Home CryptoNews The XYO network: the location network powered by blockchain

The XYO network: the location network powered by blockchain

The heuristic security, or as it is known colloquially, security of the location, is an area that is also being benefited by the security features of the blockchain technology. The precise location is an information whose value is of unquestionable importance for services that are in growth and global development at this time. This time we will talk about the XYO network and its features framed in blockchain.

The XYO network (XY Oracle Network) was designed to achieve layered location verification in many kinds of devices and protocols. It contains a series of cryptographic processes known as Proof of Origin & Bound Witness that bring together the best of blockchain technology and the collection of data in a system with direct applications.

Taking into account that location data are increasingly used all over the world and every day, the certainty and security of location heuristics become indispensable. For example, autonomous vehicles, drones that currently deliver packages, and later smart cities will require greater reliance on accurate location data. The strength of this network focuses on its ability to rely on the location heuristic it receives from resources outside the chain.

It is proven that many current location technologies lack the certainty and safety properties necessary to evolve qualitatively. This is partly one of the motivational aspects of the XYO network developer team, who have created a complete ecosystem of protocols and cryptographic location components that resolve the shortcomings of conventional location technologies.

As explained on their website, The XYO network has four main components, Sentinels, Bridges, Archivists and Diviners. We briefly explain each one below:

  • The components of Sentinel are heuristic witnesses, which observe the heuristic and endorse the certainty and precision of the heuristic producing temporary records.
  • Bridges are heuristic transcribers, which safely retransmit the heuristic ledgers from the Sentinels to the Diviners, and their most important aspect is that a Diviner can be sure that the heuristic ledgers that are received from a Bridge are not altered and add an additional proof of origin.
  • Archivist stores the heuristic in a decentralized way with the aim of storing all the historical records, without being indispensable, since even if some data is lost, the system continues to work although with reduced precision.
  • Diviner answers a certain question by analyzing historical data stored by the network and using Proof of work to add answers to the block chain.

Regarding access to the network, it has a consumer-friendly website, developer API and software libraries with the most popular intelligent contract languages. Users can send queries to the XYO network specifying the public address of the object they wish to track, be it a vehicle, a package, luggage, etc. The cases of practical application and daily use embrace from electronic commerce, medical centers, insurance agencies, travel and logistics, car rental, national security agencies, etc.

The XYO token is the native token of the platform, and is the fundamental incentive for its use.  XYO Tokens are needed to interact with the real world in order to verify the XY coordinate of a specific object. There are also several reward possibilities for proper use and provision of information.

The XYO token will be offered for public sale, with a price structure that starts at 1 ETH: 100,000 XYO and reaches a maximum of 1 ETH: 33,333 XYO. It is compatible with the ERC20 standard. After the public sale no more tokens will be generated, and the unsold tokens will be burned.

The documentation and details about the offer can be found at www.xyfindables.com/offering  and to buy tokens, here https://get.xyo.network/

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