XYO is focusing on location-reliant service which means that location data should be accurate. Although not many people are familiar with this kind of service, the development team is pretty confident that their innovation will be popular and needed by the business industry. With the advanced technology, they believe that there is a future for location data industry.
What is XYO Network?
When you are using a GPS or any geo-tracker device, you are using the location data service. With the right development, such an innovation can be elevated to a higher level. You probably have heard about the driverless cars which can be used for blind or disabled people to move around. Or you probably have heard about packages that are delivered by a drone instead of regular courier. What if your car is stolen but you manage to track it so you can find it again? All of these things are possible with the location data, so you see how important it is.
The biggest problem we have today is the security. It is so easy to break the data vault or steal it. Messing with it? It is highly possible too, considering that many still believe that data isn’t crucial or important. XYO is implementing layers of systems so it won’t be easily breached.
Blockchain technology is implemented to promote safety and transparency. The smart contract is used because it will keep the details of the transaction, and its automatic feature can ensure every party’s obligations and rights. The platform also uses cryptocurrency to create an easy, fast, and efficient method of payment, instead of depending on the regular banking transfer. With so many advanced technologies and secured system, the team is confident about their platform’s sanctity.
The Important Components
So, how does this location-reliant service work, anyway? You set a request or an inquiry, prepare a payment and send it, and wait for the result. The request is related to location, naturally. For instance, you can ask about your package and where it has reached. Or you can ask about the location of your motorcycle.
The ones responsible for your search are the four main components in XYO:
- Sentinels or the one responsible for gathering data
- Bridges or the ones for relaying data
- Archivist or the ones storing data
- Diviners or the ones providing the answers
Once the request is sent, Sentinels will collect data through radios, sensors, and others. Bridges will take the data and send it to Archivist, which will store and manage the data. Diviners will then analyze the data. Once it is done, the answer will be provided to the smart contract and the requester.
Token Importance
In order to send a request, the requester needs to be ready with payments. Once the Diviners answer the request and provide the accurate information, payment will be released to them and each component will be rewarded for their work. You can say that the token will be the major fuel as well as the main currency for this platform.
It seems that there are a lot of things going on, and XYO development team does have a lot on their plates. However, their positive attitude about the possibility of such future technology is quite comforting, so we should wait for their upcoming move.