Introduction
Nowadays, identifying the location of a person or a thing can easily be done with the use of modern technologies such as Surveillance videos, Bluetooth, GPS devices and satellites that orbit the planet. However, whether these locations are accurate and secured, nobody can know for sure. With the steady development of these technologies also come the people who make it their life’s work to attack cyber networks and systems. If these devices are attacked or hacked, inaccurate data location is provided which may put the safety of people and properties at risk. Over the years, various attempts have been made to establish a decentralized network of data location services so that information accuracy and security can be guaranteed; but the integrity of the devices needed to perform this feat was not enough.
In this ICO Review, we are going to talk about XYO Network and how this project will revolutionize geolocation services in the future.
What is XYO Network?
XYO Network or XY Oracle Network is a blockchain-based geolocation system that uses smart contracts to execute and verify real-world geolocation information. By incorporating their services in the blockchain, a centralized network would be eliminated therefore increasing the security and accuracy of provided data. XYO Network also utilizes a system of globally interconnected devices to deliver data that location-based smart contracts require for execution.
XYO Network operates on four components to extract data location successfully. These four components are:
- Sentinels
- Bridges
- Archivists
- Diviners
How does the XYO Network work?
XYO Network Token Economics and Tokensale
The XYO Network uses a utility token called XYO token which will be the currency used inside the XYO Network ecosystem. It is an ERC20 token backed by Ethereum smart contracts. These tokens will serve as a gas that will give life to the XYO Network. Each query done on the network will have a corresponding token price depending on how expensive the query is. After the execution of the smart contract and the query has been answered, the token paid by the customer will be equally divided among the four components to keep the operation alive.The XYO token has a total volume of 100 billion tokens. The tokensale which will begin on March 20 and end on May 20 of this year, has a tiered pricing structure that will begin at 1 ETH is to 100 thousand XYO tokens and then maxes out at 1 ETH is to 33 thousand tokens at end of the tokensale. All the tokens that were not sold during the tokensale will be burned so that future inflation and increasing demand for the tokens in the future will be supported.
The Team
XYO Network is an offshoot of an already established company called XY- The Findables. This company was a startup with an aim to make everything in the world findable, meaning the location known. XY Findables had been such a huge success when they first started and is now a million-dollar company with partnerships from even bigger business names such as Amazon, Target, Walmart and many more. The team will soon make the vision of decentralizing the world’s location data into a reality, with the launch of XYO Network.
The founder of the company, Arie Trouw, is a computer science graduate from the New York Institute of Technology. He has a vast experience in software development and business marketing and has served as the CEO and CTO of various technology companies before founding XY in 2012. Currently, he serves as the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer and Chairman of the Board of Directors of his mother company, XY – The Findables.
Scott Scheper and Markus Levin joined as co-founders of the blockchain initiative in 2017 to assist in building the XY Oracle Network.
Conclusion
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Keeping track of the location of valuable things and properties is very important. That is why projects like XYO Network should be supported by people all over because it aims to help and provide needed service to the everyone. XYO Network aims to create a trustless, decentralized system of location oracles that is secure and resistant to attacks commonly faced by centralized geolocation systems. This is a project that will revolutionize the way we do location tracking and help people to safeguard important properties by providing accurate and secure location data.
For more information about this ICO, visit the links below: