XYO Network Price Chart Update [XYO]

Introducing XYO Network: A Unique Blockchain Solution

The XYO Network, also referred to as the XY Oracle Network, was created by the XY Findables team in early 2017. This innovative network is built on the Ethereum Blockchain and is comprised of devices that gather and validate geospatial data. With its geo-encryption capabilities, the XYO Network enables verification across a wide range of devices and protocols. The native token of this project is known as XYO coin.

The Impressive Solution Offered by XYO Network

In today's digital age, the ability to accurately locate individuals has become a standard feature. This functionality is evident in various services like "technology motorbike taxi," online ordering, and food delivery. Most online transactions require access to location data.

Nowadays, GPS sensors are integrated into nearly every mobile device, playing a significant role in various fields, especially logistics.

The Proof-of-Location algorithm was initially introduced in the late 1960s. However, it wasn't until 2016 that Sikorka, an Ethereum-based company, implemented this algorithm on the Blockchain.

Although the Crypto-location Blockchain has its merits, it also faces some limitations. The Blockchain relies on an Oracle network for achieving consensus, which introduces a vulnerability to manipulation.

To overcome these challenges, the Crypto-location Blockchain urgently requires an off-chain device capable of recording and verifying real-time locations. This is where the XYO Network comes into play. This Oracle project utilizes the Proof-of-Origin algorithm, which supplies location data to support the components of the XYO Network.

Key Features and Functionality of XYO Network

The XYO Network is built upon four main pillars:

– Sentinels: These devices utilize sensors, radios, and receivers to collect location information. They act as observers, data collectors, and validators for other Sentinels. All collected location data is stored in a Heuristic ledger, which is accessible by other components.

– Bridges: Bridges serve as data converters, receiving location data from Sentinels and transmitting it to the host. They essentially bridge the connection between Sentinel ledgers and the XYO Network.

– Archivists: Archivists receive location data from Bridges and store it for Diviners. These can be likened to banks that hold all the ledgers collected by Sentinels. Additionally, Archivists index the ledger to facilitate targeted data retrieval. They solely store raw data and receive compensation for retrieval requests. Archivists play a vital role in the Network as they store all the collected ledgers.

– Diviners: Diviners analyze location heuristics obtained from Archivists to provide answers to queries. They act as oracles by relaying these answers back into a smart contract.

These four components work collectively to establish a truly decentralized and fascinating oracle network.

Roadmap: Envisioning the Future of XYO Network

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