XYO Network is the first cryptographic oracle network of the Ethereum blockchain. The platform allows smart contracts to interact with the real world. All of this is based on a decentralized network of devices capable of anonymously collecting and validating geospatial data. The project was developed by XY Findables and officially launched in early 2017.
The goal of XYO Network is to reduce dependence on GPS technology, a centralized positioning platform that has been plagued with many security and safety issues. Besides, XYO Network is to create a data system that is safe, logical, accurate and resistant to frauds.
It can be said that GPS positioning technology has crept into every corner and become an indispensable part of life. Simple from shipping things, booking cars to tracking criminals.
Proof of location was born more than 60 years ago, but it was not until 2016 that the concept was first introduced into the blockchain world by an Ethereum-based company. However, the crypto-location blockchain has faced a big problem, which is that if using oracle to achieve consensus in the network, it is very easy to manipulate.
So for this to happen, an off-chain device is needed, responsible for reporting and recording the actual location. XYO Network will address this through “Proof of Origin”, which provides the location-based proof that underpins the components of the XYO Protocol.
XYO Network is operated by four main components including:
Sentinels: Responsible for collecting information, location, sensors, radios and other receivers. Each Sentinels is responsible not only for data collection but also for checking other Sentinels. All data and locations that have been collected will be saved to the Heuristic ledger for use by other departments.
Bridges: Data converters. Bridges' job is to get location data from the Sentinel, then pass it on to the archivist. Bridges are considered as a bridge between Sentinels and XYO Network.
Archivists: The bank that stores all the ledgers that the Sentinels have collected. The archivist will get the location data from the Bridge and then store them for the Deviners. Archivists also need a ledger to make it easier to use the data series if needed. Besides, Archivists also supports raw data storage and only gets paid when data is retrieved.
Diviners: Will analyze location ledgers from Archivists to generate answers to queries. The system then forwards these responses back into a smart contract. Diviner uses the Proof of Work algorithm to add responses to the blockchain.
XYO Network platform has some outstanding features as follows: real world interaction, Crypto economy reserve, security, Dapp, friendly interface.
XYO Network's platform will provide developers with real-world interoperability similar to an API.
XYO Network builds an “economic reserve” on top of smart contracts, through token sales. This will especially bring crypto-economic benefits to members who have made large contributions to the XYO Network. In particular, this will contribute to the construction of a network system that determines the geographic location with high accuracy and can replace the dependence on GPS in the not too distant future.
The platform is highly rated for security. Because, before launching, XYO Network has had many times to check the safety, the security data is safe, if there is a full-scale network attack occurs.
Like other platforms, XYO Network also provides developers with a mechanism to build decentralized applications. At the same time, XYO Network also has the ability to interact and use smart contracts of Ethereum, EOS , Omisego chains...
XYO Network has a user-friendly web application interface that allows users to easily query their location and on the objects they want to track. In addition, the software library also integrates many languages into the smart contract to make it more convenient for users to access.
Besides the above impressive features, XYO Network is also applied in a number of practical industries such as: e-commerce, healthcare system and medical facilities, car rental service, etc. logistics services, the National Security Agency (TSA), tracks airline passengers' baggage and provides solutions to recover stolen property.
Specifically, in e-commerce, XYO Network can be used by merchants who use this platform to create a premium payment for customers who have purchased their goods directly. That is, the seller will have to write a "smart contract", then XYO Network will be responsible for tracking the location of the packages until they have been received, then the seller can pay.
Below is the development roadmap of the XYO Network project from Q2/2021 – Q1/2022.
Nearly 14 billion XYO tokens are distributed as follows:
XYO is a token developed on the Ethereum platform, according to the ERC-20 standard. Therefore, XYO tokens can be stored on the following common wallets:
Currently, after 4 years of being on the market, XYO is also listed and supported by many large and small exchanges, such as Coinbase Exchange, KuCoin, Gate.io, Bittrex, MEXC, Uniswap...
To answer this question, let's first learn about the backer team, the project's partner. Information about the development team is not much, according to information TraderH4 has learned, XYO Network was born by XY Persistent Company, founded in 2012. This is one of the leading companies providing location technology. for drones, self-driving cars with artificial intelligence, or Bluetooth and GPS devices…
XY Persistent Company is a giant in technology, so the partners and investors in the "pet" of XYO Network are also well-known companies in the market.
Second, the area this project works in has real-world applications. That's a pretty big plus. According to XYO Network, the project currently hosts about 4 million data nodes and 20 million fund ecosystems in cooperation with external funds.
Thirdly, although it has been launched since 2018, XYO is not a "soon-to-be" project that still retains its strengths over time. This has been clearly reflected in the price action. 2021 is a relatively successful year for XYO as it has increased nearly 300 times (from February to November).
It seems that every element shows the true strength and potential of XYO Network. However, the trend in the market is always changing, the old generation will give way to the new generation if it does not develop rapidly and catch up with the times. Therefore, you need to consider carefully before making an investment decision.
Below are the common questions about the XYO Network project. If you also asked a question, please refer to the answer right after!
In addition to directly buying and selling on exchanges, you can also earn XYO tokens by mining, using Mining Kit XYO. Mining Kits can be purchased through credit cards or other traditional payment methods. Miners will receive rewards in the form of XYO tokens for providing the network with the correct verification signal.
Possessing a diverse set of tools and applications in many fields, many well-known brands have become partners of XYO Network. Specifically: CAS Smart City, Chainlink, Harmony, Portis, Remax, Deon Digital,...
Here are the social platforms you can follow the XYO Network project and update the latest information.
Website / Medium / Twitter / Facebook / Telegram / Reddit .
Currently, you can store XYO coin at e-wallets such as: Metamask , Trust Wallet , Coin98 Wallet...
XYO Network has now been applied in many different fields such as eCommerce, aviation, healthcare, insurance, etc.
Currently, XYO is trading with pairs: USDT, ETH, BTC, USD, EUR, wETH, USDC.
Thus, in the above article, we have shared details about the XYO Network project. It is easy to see, through the overview reviews, that XYO Network is a "viable" project, especially in the situation that hacker problems become common. Currently, the project is still continuing to expand the network, reaching many customers, waiting to become a "location - blockchain" industry, bringing value to real life. However, every investment decision also needs to be carefully evaluated before investing. Good luck!
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