P2P location-based data network XYO debuted on ProBit Global on May 17 to expand its wide scope of sentinel devices across Asia. The beacon-based cryptographic protocol has already established over 1M devices for accurate item tracking fueled by proof of origin and a decentralized ledger for pinpoint time and location accuracy.
While oracles are commonly used throughout blockchain platforms to efficiently fetch off-chain data, they can often be hampered by key issues such as utilizing a single or aggregated oracle network for settling smart contracts.
To resolve this potential single point of failure, the XYO Network combines the strengths of blockchain and real-world data collection through a beacon-based network of nodes that incorporate cryptographic concepts including Proof of Origin and Bound Witness. The ability to create a fully transparent, verifiable tracking history has wide use cases in industries including pharmaceuticals, airlines, and rental cars.
The world’s first proprietary oracle protocol enables verified, real-world connections between 2 parties without the need for a restrictive third-party platform or bridge, a massive boon for app developers that can rely on the protocol’s trustless location verification through Bluetooth and GPS devices for physical, real-time tracking.
To overcome the potentially faulty feeds of off-chain oracles reporting specific location data, XYO’s fully trustless oracle protocol benefits from a vast network of devices that are incentivized to generate a wide hub of geospatial location verification.
Sentinels play a key role as the first point of contact as the baseline node that observes and vouches for the most accurate data heuristics by creating a ledger and providing a certifiable Proof of Origin before transmitting over to bridges. Once bridges relay these ledgers to be immutably stored by archivists, diviners conduct data analysis to propose a block to be validated on the XYOMainChain.
Successfully resolved queries result in the distribution of XYO rewards to all components of the network and as XYO essentially acts as gas fees on the Ethereum network, macro transactions can be prioritized accordingly.
XYO holders can trade location data on the XYO Network as well as stake real-world locations and earn XYO through features including geo-mining by serving as beacons for the real-time verification of geospatial location data.
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ABOUT XYO NETWORK
The XYO Foundation offers resources to educate individuals, developers, and enterprises who are excited about the possibilities of a location-based data network built on shared incentives.
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