When I first started trading in cryptocurrency, my first and perhaps biggest fear was losing all my hard earned coins to an absolute and untraceable stranger on the internet. This singular fear has made cautious people like me miss out on several opportunities in the cryptocurrency sphere.
Since blockchain was introduced, the tech industry has evolved rapidly and shifted from an isolated and privatized system to a decentralized one i.e. a system that operates on a peer-to-peer or one-on-one basis. However, there is currently no technology specific for the determination and verification of the location of those involved in a blockchain transaction; a major cause of skeptism in the cryptosphere.
XYO Network, a 21st century idea that was born in 2017, aims to solve this problem by creating a layered location verification service that is effective across devices and platforms. This would allow for the prediction of the most accurate location for various transactions in the cryptocurrency economy.
XYO Network’s Functionality
The XYO Network is hinged on four primary components:
- Sentinels, termed as location witnesses, they collect heuristic data from the environment and send them to Bridges.
- Bridges, are location data transcribers. They relay heuristic ledgers or data from sentinels to Archivist. The heuristic ledgers must be relayed securely and an additional Proof of Origin is added by the Bridges.
- Archivist, they store location information relayed securely by the Bridges in a decentralized way so as to make data available to Diviners.
- Diviners, they answer user queries by analyzing data that has been supplied by the Archivist. By examining individual Proof of Origin Chain provided by Sentinels and Bridges, the Diviners can provide location verification and history for a specific heuristic data or set of data.
The Accuracy Of The Location Verification
When a user queries the XYO Network, the Diviners work seamlessly to analyse all the available information and determine the answer that bests fit based on the timeliness and trustworthiness of the supplied information beforehand, thus generating the most accurate location to the query.
The Supported Platforms
XYO Ecosystem & Token Information
All the components of the XYO network are rewarded with ERC 20 Based Ethereum token to facilitate the generation of useful and accurate data. The reward or payment system is designed such that users who wish to issue queries to the XYO Netwrok will do so using previously acquired XYO tokens. The payment will be based on the complexity and priority of the query. The XYO tokens are available and distributed through a Token sale which started March 20, 2018.
TOKEN SALE TIMELINE: 20 MAR – 20 MAY
Price 1 ETH = 100,000 XYO
Hard cap 48,000,000 USD
Whitelist/KYC KYC & Whitelist
Restricted areas USA
Use Of Proceeds From The Token Sale
Revenue generated from the token sales will be re-committed towards achieving the mission of the XY Oracle Network. Below is a graphical representation of their proposed use of funds.
Achievements So Far And What’s To Come
My Constructive Analysis
The XYO Network is the first of its kind and has proved to be an undisputed champion amongst other projects. Asides its accurate and reliable location predictions, it is also very flexible as it can work across different device operating system to ease functionality. This is laudable in that blockchain transactions are mostly done on smartphones and computers. All being said, this is the right time to invest in this location prediction technology, the future is here!
Ann Thread: https://bitcointalk.org/index.php?topic=3040825.0
This content was written by bitcointalk user: Vocalwalls
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