XYO – The First Ever Blockchain-Based Trustless Location Protocol

In the previous article, you have learnt about the blockchain integration into the Oracle. It is obvious that the blockchain technology really empowers the establishment of the trustless location protocol. Besides, you have also learned about Proof of Origin as one of the key concepts of the XY Oracle Network. You have seen how XYO, through its Proof of Origin, can detect and remove both invalid and false data. Here, we will still talk about the how XYO solve security problems that may happen.

Security Considerations

There are at least two issues regarding security that may occur. The first one is fake diviner attack. This problem can be solved by verifying the Diviner’s integrity. The verification is performed by using a set of digital signatures sent by the Diviner to XYO smart contract. This allows the contract to verify other Diviners that sign the list. This verification is very important to do otherwise the system will fail and there will be more risks triggered.

The other attack is the one from Sentinel Distributed Denial of Service (DDoS). An attacker is able to make some connections to Sentinels so the Sentinels cannot relay the correct information at all. This problem can be circumvented by requiring anyone who wants to connect to a Sentinel to solve a cryptographic puzzle to be solved by anyone attempting to connect to a Sentinel. This will highly reduce even omit the Sentinel DDoS attacks. Therefore, the Oracle will be always secure and users can feel safe all the time.

Network Expansion

XYO has already successfully established a real-world network producing more than one million devices of GPS and Bluetooth on a global scale. Most other location networks cannot reach the same success. They cannot be dealt with the problems that hinder the development of an extensive network. The success of XYO does not stop here. The Sentinel network that they have created is just a beginning. As an open system, the XYO network will allow all operations of location devices to join the network and have the ability to earn XYO tokens. The XYO network plans to grow its network further by partnering with other business. This strategy is seen as the effective way to expand the Sentinel network. This how XYO Network will expand its business and service.

XYO Token Sale Period

There are more than 24 billion XYO tokens supplied in total with 48 million USD for the sale cap. The ICO sale already started on 20th March 2018. It is almost two months since the starting date, meaning the sale will be closed soon. The closing date is scheduled to be on 20th May 2018. After the sale ends, any remaining XYO tokens will be destroyed. It means there will be new tokens created. There will be no more ICO sale or period expansion of the ICO period. The only way to earn XYO tokens in the future is from crypto-location miners. The proceeds of the sale will be used mainly for network expansion and technical development.

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Category: ICO
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