Location data
Source
To indicate the geographical position of the equipment of a user, data is processed in an electronic network to give the accurate location of the user. Location data has been dependable and accurate throughout the years but it is still prone to cyber attacks,spoofing and other kinds of data manipulations which have adverse effects on our global economic activities. From all this we do understand that the system lacks security and has some short comings. Location data is used in all Industrial sectors and most of the financial transactions happen to be reliant on this.
Trustless network
Source
The word trustless can be very confusing as literally it tries to reduce the levels of trust between two transacting parties.Trustless network does not depend upon the intentions of the involved parties,who may be honourable or malicious.The system distributes trust among the active members of the network.Trustless network is about distributed trust which simply means trusting everyone in aggregation.
Blockchain
Source
Blockchain is undoubtedly catogerized under the ingenious inventions of the world. Blockchain basically works on the fundamental of allowing the distribution of the digital information which can't be copied.This technology was originally devised for the digital currency 'Bitcoin' but the technology has vast uses and has already resulted in the huge digital value assets. Blockchain is a ledger based economic transactions which can be prepared to record everything virtually which is supposed to have some value. This technology has reduced human error and has brought the highest degree of accountability. This Blockchain technology has been introduced to form a trustless network which gives us cryptographic location data and is known as XYO Network.
XYO Network
Source
XYO Network focuses on creating a trustless , decentralised system of location data based on the Blockchain technology so that the data produced is free from cyber attacks and other data manipulation.This goal is accomplished through set of abstractions that reduce location spoofing with the help of zero- knowledge proofs and components of system.The components of system are:
- Sentinels
- Bridges
- Archivists
- Diviners
Sentinels are also known as data gatherers and these vouch for the accuracy of the data by producing ledgers.These play an important role of adding proof of origin to the data.
Bridges are the components which help to forward the ledgers from sentinels to archivists. The bridge makes sure no ledger is altered in the process.
Archivists have the function of storing the location information from bridges in a decentralised form. They may also index ledgers for the retrieval of data.
Diviners is the component that fetches the most accurate data from the XYO network. Diviners are incentivized to provide honest analysis. Heuristics stored must have high level of proof of origin in the network.
XYO network has many applications in day-to-day life as location data is needed in all aspects of life nowadays. Be it agriculture, defence of the country, E-commerce the availability of secure and accurate location data will lead to the use of this blockchain based decentralralized cryptographic location data. The main focus will be how this network will enable users to track the orders placed by them for buying of products over various interfaces. It has been hard to track the exact of location of the ordered product but by the functioning of this network even that will be possible. The XYO Network is in its starting phase. The ICO for this network is currently running and the purchase of tokens is available till 20th May 11.59pm PDT.
Further links for XYO Network
Website
Whitepaper
Twitter
Facebook
Telegram
Bitcointalk ANN
Bitcointalk Bounty
You have done a wonderful job by explaining the network and how useful it can be in future. Location data should be free from all types of manipulation. Thankyou for writing this up looking forward to be a part of this ICO.
Thankyou for your appreciable words, Yes it has future and you should go through it.
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