The true innovation at the core of the XYO Network centers around a location-based proof underlying the components of our system to create a secure, crypto-location protocol. Additionally, the current limitation with Proof of Location protocols (and many other blockchain DApps) centers around their complete and total reliance on Ethereum. Indeed, for some use cases (such as micro-transactions leveraged by IoT devices), end users may wish to use a platform that does not charge fees for each transaction.
The higher the reward, the faster the query will be addressed by the system. XYO stands to create trustless, decentralized systems or location oracles. XYO cryptocurrency allows developers of the smart contract and blockchain system to interact with the physical world like an API. The system tries to provide exact details with the help of a set of abstractions. This set of abstractions reduced the risks of location spoofing through a chain of zero-knowledge proofs. The data that smart contracts rely on (oracles), must be verifiable and have a high degree of accuracy.
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In this pool, if a majority of XYO Miners are of low quality, the entire pool of XYO Miners can vote to set the location-verification bar low. However, as soon as more competitive machines are introduced to the pool, the system votes to increase its ideal-state for the system. The XYO Network will be built upon an existing infrastructure of 1,000,000 devices that have been distributed throughout the world via our consumer facing business, XY Findables. XY’s Bluetooth and GPS devices allow everyday consumers to place physical tracking beacons on the things they want to keep track of (such as keys, luggage, bikes and even pets). If they misplace or lose such items, they can see exactly where they are by viewing their location on a smartphone application. In just six years, XY has created one of the largest consumer Bluetooth and GPS networks in the world.
Bitcoin can be interpreted as a platform that is anonymous, but not private. The XYO Network shares these traditional blockchain properties; yet, since location data is sensitive in nature, additional thought in how privacy concerns are handled becomes a necessity. For this reason, the XYO Network is built with privacy at the forefront of how its platform runs.
System components locate the object at a specific XY coordinate at a given time with almost certainty. Location data sits quietly at the cornerstone of every part of our daily lives. Its use has increased dramatically over the last decade and is now so ubiquitously relied upon that its disappearance would be catastrophic. The direction of tomorrow’s technology is quickly approaching a world with self-driving vehicles, package-delivery drones and smart cities that develop and run themselves. Considering these imminent innovations makes it glaringly evident that our dependence on location data will, without question, eclipse our current usage by an insurmountable magnitude. With the emergence of these location-reliant technologies, our lives will be in the hands of machines, and our safety will sit in direct proportion to the accuracy and validity of the location data used by these new systems.
XY Oracle Technical
However, in many cases, either a sufficient oracle does not exist or the oracle cannot be considered authoritative due to the possibility of error or corruption. It takes the information from the sentinels and provides that to the archivist. Bridges transfer the same details without any alteration only by adding Proof of Origin.
- If they misplace or lose such items, they can see exactly where they are by viewing their location on a smartphone application.
- When two sentinels are near each other, they will initiate the signal that they are in the exact location.
- The developers aim to educate the world about the advantages of an incentive-driven geospatial location network.
- The XYO Network project has been set up to determine the desired location with the highest level of incidence.
- XYO can enable users to launch into a protocol of connected devices which provides accurate location information with the help of a chain of the cryptographic protocol.
Decentralizing confirmation of location by using a network of interconnected devices allows for a significant paradigm shift in how the world can source location data. Utilizing blockchain technology to verify and record location data makes location-reliant systems secure, transparent, and reliable. When a customer finalizes an order, a smart contract is created which will release payment to the merchant upon successful delivery of the purchased product. The shipment will include an XYO Network Sentinel, a low-cost electronic device that records its interactions with other XYO Network devices on its blockchain ledger. Other devices on the XYO Network will likewise record their interactions with other packages being shipped. Every one of these interactions will be independently verifiable, asserting a web of locational certainty that stretches all the way back to the shipment’s point of origin.
Proof of Location
However, we still find the majority of blockchain technologies confined primarily to the narrow scope of the Internet. Since its founding in 2012, XY Findables, the company behind the XYO Network, has been building a location network in order to make the physical world programmable and accessible to developers. In brief, XY has been working towards the concept of enabling developers (such as those writing Ethereum smart contracts) with the power to interact with the real world as if it were an API. This undertaking is a multi-year project that requires the separation of different components into stages.
The global negativity can also be a reason for the plummet of the current trading session. The problem most cryptoeconomic incentives have is that the focus is placed too strongly on the token miners, and not at all on the token users. The XYO Token takes both into account by defining the ideal-state and rewarding market participants who hold in-memory accounts of the ideal-state and act upon it being met. By tying the XYO Network into the operational frameworks that are already in place in Hospitals, care providers can significantly reduce failures in communication and record keeping that result in patient injury and death.
Smith understood the natural instinct of humans to operate with absolute rules, rather than rules of negotiation. He believes this is because holding the ideal-state of a system concurrently, in-memory, is too taxing to the brain. In other words, “hard-and-fast rules are easier to keep than rules that are slightly relaxed. The opposite should be true.” As a result, current cryptocurrency token economies are inefficient as their tokens do not incentivize participants properly, partly because they are based on economic theory that pre-date blockchain technologies.
However, the XYO coin holds potential to go up and hit the $0.02 mark by 2025. If you are looking for XYO network price prediction, our in-depth analysis aims to answer your questions like, What https://cryptolisting.org/coin/xyo is XYO coin? Before we start with detailed XYO price prediction, let’s dive into the coin’s overview. This green paper is the result of our decision to make our white paper more concise.