XYO XYO

XYO is the main currency used within the platform, that aims to decentralize services targeted at positioning data. While the providers expand their network and reach greater amount of new locations, earning more revenue, they are experiencing higher need for connectivity. Moreover, with the advent of smart technologies as driverless cars, remotely-piloted aerial vehicles, smart houses and whole complexes people would rather possess location data. So there is a tendency of becoming dependent on this kind of information. XYO team strongly believes that there is an acute necessity for system decentralization that helps everyone to receive information about location from any corner of the world.
XYO is an ecosystem of devices that create stable history of locations and interactions stored on a blockchain. This network is aiming to eliminate centralization of location-oriented markets through appliance of cryptographic framework and protocols. There are a lot of position trackers launched all across the globe today, and XYO network wishes to put it to a good use. Every object all round the globe can be determined by XYZT (where T means time orientation) coordinates. Things are always located within this space. Everything, from small jewelry like rings to large trucks, can be followed and monitored on the basis of XYZT coordinates. And this data is stored within the XYO base, after what it could be easily traded. Users are able to sell location data on the platform online, so that different services dependent on positional information could use it later. As for now there are more than one million beacons in the XYO base that have been installed throughout the world by now, and its base is being constantly updated by XYO team. Therefore, XYO network has no direct competitors. It is unlikely that someone will want to create their own network of comparable scale. The sphere of application of the XYO network is huge. The team has released 7 separate documents describing examples and possibilities of XYO network usage. These business cases cover most branches of the economy.
The network based on distributed ledger is considered to be absolutely transparent and safe. It has absolutely free access and no input barriers, what makes competition a fair one. All data regarding location is transferred incognito to ensure privacy and security of members within the network. Like any other blockchain project, XYO is operated on the basis of smart contracts, so that users can determine whether the object is in a particular XY coordinate or not. In case it is located within the frame, then the digital contract can perform certain functions. One of the spheres where XYO project can be of great help is widely spread electronic commerce. For example, some companies require payment for delivering a kind of premium products, so if they provide their services using smart contracts of the XYO network, the delivery becomes more reliable, safe and easily-tracked. The platform will track and trace the location of the parcel on the every step of its delivery - from the very storage house right to the recipient's home, providing positional information at each place where the item was. This can allow merchants and e-commerce shops to confidently confirm that the parcel reached the customer’s house.
Once it has safely reached the destination point, the payment will be made immediately. Thanks to the process organized like that, ordering customers pay for items on pay-as-you-go basis. And e-commerce companies can easily provide their services without detracting from security.
The XYO project uses Proof-of-Origin protocol, which makes the information up-to-date and always contemporary. This principle is an important element in verifying the accuracy of account books entering the XYO network. It also uses a “transient key chain” what makes all attempts to falsify a chain of coordinates for data absolutely impossible.
By the way, there are several participants involved in the XYO network: Sentinels (location witnesses who control data adequacy and accuracy), Diviners (those who answer all the questions regarding the network), Archivists (those who keep the information about location to provide it in the future) and Bridges (location data transcriptors that relay heuristic registers). Within the crypto community those members are considered to be miners of the XYO project.
So, to recap, the mission of the project is to create a single largest network consisting of billions of tracking appliances, which will be united under one location identifying product. Moreover, the usage of the Proof-of-Locations protocol is quite relevant, as we constantly follow the development of IoT, with integration of online technologies in the offline world appeared to happen every day. As the XYO project keeps up with the latest IoT development, the perspectives of its popularity are quite glowing. The implementation of digital technologies trend looks more than positive. So, consequently, the prospects for the XYO token also look impressive.

Loading...

Loading...