Since the advent of blockchain and cryptocurrency, numerous smart contracts have been developed but Majority of these smart contracts fall short in taking care of physical world challenges, most of these smart contracts’ usage have been tailored to serve its purpose in an online world. Needless to state the benefits and demerits that these smart contracts that get data from unsecured agents (oracles) have, the need for a reliable oracle or agent that will be providing these smart contracts with physical location information that is secured and highly reliable from the physical world has been anticipated and expected since the advent of blockchain technology...this has been proposed by XYO Network's project (XY Oracle Network).
What is XYO Network?
XYO Network is a decentralized blockchain project whose goal is to build the first trustless, decentralized system of location oracles that is resistant to attack and produces the highest certainty possible when queried for available data.
Definition from Whitepaper
Official website: https://xyo.network/index.html
XYO in simple terms; the meaning of blockchain oracles:
Now before I explain XYO in simple terms and analyze the awesomeness of it's goals, let’s dive down into explaining briefly the meaning of blockchain technology and blockchain oracles as these concepts hold the foundation of XYO Network.
A blockchain in a nutshell can be explained as a system that maintains distributed ledgers in a way that makes participants or organizations who might not fully trust each other or who might be far from each other to agree on the ledger updates to finalize any given transaction.
Blockchain in its entirety has transformed the way people conduct transactions, Nowadays, people don’t rely on third parties anymore in order to finalize processes of a given transaction neither do they have to use an offline reconciliation process.
Currently, companies or business owners don’t really need to supervise or monitor transactions, they can sell services or raise funds for their projects and arbitrarily give back shares (as tokens) to their investors anywhere in the world without any paper or legal work to be done, thereby saving cost, this was made possible owing to blockchain technology by making use of peer-to-peer protocols and the use of smart contracts (these are contracts that are programmed to execute itself when the terms of the contract are met).
These contracts are smart because they enforce the rules or the terms of the contract and execute by themselves if the terms or some certain predefined conditions are met thereby making it more trustworthy in comparison to traditional contracts where rules can be influenced and skipped most times.
What is an oracle?
An oracle, in the context of blockchains and smart contracts, is an agent that finds and verifies real-world occurrences and submits this information to a blockchain to be used by smart contracts. Smart contracts contain value and only unlock that value if certain pre-defined conditions are met. When a particular value is reached, the smart contract changes its state and executes the programmatically predefined algorithms, automatically triggering an event on the blockchain. The primary task of oracles is to provide these values to the smart contract in a secure and trusted manner.
Curled from https://blockchainhub.net
Making these provision of values or data to smart contracts in a secured, incorruptible and unpolluted manner is where XYO Network comes in.
XYO Network wants to be providing location oracles that will be feeding smart contracts with a trusted, reliable, accurate and secured data that contains location of physical world items. XYO wants to enable smart contracts developers “to interact with physical world as if it were an API (Application Programming Interface).”
Quote from Whitepaper
Url: https://docs.xyo.network/XYO-White-Paper.pdf
Video
XYO Network - Crypto-location Oracle Network
Wow, isn’t that awesome. Let’s dive down a bit more on how they intend to achieve this awesome technology;How XYO Network hope to achieve this?
I know by now, you might be asking how on earth is this possible, yes it is, XYO already has built and successfully launched a Bluetooth-GPS consumer service and it currently has over 1,000,000 beacons across the world.
What are these beacons used for? They are more like tracking devices, users only need to attach it to any item on earth they wish to track and that’s all, then if any of the item gets lost, one can view its exact location on a smart phone. These beacons will continuously be feeding secured and accurate location information (its longitude, latitude, etc.) with high level of certainty to smart contracts that are deployed on blockchain, XYO is indeed taking the physical world to blockchain.
XYO token sale is ongoing right now and you can be part of this great revolution by participating in their ICO and grabbing XYO tokens before they launch their awesome platform. You can read up more about XYO Network’s project and be an investor using the following links below.
Website: https://xyo.network/
Whitepaper: https://xyo.network/whitepaper/
ANN Thread: https://bitcointalk.org/index.php?topic=3040825.0
Telegram: https://t.me/xyonetwork
Facebook: https://www.facebook.com/xyonetwork
Twitter: https://twitter.com/XYOracleNetwork
YouTube: https://www.youtube.com/channel/UCyZDqb9pgntVHJVt1pxXtsw
GIThub: https://github.com/XYOracleNetwork
Disclaimer:
I am not a financial adviser, I am only sharing my opinion about XYO Network from my own understanding of the project. Don't hesitate to drop your questions below for proper clarification and also do your own due diligence Before Investing In any ICO project.
Thank you.
nice review you have here ken. I will dive more into their wp and read more but I love the concept, it will really open up opportunity for developers to build exciting things in the future.
You are right @chokomenia, i really love their idea and their platform is going to bring a huge development in the usage of GPS services as its going to be decentralized, thanks for dropping by.