The Global Positioning System or just in short GPS, has been around in some form or another since the early '70s, and prototypes for the technology trace their origins several years earlier. With the growing need for a more intricate form of global navigation, the U.S. Department of Defense ran the first GPS with 24 satellites, bringing the project operational by the '90s. After many modernization iterations in the early 2000s, this technology has emerged as the forerunner of day-to-day navigation. Now, Global Positioning Systems are everywhere, found in every form of technology from cell phones to car navigation systems.
However, today’s GPS tech is prone to interference and hacker attacks. This is because most leading providers have their operation stacked at a single point of interest. With the help of Blockchain technology, however, these issues can become a thing of the past!
XYO Network: GPS evolved
By having access to a vast network of hardware beacons coupled with a state of the art blockchain system the XY Oracle network (https://xyo.network/) plans to disrupt the world of GPS. With the help of Smart Contracts, customers and developers will able to access proof-of-location data via an API interface and tap into an 11 trillion USD market.
Once deployed, the applications are virtually endless, spanning over a multitude of industries. Take for example an eCommerce company that could offer its premium customers payment upon delivery services. To be able to provide this service, the eCommerce company would leverage the XYO Network (which uses XYO Tokens) to write a smart contract and interact directly with the flow of purchased goods.The ecosystem could then track the location of the package being sent to the consumer along every single step of fulfillment; from the warehouse shelf to the shipping courier, all the way into the consumer’s location.
A different approach might be the integration of the ecosystem with a hospitality review site, on which the ratings are not usually trusted. Needless to say, a good or a bad review can influence the hospitality business immensely. By having a trustless system where actual proof of location data could back reviews would undoubtedly increase the reliability of such a company.
XYO Token: the fuel of the network
To ensure the financial feasibility of the system, XYO will implement its utility token. Based on the ERC20 infrastructure the XYO token will have the Smart Contracts feature, by enabling it on the network users and developers will be able to implement the proof-of-origin and proof-of-location data in these contracts. It’s important to note that once the ICO stages are over, all of the unsold tokens will be burnt.
This measure will be taken to ensure a healthy economy based on actual supply and demand. The token will be available on a set of select exchanges for trading purposes. Users will have the option to trade it purely for the financial gains or use it for its utility on the XYO Ecosystem.
Thank you for your time and feedback,
Jack Andrew
I am truly amazed about this cool idea and the way the team behind it could implement it through blockchain technology. It seems pretty strong and I believe it's gonna be successful. Thank you for sharing it here!
You're welcome, I appreciate your time reading about it!
hi rahela u r right good reading
A nice post in the bava and easy to understand continue to develop your talents
I'm glad you like this post about XYO. If you want, here you can read another post on this topic:
https://steemit.com/blockchain/@jackandrew/gps-time-for-an-upgrade
I have read about XYO but I have not understood it yet Because I am a newbie here
Genuinely Good work..! ! Thank You for sharing this on steemit!
Thank you @rizwan-anjum! Feel free to visit also the Official Website mentioned into the post, and find more cool features about XYO!
When I first read this sentence "Once deployed, the applications are virtually endless, spanning over a multitude of industries", I said to myself this to good to be true, but after searching the website, I do say that XYO is not just a regular idea about gps and proof of location, but it has a great plan to reach their goals. Good post here!
Hi, thank you for your feedback. XYO Network is indeed up for great goals, and the idea behind it is solid. I am glad you read my post. To find even more updates on XYO kindly visit the Official website from time to time. Have a nice day!
@originalworks
kindly follow back and upvote my posts please...
Very useful information. How is the best solution for troubleshooting this hacker who is unbelievably malicious?
Wow so educative
Oke
Thank You for sharing this on steemit @jackandrew
very useful information,, good job
I am really stunned about this cool thought and the way the group behind it could execute it through blockchain innovation. It appears to be entirely solid and I trust it's going to be effective. Much obliged to you for sharing it here!
Good job, @TTS. Thanks!