Developed by the XY Findables team in early 2017, the XYO Nework project (also known as XY Oracle Network) is a network of devices that collect and validate geospatial data built on the Ethereum Blockchain. Simply put, XYO Network is a geo-encrypted network that allows verification across different devices and protocols. XYO coin is the main token of the project.
Digital technology has entered its peak, positioning from a satellite to a specific individual has become commonplace. Typical examples for this feature are the services: "technology motorbike taxi", online ordering, online food ordering, etc. It can be said that most transactions over the Internet require access rights. to location data.
In fact, every user's mobile device today is equipped with a GPS sensor. This technology has brought great contributions to many different fields, especially logistics.
In the late 60s, the Proof-of-Location algorithm was first known. It was not until 2016 that this algorithm was applied on the Blockchain by the Ethereum-base company, Sikorka.
Like other Blockchains, Crypto-location Blockchain still faces certain limitations. To achieve consensus, Blockchain needs the support of the Oracle network. However, this makes the Blockchain vulnerable to manipulation.
Therefore, the most urgent need of the Crypto-location Blockchain is the support of an off-chain device. This device will take care of the alarm job, recording the actual location. And this is the reason for the presence of XYO Network. This Oracle project uses Proof-of-Origin - an algorithm capable of providing location data to underpin the components of the XYO Network.
XYO Network consists of four main pillars:
– Sentinels: As the name suggests, Sentinels collect location information through sensors, radios and receivers. You can think of it as an observer, data collector and checker for other Sentinels. All location data is saved to a Heuristic ledger for other departments to use.
– Bridges: Data converters. Bridges takes location data from the Sentinel and passes it on to the host. You can think of Bridge as a bridging connection of Sentinel ledgers with XYO Network.
– Archivists: Archivists get location data from Bridge and store them for Deviners. You can think of Archivist as a bank that “stores” all the ledgers collected by Sentinels. Archivists also index the ledger so they can return a series of data if needed. They only store raw data and only get paid for retrieving it! They play a very important role in the Network, as they basically store all the ledgers collected in the network.
– Diviners: Diviners analyze location heuristics from Archivists in order to generate answers to queries. Diviners then relay these answers back into a smart contract (thus, Diviners serves as an oracles).
Altogether, these four components work together to create a very interesting and completely decentralized oracle network.
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We found 1 people related to xyo-xyo, include CEO Arie Trouw
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