Two weeks ago, I was about embarking on a business trip via flight to another state. When I was about to leave, I started looking for my car keys. I’m normally forgetful and sometimes clumsy but since I had my location oracle device, I had no worries. I tried to use the device to find my car keys and got a location. Smiling mischievously, I followed the GPS signal into the bedroom in order to yank the sneaky little key. And that’s where the problem started; the signal led me to the east wing of my bedroom with no key. I was starting to breathe hard by now as time was running out and I was still stranded at home. I knew this had happened a couple of time but never banked on it to happen to me in the most crucial of times like this. Lots of stuff ran through my mind; Ordering an Uber and the more crazy ideas came in like running into the road and stopping any available car to take me to the airport.
Eventually, after a few more minutes search, I found the key but became more attentive to the spoofing that plagued my GPS from time to time. I then started surfing the net to find ways to prevent this and I came across XYO.
What is XY Oracle?
XY oracle is a network that aims to bring the decentralized blockchain to location oracles by way of enabling location verification across several protocols. Today, location oracles have a big problem which includes error, contamination and uncertainty of data. This is as a result of fraud, tricking, jamming, and cyberattack associated with the GPS. The XY Oracle Network realizes this problem and the way they intend to solve it is by creating a trustless, decentralized system of location oracles that are impervious to cyber-attack. This way, the oracle is incorruptible and can be relied on to pinpoint the exact location of a particular item.
XY will allow for a tracking of things people normally lose by placing physical beacons on the items and using their Bluetooth and GPS devices, one can easily view the location of a particular item by checking a smartphone application.
XYO is the offshoot of the XY Company, an organization that has been building location based technology for the past 6 years. They have an existing network of over one million Bluetooth and GPS devices.
Benefits of XYO
- Makes it easier for people to locate things they can lose
- Saves money for people by not having to replace item that has been lost
- Removes the factor of signal jamming, cyberattack and spoofing
XYO has a high profile and is partnered with Bluetooth, Trusted IOT Alliance, AmaZix, Enterprise Ethereum Alliance and IFTTT
XY Oracle’s ICO
The total number of XYO tokens to be sold is 24,158,373,684 where payment is to be made in ETH. It’s an ERC20 based token. Its projected public sale cap is $48,000,000. All unsold tokens will be burnt after token sale is finished and no new tokens will be generated. On March 20, 2018, the ICO began and started selling at the exchange rate if 100,000 KYO to 1 ETH. The ICO will end on 20th May 2018 and the minimum contribution is 0.5 ETH.
XY Oracle’s Token Distribution
39.3% of all tokens will be sold to the public, 39.3% will be locked into a crypto-economic reserve, 6.6% will be allocated to the XYO Team, 3.5% will be allocated to the XY Company, and 3.3% will get to the advisors, 3.3% to enterprise partnerships, 3.1% to promotions and 1.6% to the pre-sale.
For more information about XYO visit the links below
XYO’s Fund Distribution
15% will go to the XY Oracle Network Platform operations, 5% to supporting important Blockchain projects, 35% to Engineering, 40% to XYO Network Growth, and 5% to Overhead
Bounty Thread: https://bitcointalk.org/index.php?topic=3053801.0
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=2037035