As we continue to become more reliant on location-based technology, there’s an ever-growing concern with the privacy and safety aspects of the location information service providers. Given the fact that these technologies are usually located or managed at a single point of presence, interference and possible hacker attacks are imminent. Many use cases of location-based technology are life-dependant so consolidating its reliability, and security levels are paramount.
XY Oracle Network: A possible solution?
The team at XYO proposes a trustless blockchain-based location network using state of the art technology that’s reliant on a zero-knowledge chain of proofs to provide a high degree of data reliance on location information.
By employing cryptographic processes that abstract more layers of the data protocol, XYO will enable location verification across multiple device classes and network types. POO (Proof of Origin) and Bound Witness are just some of the innovative mechanisms that bring the blockchain tech and real-world data together.
The XYO token
At the heart of XYO network stands the XYO token. Based on the ERC20 architecture the XYO token will make use of the Smart Contracts feature, a crucial part that has to be implemented to make full use of the ecosystem. Developers will able to access location data and store it as a step in the creation of the Smart Contracts; thus code can finally transcend the virtual space into the real world.
The token will also incentivize both XYO crypto-location miners and token holders, this way a healthy liquidity level will be achieved via low transactional fees and the projected long-term value of the network itself. Another interesting thing to note is, the fact that once the token sale ends that will be the permanent cap of XYO, ANY unsold tokens will be subjected to burn to achieve a truly democratic model where supply will meet the demand.
The location-based technologies market is enormous. XYO is approaching an 11 trillion USD market, if the technology is genuinely disruptive it will most likely rake profits for the early adopters of the network.
Building Bridges
Bridges or location data transcribers will securely relay the location-based ledgers from the Sentinels module into the standard cryptographically secured archive. These bridges will add abstraction level to the network by applying the Proof of Origin concept. As the core architecture is based on a trustless system, the bridges must be rewarded to provide an accurate information transfer. Combining a reputation system with an actual payment plan XYO will assure a reliable governance system.
To apply trustless systems to the IoT (Internet of Things) devices, it’s assumed that the edge bridges or nodes are not physically or virtually safe. By employing the decentralized ecosystem of XYO however, this will not be the case as all interactions and transactions will be cryptographically encrypted within the distributed ledger. Any tampering attempts with this system will not be feasible as it would require a quantum level processing power to break into the ecosystem.