Since it’s inception, GPS needed a difficult-to-disrupt system. As we speak, we are currently all benefiting from the marvels of GPS with its exceptional accuracy. However, it is high susceptible to spoofs, jams, and cyber attacks. We are constantly discovering new forms of interference that could have devastating effects on human lives and economical vehicles as well.
XYO Network: GPS 2.0
The XYO ecosystem (https://xyo.network) has created a trust-free, fully decentralized system of location oracles. By producing the highest certainty of location data and being highly resistant to hacker attacks, XYO plans to disrupt the “proof of location” market. By employing a set of high-level abstractions, the risk of location spooking through a chain of 0 – knowledge proofs, is virtually inexistent.
To use the XYO networks, users will have to own XYO tokens. An ERC20 token that is going to make full use of the Smart Contract feature. By identifying an object or delivering a service in the physical world the XYO network will activate the hard-coded parts of the Smart Contracts. Once issued in the ICO stage, XYO will not create any more tokens, they will, however, be available for trading on select cryptocurrency exchanges.
Users will be able to decide whether they want to just trade the token or use it for its revolutionary properties. Either way, by approaching an 11 trillion USD market it will most likely appreciate in value by disrupting almost all major markets.
Technical Overview
XYO is going to facilitate the access to a protocol that’s connected to hardware solutions that can provide the highest level of certainty of location data with the help of a system of cryptographic proofs.
With the help of the smart contracts feature, users will be able to issue 3 transactions that are going to retrieve location data on a query-based system.
XYO Aggregators
These key actors represent a set of oracles that can listen to the queries sent on the network. Once validated, they will fetch the answers that have the highest level of accuracy. Once the data is grabbed this way, it is fed back into the smart contract after reaching the consensus protocol and gaining the answer with the highest score. Being a truly decentralized network, the scalability possibilities are virtually endless.
The XYO infrastructure and smart contracts are mechanically code based. The benefits of having such a network that’s working effectively on a global scale will largely outweigh the running costs that are going to be low anyway, thanks to all kinds of service providing DApps.
Legacy trustless systems usually rely on a private key for the transaction signing or embedded contracts within a system. By having proof of origin, however, it is safe to assume that the network nodes that sign the data running through are physically and virtually reliable.
This feature will be achieved through the use of Origin Chains, a distributed ledger that keeps track of all transactions and contracts running on the network. This ledger is virtually tamper-proof, thus ensuring a higher level of security.
Thank you for your time and feedback,
Jack Andrew