XYO Network - Bridging Crypto with the Real World

One of the most interesting and ambitious blockchain projects of late is about having ICO and is called XYO Network.

It aims to use its wide network of connected devices in the real world to track goods accurately - all potentially from your cat to your Amazon package.

Then by utilizing blockchain technology, it will use this location data to make smart contracts for agreed actions to occur, for example to pick up Amazon's package payment once it has been successfully delivered to your home.

How XYO Network Will Work

How did the XYO Network work exactly then?

Well, you may have heard of "Internet of Things." These are gadgets and little devices around us that will soon talk to each other to make life easier for all of us.

So for example your phone might communicate with your home thermostat, to get an idea of your daily routine and when you are at home so that it can set the temperature to the right level when you enter.

XY Oracle (XYO) Network is a dedicated project to provide solutions

By utilizing blockchain technology and off-chain location awareness devices, the XYO Network will implement the "Proof-of-Location" protocol for a decentralized and trust-free location network. Provides greater security and higher accuracy than the current system for high-growth markets.

In short, XYO Network plans to be a more secure system but complements GPS systems which are difficult or impossible to disrupt, jam, attack, or interfere with data. This will be achieved by using 4 major components to the network: Sentinel, Bridges, Archivists, and Diviners.

With a wide and secure network of locations, use cases seem to be endless in the modern and connected world. Over the past few years, XY has been researching and developing location-based technologies along with being a leader in affordable technologies. With more than 1 million locations circulating around the world, XY has the largest GPS network and Bluetooth device in the world.

With the commencement of Token sales (ICO) - XY will enter the cryptocurrency market as XYO network with the ultimate goal of "Bridging Blockchain Technology into the real world".

What XYO Network is planning is to take a large network of more than one million real-time GPS tracked devices and connect them to blockchain to provide some kind of untrusted tracking system that can revolutionize the way we track objects according to their location and then use that information.

This device - called "sentinel" - puts everything from lightbulbs to internet routers, doorbells, garage openers, cars, refrigerators and not forgetting more clearly like phones and tablets. Or they can even become your microchipped cat.

With all these devices connected, they can track very accurately where something is located and then use that data to contract on the Etaceum block.

Where is Blockchain Coming Into It?

Now you may be wondering - this all sounds good, but where does the block get into the picture and why is it needed? Surely this device can only communicate with each other, without the need for blockchain?

Well, XYO Network has developed

the new Proof of Origin and Bound Witness protocol and thus aims to facilitate location verification.

The beauty of blockchain is able to perform smart contract automatically if given criteria are met.

This creates a system that says "if x happens, then do y." In this case, x could be "if Amazon manages to send packets to this person's house" and y can "receive payment for the item from that person."

Thus, the XYO Network will incorporate all connected devices from the IoT revolution with blockchain to make things agreed upon automatically and without the need for a middle man to verify them.

This is a very bold vision and if successful in practice, it can make so many different tasks more efficient and transparent.

Details of ICO

Here are the main details of ICO:

Token symbol: XYO
Contract type: ERC20
ICO opened: March 20, 2018
ICO expires: May 20, 2018
XYO total inventory: limited to the amount purchased during token sales, no further tokens will be made
Price: 1 ETH = 100,000 XYO initially and 1 ETH = 33,333 XYO at max
Payment received: TBC

Token XYO

The goal of XYO Token (XYO) will be so that smart contract developers can use it to access verification of geo location from the real world.

If you have a smart contract on the XYO Network, such as if Amazon uses it with their bundle to receive a goods delivery payment, they will need an XYO tokens for their smart contract to make contact with the IoT device.

This means that the more usage available on the XYO Network, the more tokens that will be used.

Conclusion

Not many ICOs charge themselves as "potentially larger than Bitcoin and Ethereal," but with the XYO Network, the claim may not be as crazy as it was at first.

Yes, the XYO Network provides a rather bold billing, but it is an ambitious project that - if not possible - can have enormous consequences for the world around us.

The Internet of Things Revolution is coming - and it should make our lives easier in many different ways.

The XYO network will allow this revolution to have much greater use in the real world, verify location data and use it to implement smart contracts.

That could mean everything from verifying Amazon packages has been sent to rescue your stranded cat.

This is a bold vision but if launched, it could be one of the most significant blockchain projects we've seen.

For more information :

WEBSITE: https://xyo.network/index.html

ANN THREAD: https://bitcointalk.org/index.php?topic=3040825.0

TWITTER: https://twitter.com/XYOracleNetwork

FACEBOOK: https://www.facebook.com/xyonetwork

TELEGRAM: https://t.me/xyonetwork

Author: carens

Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1296141