What is XYO Network?
The XYO Network aims to create an interactive platform where developers like the one who are scripting smart contacts for the blockchain platform can interact with the outside world directly. It is the first Oracle-based protocol that allows two parties to transact directly without the involvement of the third party. The XYO network wants to create a reluctant and dispersed system consisting of a location oracle that forms the highest certainty for the available data.
The project of XYO Network is based on tracking the location of different objects.
How XYO Network Works?
- Step 1: The data with the real-world location is gathered by the Sentinels. The Sentinels also prepare Proof of Origin which is further attached to the nodes above them.
- Step 2: Bridges collects all the required data from Sentinels and also attaches Proof of Origin further to their chain.
- Step 3: Archivists collect the data sent to them by Bridges. The information along with the location examining index is kept on the different decentralized stores.
- Step 4: Diviner begins the process to answer all the queries sent to the Ethereum smart contract.
- Step 5: Diviners answer the queries by using the valid data collected by the Archivist network.
- Step 6: Diviners then choose the most appropriate answer from the Archivist network with regard to the query which contains the best Origin Chain Score.
- Step 7: In the next step Diviner offers blocks on the XYP main Chain. The blocks contain the answers, questions, and XYO tokens.
- Step 8: Diviner sends its digitally signed answers to the adaptor who further passes them to the smart contract. The diviners are then paid for their work.
- Step 9: All the XYO network components including Sentinels, Bridges, Archivists, and Diviners get rewards for their hard work.
Problems that XYO Network solves
Determining the exact location of an object is a tedious task. XYO network makes it easy by providing information of the location data with the help of long chain of cryptographic proofs. It helps us to determine the specific XY coordinate of a particular object at a particular time which was not possible until now.
XYO Network KEY Features
- XYO Network is completely a DECENTRALIZED system. As its verification process does not include any hired institutions. It is open-source.
- XYO Network is TRUSTLESS. All transactions that are made by the XYO network are transparent, decentralized, and secure.
- XYO Network is IDENTITYLESS. By using Proof of Origin, location data is kept anonymously.
Pros of XYO Network
- The potential for growth as the network is built on existing infrastructure of more than 100,000 devices.
- Experienced team members and advisors.
- Solves the problem of location verification using smart contract protocols.
Cons of XYO Network
- No specialized partners
- Smart Contracts centers around the oracle using only a single source of truth.
- Not appealing to low-level investors.
XYO Network Team
Arie Trouw is the Founder as well as the main architect behind the XYO network. He also serves as a Chief Operating Officer, Chief Financial Officer, Chief Executive Officer, and Chairman of the Board of Directors. Markus Levin is another major concern in the team as he is positioned as the Co-Founder & Head of Operations. Scott Scheper is the Co-Founder and Head of Marketing. The list of other Directors, Managers, and Supervisors include:-
- Johnny Kolasinski – Head of Media
- Louie Tajeda – Warehouse Logistics Supervisor
- Maria Cornejo – Retail Management Supervisor
- Lee Kohse – Sr. Design Engineer
- Maryann Cummings – Client Support Manager
- Patrick Turpin – Hardware QA Supervisor
- Vicky Knapp – Sr. Accounting Manager
- Christine Sako – Head of Analytics
- Jordan Trouw – Customer Experience Manager
- William Long – Head of Hardware
Social Media Presence of XYO Network
As social presence is very much important for the successful project campaign, similarly to let investors and other interested parties know about the XYO network, the social media team has been active on different platforms. One can know about company’s recent movement either on their official website or by other social media channels such as:-
XYO Network ICO Token Details
- Token Name: XYO Network Utility Token
- Token: XYO
- Smart Contract platform: Ethereum
- Initial Value: 1 ETH = 100,000 XYO
- Max Value 1 ETH: 33,333 XYO
- Token Type: ERC20
- Payment Accepted: ETH
- Token Address: 0x55296f69f40ea6d20e478533c15a6b08b654e758
- Total Projected XYO Token Supply: 24,158,373,684
- Projected XYO Token Cap: $48 Million
- Pre-Sale: Private
- XYO Token Sale: Public
- Token Distribution:-
- Public Sale Token of 39.3%.
- Cryptoeconomic Reserve of 39.3%.
- XYO Network Team at 6.6%.
- XY Company 3.5%.
- Advisors at 3.3%.
- Enterprise Partnerships @ 3.3%
- Promotion @ 3.1%
- Pre-Sale Token to be sold @ 1.6%
Uses of XYO network
The use of XYO Network is very vast. Its potential is required in Hospitals, Airlines, E-commerce, Rental Car Agencies, and Insurance Agencies to the future Drone Delivery Systems and Autonomous Driving Cars.
Final Words The decentralized project from the XYO network seems to be an interesting one as there is a huge demand among small, medium, and large companies for location-based data. Also, the experienced team members and advisors for the project seem quite confident about the success of the project. The only issue is the technicalities of the project which an ordinary person might not be able to understand easily. Also, the whitepaper explaining the project is hard to digest.