging from the beacons distributed by XYO, to other devices and appliances with IoT sensors. Senitels can be mobile phones, digital cameras, household appliances with IoT sensors, cars and more electronic devices available in our everyday lives. This devices can be integrated to the XYO network and will get rewarded with XYO tokens when they play a role in the location of any asset in query.

Utilizing The Blockchain

The XY Oracle network is incomplete without the most important piece of the puzzle; the blockchain. The XYO network is powered by smart contracts and XYO tokens making the integration and interaction of this components work. With the blockchain there is no geographical barrier to the potential reach of XYO, all transactions and rewards for actors in the ecosystem are publicly available creating a truly trustless ecosystem.

XYO is creating an income stream for actors and contributors of the ecosystem, while providing great service to its users.

Conclusion

XYO network as a platform has enormous potentials and promises. I believe with a great team, good planning and dedication this project will not only change the way people and machines interact but will also allow for better adoption and acceptance of blockchain technology by the world for both personal and other purposes.

The XYO token sale is live and their are some good bonus deals available as well, so visit the XYO official website, Announcement thread and their official social media communities for more information about the token sale and how to participate.

Always remember to do your own research and consult your business and legal advisors before you participate in any ICO because some countries and jurisdictions do not allow investment in ICOs.