The XYO Network has been receiving a lot of attention recently and I have been seeing a lot of people questioning the legitimacy of it. Is XYO Network a scam that you should be avoiding or is this going to be the next big thing? Should you be buying XYO tokens or is this just another opportunity that is going to be a waste of your money?
In this review I will be going over what you need to know.… Such as what the XYO Network is, how it works, the future outlook and more.
What Is The XYO Network?
XYO Network is the first “crypto location oracle network”. But what the heck does this mean? It means that the network uses location based signals that smart contracts can gather data from in the real world.
The network specializes in “findable technology” and communicating among devices. Basically what they do is bring location-based technology to the blockchain. They produce small GPS and Bluetooth tracking devices that can be used to track anything all over the world and the network is kept up to date in a decentralized manner with devices of the network communicating with one another.
The network is kept trustworthy and accurate by what they call “proof of origin” which cryptographically guarantees that the location information being relayed is accurate along the entire network. Detailed information on this can be found in their whitepaper.
Some Real World Examples:
So for example, e-commerce is a growing industry that will likely make good use of this technology. E-commerce vendors will be able to place these a small XYO tracking devices on shipments so that you buyers can track and find out exactly where there packages are in real time.
And there are many other applications for such findable technology. With the growing number of autonomous vehicles that need to know the exact coordinates of other vehicles to avoid collisions, this could grow in use and there is definitely a market for it.
How The Network Works
There are four different components that hold the network together.
1) Sentinels – These are the actual tracking devices. They consist of GPS trackers and Bluetooth trackers (and in the future will also consist of satellite trackers). They tell where something is that and can take “selfies” with others around.
2) Bridge – The bridge takes entries from the sentinels and forwards them to the archivists. This is what connects the two, which is why it’s called a bridge. The crypto location miners come into play because they are what power the process basically.
3) Archivists – smart phone could be both a bridge and a centinole – has wifi to connect to archives and can connect with other phones
4) Diviner – The diviners are what analyze the data and provide answers to location questions. When there is a question on one of the blockchains they pulled the relevant data, find the answer, and reported back to the smart contract.
The network is kept running by crypto location miners. The miners consist of devices that run software for the network to keep archives up-to-date. Miners could be a smart phone, a computer, a PS4, etc. If you are tracking in e-commerce shipment that uses the XYO Network’s tracking technology, your packages location might be kept up-to-date by someone driving nearby the delivery vehicle with the mining software installed on their smart phone… Just one of many examples.
The XYO tokens are what you call ERC 20 tokens, meaning that they run on the Ethereum blockchain and meet the standards of ERC 20, which is the standard that pretty much every token on Ethereum’s network goes by.
These tokens are used as incentive to help keep the network running. Users are rewarded when they run miners and help provide location information with the proof of origin algorithm.
The team behind the XYO Network has some pretty large goals they are set out to accomplish, one of which being low orbit satellites. Right now they have GPS and Bluetooth sentinels that provide location tracking for the network, but the low orbiting satellites that they plan to launch are going to be a massive step forward in providing fast and efficient location tracking across the world.
When it comes to the blockchain tech team behind it all they are also up to par and even have top profile advisers such as the bitcoin legend Charlie Shrem on-board.
And besides what the team is doing, you also have to think about the future of the location tracking industry in general. As I mentioned earlier, the increase in e-commerce and autonomous vehicles are going to bring about an increased need for trust-less location tracking which the blockchain based XYO Network can provide.
Overall this seems like a good project and is definitely not a scam in any way. It is nice to see new blockchain projects such as this one bringing blockchain to the real world. This project has real-world application which means it will have real value. The tokens will actually be worth something.
However, you can never predict the future you no matter how good something looks you never really know how it’s going to turn out. I am going to be keeping my eye on this one.
As always, leave any questions or comments that you may have below. I know there is a lot more to the XYO Network that I did not cover, so if you are looking for more information feel free to leave one below and I’ll get back to you as soon as I can 🙂