The expansion of various technologies gives us numerous opportunities. One of such opportunities is provided by our smartphones — location awareness. Smartphone users take their devices with them everywhere they go; this is why location data is very important nowadays. We strongly rely on location data and it is highly important to receive accurate information. Safety of those who use location-based technology depends on the reliability and veracity of the info given by location programs. Users are concerned with the fact that organizations that are using centralized systems are controlling their location data. Some entities tried to erase the dependability of the centralized systems but their projects are counting on the integrity of data given by devices. XY Oracle Network (XYO Network) solved this problem by providing users with a technology that arranges us with a great extent of the integrity of info related to location.
What is XYO Network?
This project is the first decentralized blockchain platform ever that may be fully trusted by users; it is guaranteed with location proof network. The main goal of the project is to build a decentralized platform which will eliminate the vulnerability of the platform so that it could confront any sort of attack. This leads to a great extent of assurance in all the available data. The organization obtained this result through a set of distractions which diminish the danger of tracking the position of a user.
The XYO sees the issue in confidence of the data and in the absence of decentralized systems. Such networks, as Ethereum, were adopted broadly by developers of location applications because of their ability to intercede coordination securely in an online mode but none of these developers used them to apply it to a real world because of the corrupted data.
How XYO works?
It solves the problem of an absence of a decentralized system by constructing a layered location authentication service which may be exploited by a range of different devices and gadgets through smart contracts. It is based on a number of unique mechanisms of cryptography — Proof of Origin and Bound Witness.
The Network is composed of four primary components, such as Sentinels, Bridges, Archivists and Diviners:
- The goal of the first element is to collect the information about the position, environment etc, and stock this information in a ledger. It is important that these ledgers are trusted and recognized by other components of the platform. This result is obtained by giving a reward to a Sentinel if its info answered a query. To boost the chances of receiving a reward, they must provide the system with ledgers consisting of accurate information.
- The second component receives data from Sentinels, and then safely transports it to an Archivist. The third component can be confident that received information is certain and that it wasn't modified or changed.
- The third component stocks the info transported by the second element. The information reserved by the third component consists only of raw info. The preservation of the information is free of charge, fees are taken only for retrieval of the data and its use.
- The fourth component's main goal is to select the most accurate information from the XYO Network and to answer a query with the help of it.
So how someone can benefit from using XYO? For example, when a user of this network commits a request to find out whether an order was delivered to a client, he achieves accurate information given by The Network. Using ordinary applications that rely on the centralized data may be potentially unreliable, while XYO analyzes all the location data and chooses the best answer based on the accuracy of the provided info.
Nowadays all of us rely on location awareness, it is highly important to be confident in the provided information. Using decentralized blockchain technology, XYO Network provides us with a strong platform that is protected against hackers, it is trustworthy and provides users with a highly accurate information. It eliminates all the risks of corrupting or changing the data using unique and innovative technologies and mechanisms, it also diminished the danger of tracking the position of a user.
For more information about XYO Network Project please visit:
Official Website: https://xyo.network/
ANN Bitcointalk: https://bitcointalk.org/index.php?topic=3040825
Bounty Bitcointalk: https://bitcointalk.org/index.php?topic=3053801
CoinMarketCap: TBA (now on ICO stage)
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1110462
Especially for Bitcointalk from SL HE.