Previously, you have read much information about XY Oracle Network such as the benefits of the platform and some use cases of the XYO. Let us remind you again about the goal of XYO. As written in its whitepaper, the ultimate objective of XYO Network is to create an unexceptional standard or protocol of XY coordinate oracles that is trustless and highly reliable and secured. In order to achieve this goal, the platform is empowered by blockchain. The reason for blockchain integration is explained below.
XY Oracle Network is intended to be an abstraction that can work will with any smart contracts and public such as BTC, ETH, Stellar, EOS, and many others. In order to be able to interact with the XYO network, the users of those cryptocurrencies are eligible to ask for XYO smart contract and pay in XTO ERC20 tokens. Then, the Diviners, which are the nodes in the network will be polling ETH persistently for the users’ requests. XYO Tokens will be used to reward these users. In the future, a one-to-one conversion will be done. All of these processes require the power of blockchain technology.
Proof of Origin
As XYO is a location reliable, it is foremost to prove that location is absolute and reliable or valid. XYO uses Proof of Origin as its main concept in providing reliable data. Most of the traditional trustless systems use a certain private key to perform transactions or contracts within the system. If the node on the network is secure both virtually and physically, there is no problem with the reliance on the private key. However, in some cases, the private key is compromised, resulting in the failure of the ability to prove origin. Therefore, there should be an assumption that the edge nodes on the network are not secure. This will lead to the ability to identify edge nodes without the necessity to use unique IDs.
Proof of Origin uses the concept of Bound Witness. In a trustless system, there is a possibility of false data caused by a defected or corrupted a witness node. For your information, false data (those which are valid yet incorrect) are more difficult to identify. Detecting and removing invalid data is very easy it they fall outside the heuristic range. However, false data are not that easy to detect. Even a digital contract won’t do. The platform should build the bidirectional proof of location. It allows both parties to cosign interaction and validate the occurrence and interaction range.
XYO Token Sale and Utility
As a token utility and the fuel of the oracle, XYO token will be used frequently in within the network. Some of its main functions are to incentivize token usage and reward stationary integrity. The ICO sale almost ends. It already started on 20th March 2018. It will end soon on 20th May 2018.
- Bitcointalk: 135cc
- ETH: 0x002a3C863a9C8C918FfDAfB3E9E09a18F12C99Df