With the fast paces changing scenario in technology, we are in the need for a zero-knowledge proof, cryptography to eliminate the centralised data gathering system. The current issues related to the lack of trustless, decentralized location oraclethat brings about certainty and accuracy problems in the location which are negatively impacted.
The XYO team has made it possible by using “Proof of Origin” and “Bound Witness” to combine decentralized blockchain with real world data. Oracle Technology Network is designed to extend their help to developers, DBAs, and architects in services and other areas to build, deploy, manage, and optimize applications using Oracle products and industry quality technologies.
The ecosystem and Technology.
Their system acts as an entry point for connected devices to locate data . Users can track transactions using “queries” on the blockchain to retrieve a piece of location data. The data collected has the highest level of accuracy.
The XYO Network is divided into four important parts- namely the Sentinels (The Data Gatherers), Bridges (The Data Relayers), Archivists (The Data Storers), and Diviners (The Answer Aggregators). The Sentinelsgather location datathrough sensors, radios, and other forms. The Archivists store this information for Diviners to analyse.Divinersgenerate answers to queries and assign accuracy scores to them. Diviners then relay these answers back into a smart contract. The transactions seems to be pretty technical, but it is actually not. They are also regulated by Origin Chain Scoreand zero-knowledge proofs known as an Proof of Origin Chain.
The platform allows consumers to place XY’s Bluetooth and GPS devices using physical tracking beacons on the things they want to keep track of (such as keys, luggage, bikes and even pets). If there is a situation where they have accidently misplace or lost an object that they are using, they can detect exactly where it is by viewing its location on a smartphone application. They are relying on blockchain technology as a single source of truth where the rest of the components of the system interact with one another to produce the best combination of answers for the query.
The Proof of Origin eliminates the need to have a trusted key to secure the transactions. The XYO system relies on the concept of a Bound Witness to resolvedigital contracts. The platform also integrates validity score to define the best answer from a pool of answers. The validity score is based on the Origin Chain Score.
ICO and token
The token is denoted by the symbol XYO which is XYO Network Utility Token. It is ERC20 token compliant with Ethereum technology. The cost structure of the token is fixed at at 1ETH: 100,000XYO and maxes out at 1ETH: 33,333XYO. The token’s application is vast and diverse. They can be used by eCommerce Companies, hotel review sites, etc to incentivise their performance at any point of time.
Conclusion
The company has come up with a futuristic service that merges blockchain technology with the real world. We can say that the ecosystem has been created with a vision to transform the way in which the decentralised network operates. They have huge expansion plans for the portal and the reward system that they have in place has attracted a lot of customers.
For more information ,visit
Website :https://www.xyo.network/
ANN Thread : https://bitcointalk.org/index.php?topic=3040825.0
Telegram :https://t.me/xyonetwork
Written by: Pooja Jur
Btalk profile: https://bitcointalk.org/index.php?action=profile;u=1217469