The ever-increasing popularity of blockchain has brought much attention to the utilization of cryptocurrencies. Developers of smart contracts for blockchain platforms including Ethereum have made use of this surge to capitalize on decentralized, independent and permission-less ledgers. This has changed the fundamental way we interact and do business. We are no longer tied to isolated and privatized information systems; business processes have become streamlined with reduced risks and perhaps the most obvious change, curtailing the need for the middleman.
The implementation of this Blockchain technology and the smart contracts that utilize it have delineated the need for an authoritative, trustless and decentralized proof of location oracle network that can arbitrate the outcome of a contract. The lack of such an oracle service has prevented the mainstream market from adopting smart contracts and has reduced the potential of the platform to the online world. However, XYO Network has proposed a unique solution which involves real-world data collection. It has generated a model which enables developers, especially those that create and manage smart contracts for their respective Blockchain platforms, to be able to gain access of real-world location data and interact with it as they would through an API. By translating the technical jargon, this means that any two parties can freely interact and make transactions anywhere in the physical world, where the XYO Network is online, without the need of any third party (usually refers to the middleman).
XYO Network recognizes the importance and vulnerability of the location data used in our everyday lives. The XYO Network argues how the currently available technologies lack necessary certainty and security properties which limits the possible ventures technology can allow. The currently available location technology, the GPS while exceptionally accurate and dependable is still susceptible to frequent cyber attacks, jamming, spoofing and a wide array of interferences. The XYO Network is reliable as it counters myriad of these problems using the two core concept it implements. The first concept is the proof of origin, which ensures that any information provided by a component is valid and is resistant to any fabrication and falsification. The second concept is the bound witness, the bound witness is used to confirm whether two components of the XYO Network were at the same location at a given time.
The XYO Network has an elaborate architecture which makes use of the four primary components: the Sentinels, the Bridges, the Archivists and the Diviners.
The realization of the two core concept is met through these components which enable a
geo-focused, consensus building and trustless verification of location data.
The Sentinels are the heuristic witnesses of the Oracle network. The sentinels are tasked with observing and vouching for the validity of the heuristic by producing temporal ledgers. These ledgers can then be used by the Diviners without having to worry about the legitimacy of the source.
The Bridges are the heuristic transcribers. They are tasked with securely relaying the temporary ledgers drafted by the sentinels to the Diviners. The Bridges ensure that the data relayed has not been tampered or fabricated in any way.
The Archivists are the data stores. The archivists are tasked with storing the heuristics in a decentralized form, with all the historical ledgers stored with their respective index. The advantage of the archivist is that even if some data becomes lost or corrupted it only reduces the accuracy of the system and does not halt its functionality.
The Diviners are the Oracles of the XYO Network. They answer given questions by analyzing the historical data that has been stored into the XYO Network, hence it is very important that the heuristics stored in the network are valid and accurate.
The sole facilitator of the XYO Network will be the XYO token, which will be used as the necessary means needed to interface with the real world in order to verify the XY coordinates of a real-world object. The XYO tokens are spent according to the complexity of the and priority of the users request and will be distributed to the Diviner, the Archivist, the Bridges and the Sentinel which worked to ensure the request was completed.
The public sale of the XYO tokens has a tiered pricing structure, starting at 1 ETH: 100,000 XYO and ending at 1 ETH: 33,333 XYO. The XYO Network will burn all unsold and unallocated tokens after the XYO token sale ends on May 20, 2018. You can find out more information about the XYO Network on its official website https://xyo.network/