The introduction of the blockchain technology has transformed the way the tech industry operates. Since the technology was introduced back in 2009, there has been a paradigm shift from privatized and isolated system of sharing information to a decentralized, permission-less, and independent transaction ledger.
One of the unique features of the blockchain, especially the Ethereum blockchain, is the use of smart contracts and DApps. These have given rise to the expansion of the use of crypto-economic principles and the blockchain to cut across numerous organizations around the world. Notwithstanding, there is still one area that does not have an authoritative and decentralized platform. And that is the area of determining and verifying locations. But thanks to the XYO network, that is becoming a thing of the past.
The XYO Network
Location data is being used daily by different people across the entire globe, and an increased dependence on this data and other technologies like package-delivering drones and self-driving vehicles will cause future generations to fall back on location data greatly.
However, there is still a limitation to the efficient usage of location data. And that is the ability to trust the accuracy of these data. But the XYO Network has provided a solution to that, by developing an effective and layered location confirmation service that works with different smart contract protocols and device classes.
The XYO Network operates using a series of innovative cryptographic mechanisms like Bound Witnesses and Proof of Origin in creating a bond between the supremacy of the blockchain technology and the collection of data in the real world and develops them into a structure with real-world applications.
How Does the XYO Network Work?
The entire operation of the XYO Network is based on 4 major components, which are:
- Sentinels, which compiles real-world location speculations, and self-develops and bonds Proof of Origin to the nodes above them.
- Bridges, which gathers the required data from the sentinels and attaches their Proof of Origin to their string. After this, they become available to Archivists that are within the network.
- Archivists, which store and catalogs the information gotten from the bridges.
- Diviners, which collate information from the archivists and use them in answering queries or verifying location.
The XYO Token ICO
The components that make up the XYO network are encouraged using an Ethereum-based token referred to as the XYO token.
These tokens are used within the network based on the complexity and priority of a user’s query and are gifted to the Diviner that comes up with the most suitable answer, the Archivist that kept the information used by the Diviner, and the Bridges and Sentinels that provided the Archivist with the data. This system of operation makes sure that everyone that participates in the network gets rewarded.
During the presale duration, 100 billion tokens will be supplied with a hard cap of $15 million. However, there will be an XYO Token Generation Event which will be revealed as soon as possible. But users can reserve a spot during the period by getting Whitelisted.
Using the unique features of the blockchain technology, the XYO Network provides world-class location protocols that are essential in developing a location network that is decentralized, trustless, and secure. And with the XYO Token, all participants within the network stand to gain a lot.