XYO Network: Using Location Oracles To Bring About Decentralized Physical Transactions

INTRODUCTION

There has been a major growth in the need for oracle services that decide the results of a contract since the introduction of trustless smart contracts which are based on blockchain. Presently, the performances of most smart contracts depend on a single or aggravated group of reliable oracles to decide the contract results. This is usually adequate in instances where the two parties involved can reach an agreement on how authoritative and incorruptible the oracle is. But, in several cases, it is either the right oracle is nonexistent or the existing oracle has a high probability or getting corrupted and can’t be seen as authoritative. Location oracles are in this category.

PROBLEM STATEMENT

The prediction of a particular location in the physical world depends largely on the relay, reporting, dispensation and storage mechanisms of an oracle, in which every single one could bring in errors and be corrupted. This causes the challenge of the location’s accuracy and certainty getting affected negatively by the absence of a well spread-out, trustless location oracle.

Also, another challenge faced is the authenticity of the “proof of location”. It is very important when it comes to location technology, it involves creating a system that spots and exposes fraudulent signals and discourages the spooning of location data. Although, some location services stack several different authentication means on each other to get a reliable “location proof” using GPS systems and data triangulation, this doesn’t solve the issue.

SOLUTION

The problem of smart contracts is caused by the contracts using a single source of truth and therefore has a central source of failure. This is the same problem encountered when it comes to proving the origin of a physical location and crypto-location. Most crypto-location technology vulnerability is centered on the off-chain devices that accounts for an object’s location. To solve these problems, this is where XYO Network comes into play.

The XYO Network uses a special type of oracle called Sentinel where the off-chain is allowed to move around in the physical world. The major improvement of the XYO Network is that it is rooted on an identity less, location-centered evidence while focusing on what makes up the network’s system to give out a decentralized, crypto-location modus operandi.

THE XYO NETWORK

The XYO Network is the first oracle protocol in the world that makes it possible for a transaction between two bodies in the real world to happen without a central third party.
The network’s goal is to develop a decentralized, trustless system of location oracles with the highest level of certainty when asked and a strong resistance to attack. XYO Networks make this possible using a set of innovations that to a large extent brings down the dangers of location send-up through a series of no-knowledge proofs around the system’s components.

The XYO Network will be created on an existing set-up of more than 1,000,000 devices circulating in the world. The network’s GPS and Bluetooth devices lets daily users to place physical tracking beacons on the things they want to keep track of (such as keys, luggage, bikes and even pets)and be able to see exactly where it is by simply viewing its location on a Smartphone application.

HOW IT WORKS

The XYO Network system works by providing a point of entry into a group of interrelated devices which presents location data with high certainty level via a series of cryptographic proofs. Users will uses “queries” (transaction requests) to get any data of location on all blockchain platforms that function with smart contracts.

The system has four main components:

Sentinels (gathers the data), Bridges (relays the data), Archivists (stores the data), and Diviners (provides the answers). These components work together in a group of no-knowledge proofs referred to as Proof of Origin Chain to provide the most accurate data for users. All components get rewarded for their work.

XYO NETWORK TOKEN

Our network uses XYO Tokens to encourage the provision of reliable and accurate location data. To a consumer, the tokens could be seen as “fuel” required in relating with the real world to get the specific coordinates of an object. The charge for a query (in XYO Tokens) is determined by the amount of data needed to provide an answer to the query as well as market dynamics. The more data needed, the more expensive the query and higher the XYO fuel costs.

XYO NETWORK USE CASES

The network’s usage has several applications in different types of industries. A good example is the eCommerce industry. An eCormmerce that wants to offer its premium customers a pay-n-delivery service can do so by instructing the XYO network (using XYO Tokens) to draw up a smart contract then track the customers’ package (step by step) until it is delivered and verified, before payment is released to the seller. With this, the vendors and websites can confirm, in a trustless way, that the package was delivered successfully thereby reducing cases of fraud and complaints.

Also the XYO network can be used in other industries like the hospitality industry. Take for instance a hotel with a review site that is not always trusted. The network can use incentives to encourage users with high certainty to give positive reviews about the hotel after a visit to the hotel. Such a review could aid in improving the reputation of the hotel.

For more information, visit the website
https://www.xyo.network/

Checkout the BTT ANN thread
https://bitcointalk.org/index.php?topic=3040825.0

Also join the community on telegram
https://t.me/xyonetwork

Written by Ebykamsiokoro
https://bitcointalk.org/index.php?action=profile;u=2047938;sa=account