XYO Network Review
Being able to track the location of items and people has been invaluable since the invention of the first map.
Being able to actually prove that something is where it is supposed to be, in real-time, has also proved extremely useful since the first radio-based navigation systems like LORAN.
Modern-day Global Positioning Systems (GPS) are more precise because they actually cross-reference multiple sources of information in order to provide us with the actual coordinates.
Whilst this should provide a Proof of Location, the issue is that false location signals will also be picked up on.
Previous blockchain projects have attempted to remedy this issue by using the decentralization and time stamping possibilities offered by the blockchain technology.
Combined with non-blockchain (off-chain) technology, this should provide a reliable enough Proof of Location.
However, the reliance on an off-chain Oracle makes the crypto-location solutions just as flawed as the more traditional methods of determining location.
About the XYO Network
The XYO Network aims to create an entirely new ecosystem, which will be more reliable.
Here, the Oracle (which the off-chain data source) moves around in the real world, as opposed to having a fixed and centralized location. Because of this difference, the team being XYO Network has dubbed it “Sentinel”.
The main innovation of the XYO Network team, however, is to create a Proof of Location that is created by a protocol based on crypto-location.
This will create a trustless and decentralized system consisting of multiple Oracles, which will be much more resistant to any false signals caused by hackers.
Not only will this system developed by the XYO Network team make it more resistant to attacks, but it will also increase the reliability of the tracking and the accuracy of the reported location.
How will they do this? By implementing a series of abstractions that will make it more difficult for anyone to interfere with the signals.
The components of the system has been fitted with zero-knowledge proofs, and uses a network of connected devices to produce the accurate data as and when requested.
Users of the XYO Network will then be able to make queries about the location of the data on the blockchain, similar to when transactions are made with cryptocurrencies.
What about the tokens?
The XYO Network are offering investors XYO tokens for helping to fund their ICO.
When users of the network make a query about the data located somewhere on the blockchain, they will use the tokens as payment.
The amount of tokens spent will determine the accuracy and reliability of the data yielded from the query.
Users will, in other words, be able to set the level of reliability they desire for a specific location when making their query.
More reliability means that more resources and data will be needed to respond to the query – thus more tokens will need to be paid.
The XYO team aim to invest in 1,000,000 devices to be located across the globe, and the tokens will help fund the maintenance of these device.