We all love our goods be ordered online and delivered to us at our doorstep to save the stress of shopping but alas some of these goods got stuck on their way and do not get to the consumer. The most painful experience is when you have paid for such goods and eagerly waiting for them but to no avail, such an individual will no longer like to use the company's services. This might look like a fraud!. Also, some cars that have already installed in them existing trackers but got stolen or hijacked, when you want to have access to the tracker system you detect it has been compromised already by human and no longer functioning, that is a bad news for the car owner!. Had it been that there is a form of escrow and a good location tracking system to track the movement of the items without compromise, it would have been easier and better.
Now here, XYO is the answer. XYO is here to track the location of both man and goods that indeed they arrive where they ought to safely.
There has been a centralized database that has been used in the past to monitor location such as GPS but it has not been suitable due to the following reasons:
- They have limitations -- This is as a result of advancing technology that makes most projects and contracts adapt to the blockchain technology where one cannot take the chance of corruption or manipulation.
- Old method is vulnerable to spoofing -- They are prone to face attack on the database whereby the program is modified while it appears to be working normally; the security has been breached thus fraud can take place.
- Accuracy and privacy location -- Based on centralized program, there used to be intermediaries between transactions, therefore certainty and privacy of the location cannot be assured.
Other risks are data pollution, collusion, data loss, data manipulation among others.
In order to avoid all these challenges and risks, XYO team has decided to tackle this imbroglio and as well be the first platform that enable transaction between two individuals without a third party - DECENTRALIZED
WHAT IS XYO?
XYO -- XY Oracle Network is a platform built to create a decentralized system of detecting location of people and items. This platform is built on existing infrastructure of 1million devices via blockchain technology, they achieve a chain of zero-knowledge proofs to ascertain locations called "cryptolocations".
THE SOLUTION OFFERED
The decentralized protocol of XYO has four primary components and aim to bring solution through this.
- SENTINELS (The data gatherers) are location witnesses that observe things via sensors, radio and other means to gather those information.
*BRIDGES (The data relayers) are just like a passage way where data gets to the next component from Sentinels.
*ARCHIVISTS (The data storers)- With the goal of having all historical ledgers stored, archivists store unprocessed information from bridges. Archivists are networked in such a way that they all contain the same info and these can be grouped into two types.
*DIVINERS (The answer aggregators) analyse location from archivists and score based on how accurate the information is. If there's any query to investigate the location of some goods, the diviner fetch the most accurate answer and relay it back to the initiator.
BLOCKCHAIN AS AN APPROACH
Definition of some terms
- ORIGIN CHAIN SCORE is the best accuracy score that an answer will have to be chosen as the best answer among others before it can be given back as a response.
- PROOF OF ORIGIN CHAIN - In checking for the answer with best confidence, proofs are weighed with the best proof of origin chain. These proofs will not be revealed but enclosed in a piece of location data.
- PROOF OF ORIGIN is the key to verify that ledgers flowing into the XYO network are valid. These individual data along the query's path generates its own proof of origin which then builds a chain to the nodes that it relays data into.
- PROOF OF WORK is a piece of data that satisfies certain requirement which can be a random process with low probability of generation to be tried until the requirements are satisfied.
- XYO MAINCHAIN is an immutable blockchain in the XYO network that initiates a decentralized protocol among diviners in such a way that it stores query transactions along with the response diviners formulated in that shortest time to the issued queries.
XYO network is leveraging upon blockchain as the diviner begin to fetch data from archivists when a query is sent, it formulate the best answer based on the origin chain score. It then proposes blocks on the XYO MainChain and once a consensus on a valid block is reached, the account is updated and get rewarded for their proof of work. BLOCKCHAIN store processed data in a decentralized way and use that as a template for replying latest queries instead of going over the archivist to process all over again and to achieve accurate results with lower bandwidth usage.
Several security precautions have been put in place that in as much as a set of digital signatures are being sent to XYO smart contract, this contract can verify other diviners that signed the list to prevent risk within the ecosystem.
TOKEN
XYO token will be used as a main currency in the project blockchain with the objective of ensuring smoother transactions at lower costs. The token is (ERC20-compliant) grows in value and in addition is liquid & tradable.
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
The token sale starts at 1Eth : 100,000 XYO and maxes out at 1Eth : 33,333 XYO. Details about the volume and time based pricing structure will be announced later.
XYO is one ICO every smart investor will want to invest in. The project is huge and has great potentials. The team is up and doing. With the level of engagement and progress the team has achieved so far, I believe they will deliver.
In conclusion, XYO is a go to platform for accurate, dependable ,trustworthy, free of phising location tracking platform. This project finds application in eCommerce companies that sell goods by delivery. These companies will write a smart contract based on ethereum platform, the XYO network can then track the location of the
item being sent to the customer till they land safely into the customer's house. The goods will be verified by the decentralized platform and money will be sent to the seller, thus, serve as a form of escrow eliminating fraudulent activities.
This network is also designed to be able to get the accurate location of people which can be used as an appraisal for services rendered in that place, for example hotel, restaurant. Trusted and verified info about the movement of the person giving appraisal that undoubtedly, the customer was there.
XYO has partnered with some companies like Amazix, Bluetooth , Trusted IOT alliance, Enterprise ethereum alliance and they will announce their partnership with several more great companies.
For more information about this project click on any of the following links:
website- https://xyo.network
Twitter- https://twitter.com/XYOracleNetwork
whitepaper- https://docs.xyo.network/XYO-White-Paper.pdf
Telegram- https://t.me/xyonetwork
Bitcointalk- https://bitcointalk.org/index.php?topic=3053801.0
Writer - anike01
Bitcointalk profile link - https://bitcointalk.org/index.php?action=profile;u=1565368