Imagine Jeremy bought his car on the 12th of March, very sad enough the same car was stolen on the 13th of April while on his way home from his work place. All happening within a space of one month. This incident took place in Oyo State of Nigeria, around 6pm on that honourable Friday evening. As fast as he was, Jeremy called me immediately and narrated the ordeal, thank God i still had the contact of a tracking company that resides in Lagos. So i immediately called them to help and luckily to us they responded immediately. They commenced their tracking activity without delay and got a location of the stolen car within few minutes. But more frustratingly the result on the location was wrong as a result of the trustless and decentralized location oracle the company was using, and as such all efforts to the car recovery was futile.
As if that was enough, i was in our place of work today when Richard visited his friend Daniela. I over-heard Richard asking her "could she imagine a huge disappointment he got from XimXas company using a Proof of Location through triangularization and GPS services after contacting them to find his missing private keys. Most annoyingly, he said that the company promised to deliver within the shortest period of time with the high level of Locations Oracle they are using, but finally the reverse of the expected result was the case.
However, I have a good news for you, i received a documentary few days ago about a company known as XY. They came up with a solid project known as XY- Oracle Network. I just concluded my research on them and discovered that the goal of the XYO Network is to create a trustless, decentralized system of location oracles that is resistant to attack and produces the highest certainty possible when queried for available data. This will be accomplished through a set of abstractions that greatly reduces the risk of location spoofing through a chain of zero-knowledge proofs along the components of the system.
AMAZING COMPONENTS OF XYO...
The XYO Network has four primary components that has made a paradigm shift in Oracle services:
- Sentinels (The Data Gatherers)
- Bridges (The Data Relayers),
3 Archivists (The Data Storers), - Diviners (The Answer Aggregators).
THEIR END - END FUNCTIONS ARE SUMMARIZED BELOW....
Sentinels Gather Data;
Sentinels gather real world location heuristics and prepare their own Proof of Origin to be chained to nodes above them.
Bridges Gather Data From Sentinels;
Bridges gather necessary data from online Sentinels and append Proof of Origin to
their chain. Bridges then make themselves available to Archivists in the Network.
Archivists Index/Assemble Data from Bridges;
Bridges constantly send information to Archivists that are then kept on decentralized stores along with a location heuristic index.
Diviner Fetches a User’s Query;
Diviners poll for queries sent to the Ethereum smart contract and decide to begin the answer formulation process.
Diviner Collects Data From Archivists;
Diviners then decide to take on a query by fetching the appropriate information needed from the Archivist network.
Diviner Formulates Answer;
Diviners choose the Best Answer to the query from the Archivist network that
contains the best Origin Chain Score.
Diviner Proposes Block;
Diviners then propose blocks on the XYOMainChain containing the answer contents, the query, and the XYO Tokens (XYO) paid through Proof of Work. Other Diviners on the network digitally sign the block’s content, then the coinbase Diviner’s account nonce is updated to showcase its Proof of Work in the system once a consensus on a valid block is reached.
Diviner Returns Result to Query Initiator;
Diviners package the answer, its Origin Chain Score, and its set of digital signatures and send them to an adapter component that securely connects to the XYO smart contract. The adapter is in charge of making sure the integrity of the
Diviner has not been compromised and sends the set of digitally signed answers to the smart contract. This happens right after the block creation process. The coinbase Diviner is then paid for its efforts.
XYO TOKEN SPECIFICATION....
The public token sale has a tiered pricing structure that starts at 1 ETH: 100,000 XYO and
maxes out at 1 ETH: 33,333 XYO.
Details regarding XYO volume and time based pricing structure will be announced soon.
• Smart contract platform: Ethereum
• Contract Type: ERC20
• Token: XYO
• Token Name: XYO Network Utility Token
• Token Address: 0x55296f69f40ea6d20e478533c15a6b08b654e758
• Total issuance: Finite and capped at the amount reached after the Token Main Sale
Projected XYO Token Cap: $48 Million.
• Unsold and Unallocated tokens: Burned after the token sale event. No further XYO
tokens will be generated after the Main Sale ends.
CONCLUSION
XYO having gone beyond trustless and decentralized location oracle and Proof of Location through triangularization and GPS services to adopt all this unique components to make XYO NETWORK the arrival of the long awaited ingredient in Location verification services, i suggest we all should support this project maximally.
Website for more information; https://xyo.network
Bticointalk Username; desydollars