Every single day, nearly all sectors in the planet primarily social and economic sectors use location data. These sectors rely on the security and certainty of location heuristics. Self-driving automobiles, smart cities, and many others will need trustless location data. However, there are problems related to GPS system as described below.
[infobox style=”alert-success”]Problems with Location Technologies[/infobox]
Everyone will agree that GPS offers an accurate and reliable system. It is true but on the other side, there are some interferences that emerge related to frequency and severity such as spoofing, jamming, and cyber-attacks. These form of interferences can cause disturbing impacts on our lives and economic activities as well. It happens because the current technologies lack two important properties: security and certainty. These two properties are highly necessary for building reliable data location.
[infobox style=”alert-success”]The Vision of XYO[/infobox]
Considering the aforementioned problems, XYO has built an ecosystem consisting of components and protocols of crypto location. The ecosystem is empowered by blockchain technologies. It will disrupt the existing location technology. This project is called XY Oracle Network. Within the XYO Network, trustless transactions can be managed. It will be the world’s first bridge of XY coordinate that incorporates blockchain in the real world to
XYO Network is the blockchain’s first crypto-location network. Its mission is to make smart contracts to be used in the real world as it used API. It will be groundbreaking in decentralizing location-reliant trade market. Using blockchain technology, XYO Network is more than just an application or website but it is a completely fledged protocol that enables users to interact each other. Like Ethereum, OmiseGO, EOS, and other blockchain platforms, XYO Network enables developers to develop decentralized location-reliant DApps over the platform.
[infobox style=”alert-success”]Solutions Given by XYO Network[/infobox]
First, XYO Network is able to solve problems related to Proof of Origin. In Traditional Proof of Origin, several problems may occur such as damaged, lost, and corrupted data. Actually Proof of Origin can work well as long as the data are secure virtually. The problem is even a unique ID that serves as a private key to sign transactions within the system is not practical. It can result to spoofing. Such private keys are still prone to be stolen by bad actors. In order to solve these security problems, XYO Network uses what is called as Transient Key Chaining. In this way, no ones can falsify the data origin chain. Therefore, the data are completely secure.
XYO Network is also able to solve problems related to a witness node which can produce false data through either corruption of defect. False data here are defined as incorrect data yet considered as valid. Unlike invalid data which can be easily detected and removed, the valid ones are not easy to detect. The existence of a bidirectional proof of location should be established in order to increase the data certainty. This bi-directional location heuristics will allow both parties to cosign the interaction to confirm the range and occurrence of the data. This system is what so-called as Bound Witness. XYO Network is the pioneer in using this concept. The system of XYO serves as an entry point into a protocol of used device via a crypto chain that has a high level of location data certainty. It will be a game changer in the location industry and trading sector in the world.
[infobox style=”alert-success”]XYO Token Sale and Pricing[/infobox]
The company opened the XY Oracle Token sale on 20 March 2018. The exchange rate started from 1 ETH for 100 thousand XYOs.
The price of XYO increases after each token transaction. The aim of the increase is to reward backers who buy tokens earlier. Therefore, the amount of XYO buyers get per ETH slightly decreases after every transaction. The increase will stop after the cost reaches 1 ETH to 33,333.33 XYO. This rate will continue until the end of the sale.
It should be noted that after the sale ends, the remaining XYOs that are unsold will be destroyed. The company will not produce more XYO tokens. Later, XYO can be obtained from crypto-location miners.
In the next article, you will know more about the project. The next information will include the roadmap of XYO Network and the team behind the project.
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