The analogy explained afore is the basis of determining pinpoint location using blockchain technology and smart contracts. XY Oracle is a platform that has proffered a way to integrate data sourced from the real world into the blockchain for analysis to determine location. XY Oracle basically a trustless system would use the power of proof of origin (multiple sources gathering approximate location to ensure its reliability) synergized with incentives to ensure accuracy of data from it various components. These components includes:
Location data providers (Sentinels): These are the first phase of XYO location determination; They are the components that gathers information. With multiple sources relaying data it is easier to integrate the data relative with each other to give exact locations. When the sentinels are granted incentives they’re charged to provide accurate location.
Data relayers (Bridges): The components that receives data from Sentinels and relay it unalterably to the archivist. Bridges are equally rewarded for the usability of the conveyed data.
Data storage (Archivists): As they imply, they act as a bank of data gotten. Archivists are interconnected such that they can retrieve lost data and be incentivized for it.
Data analyzers (Diviners): The last yet most crucial phase of the platform; Diviners are in permanent communication with archivist to query through its storage and secure the most reliable and accurate location in the shortest possible time.
As daily users, XYO can be used for tracking purposes “such as tracking a stolen device as long as it has a tracking beacon placed on it” which would help exterminate major problems faced in several aspects of our lives like in the e-commerce delivery network.
As technology savvy, to be able to interact with the world outside blockchain is golden and is considered a major upgrade to the use of smart contracts. Furthermore, d’apps can be built on XYO which makes it a unique platform like Ethereum.
XYO edges several other platform offering the same services in terms of proof of idea/research and its capabilities is way above the reach of other platforms.
XYO tokens
The XYO token is of ERC-20 standard. As stated, it would be used to incentivize the various component that makes up the XYO ecosystem to ensure constant accuracy, reliability and even improvement of location analysis data. For a user to be able to make location inquiries, payment in XYO tokens has to be made. The payment made would command the confidence level of the result.
There is an on-going sale of the XYO tokens.
Details of the tokensale
Start date:2018-03-20
End date:2018-05-21
Ticker:XYO
Token standard:ERC20
Token price:1 ETH = 200,000 XYO
Total token supply:100,000,000,000
Payment methods:ETH
Whitelist:YES
KYC:YES
For more details about the XYO platform, these links would prove useful:
Website: https://xyo.network
Whitepaper: https://xyo.network/whitepaper
ANN: https://bitcointalk.org/index.php?topic=3040825.0
Twitter: https://twitter.com/XYOracleNetwork
Telegram: https://t.me/xyonetwork
Phillip_Olamide
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