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Hello guys, here I am today trying to present to you yet another great and mighty project the world of cryptocurrency has ever experienced. With the rise of new coins in the shape of icos, many fake projects are rising placing the serious and positive minded creators and innovators of beautiful and promising projects on the hard-to-get side. However, the great and prestigious members of this platform that have been following my posts and recommendations on ICOs would bear me witness that real projects with huge profit capacities are still out there that only take stress on us, bloggers, part to locate and share.
With the advent of blockchain-based, trustless smart contracts, the need for oracle services that arbitrate the outcome of a contract has grown significantly. Most current implementations of smart contracts rely on a single or aggregated set of authoritative oracles to settle the outcome of the contract. In cases where both parties can agree on the authority and incorruptibility of the specified oracle, this is sufficient. However, in many cases, either an appropriate oracle does not exist or the oracle cannot be considered authoritative because of the possibility of error or corruption.
I am here again to present to you another cryptocurrency that is on the move of satisfying the dire need of prospective cryptonaires in terms of investment and the whole world in terms of services and utilities. XYO-NETWORK has been a project with a sound team and great vision encoded in its services and utility.
XYO NETWORK DEFINED:
The goal of the XYO Network is to create a trustless, decentralized system of location oracles that is resistant to attack and produces the highest certainty possible when queried for available data. They accomplish this through a set of abstractions that greatly reduces the risk of location spoofing through a chain of zero-knowledge proofs along the components of the system. Their system provides an entry point into a protocol of connected devices that provides high certainty on location data through a chain of cryptographic proofs. Users are able to issue transactions, called “queries,” in order to retrieve a piece of location data on any blockchain platform possessing smart contract functionality.1 Aggregators from the XYO Network then listen to these queries issued to the contract and fetch the answers that have the highest accuracy from a decentralized set of devices that relay cryptographic proofs back up to these aggregators. These aggregators then feed these answers back into the smart contract after reaching a consensus on the answer with the best score. This network of components makes it possible to determine if an object is at a specific XY-coordinate at a given time, with the most provable, trustless certainty possible.
Furthermore, The XYO Network has four primary components: Sentinels (The Data Gatherers), Bridges (The Data Relayers), Archivists (The Data Storers), and Diviners (The Answer Aggregators). Sentinels gather location information via sensors, radios, and other means. Bridges take this data from Sentinels and provide them to Archivists. Archivists store this information for Diviners to analyze. Diviners analyze location heuristics from Archivists in order to generate answers to queries and assign accuracy scores to them. Diviners then relay these answers back into a smart contract (thusly, Diviners serve as oracles).
The accuracy score, named the Origin Chain Score, is determined through a set of zero-knowledge proofs known as a Proof of Origin Chain. This chain guarantees two or more pieces of data originated from the same source without revealing any underlying information. Each component along the query’s path generates its own Proof of Origin that is then chained to each component it relays data to. Proof of Origin is a novel formulation that builds a chain of cryptographic guarantees along a path of relayers in the network in order to offer high confidence of real world data. This Proof of Origin Chain encapsulates the confidence we can have in a piece of location data all the way down to the very first devices that gathered the data. We will explore how Proof of Origin works in-depth in the following section. To establish a decentralized consensus mechanism among Diviners, the XYO Network will rely on a public, immutable blockchain known as the XYOMainChain that stores query transactions along with data gathered from Diviners and their associated origin score. Before we dive into the details of the functionality of the entire system, we will clearly define the responsibilities of each component in our network.
THE BENEFITS ATTACHED TO INVESTING IN THIS PROJECT...
Well, many projects like i have mentioned initially just start without having the welfare of the investors, believers and supporters at mind with great ultimacy. However, needless to say, most projects that tend to survive on a long term note would always have a well laid down protocol and plans at providing the general community the best services and products that tend to increase the sustainability and the maximalism of the profits. Highlighted below are some of the provisions this project has in place and in store for the receiving population;
• Rewards for Independence:
Location-gathering devices are the atomic blocks of the network, and a single device may act as one or more of the four components of the system. However, it would be rare, especially in a large XYO Network, that devices would be more than two of these components. Furthermore, a blockchain ledger that has more independent Proof of Origin will hold higher regard, so there is a cryptoeconomic penalty for a device acting as multiple components.
• Rewards for Stationarity Integrity:
Sentinels in the XYO Network are assigned a stationarity coefficient for their quantity of movement throughout their lifecycle. The less a Sentinel moves in a period of time, the more its data can be trusted. Archivists keep track and analyze these stationarity coefficients when considering which Sentinels to route queries to.
• Incentivizing Token Usage:
A system in which token holders are encouraged not to use their tokens creates a long-term problem for the underlying economy. It creates an ecosystem with very scarce stores of value and triggers a natural impulse to invent reasons for not using the token, instead of boosting utility and liquidity. The problem most cryptoeconomic incentives have is that the focus is placed too strongly on the token miners (e.g. Sentinels, Bridges, Archivists, Diviners), and not at all on the token users. The XYO Token takes both into account. The XYO Token model incentivizes the miner to not just provide accurate data, but to also know when to not provide data at all. The end user is rewarded to transact more when network liquidity is low, compared to when network liquidity is high. Thus the ecosystem of the XYO Token has the ability to remain well-balanced, fluid and robust.
MEET THE TEAM:
Arie Trouw
Founder & Architect
Scott Scheper
Co-founder & Head of Marketing
Markus Levin
Co-founder & Head of Operations
William Long
Head of Hardware
Christine Sako
Head of Analytics
Johnny Kolasinski
Head of Media
Jordan Trouw
Customer Experience Manager
Lee Kohse
Sr. Design Engineer
Keri Kukral
Head of Public Relations
Maryann Cummings
Client Support Manager
Maria Cornejo
Retail Management Supervisor
Vicky Knapp
Sr. Accounting Manager
Patrick Turpen
Hardware QA Supervisor
Carter "Big Head" Harrison
Blockchain Application Developer
Louie Tejeda
Warehouse Logistics Supervisor
Jelena Boskovic
Head of HR & Administration
Zefram "3 Bullet" Liu
Blockchain Engineer
Owen Shen
Blockchain Engineer
Jared "Tobyn" Jacobs
Jr. Blockchain Engineer
Noah Levin
Business Development
TOKEN AND ICO DETAILS:
ROADMAP:
Whilst a lot of the foundation of the network is already established, there are also a good deal of developments to come over the next couple of years. These can be summarised as follows:-
•2018: Q1 & Q2 — the creation of the XYO Token which will be used for smart contracts to access the network. They will also be testing the network and rolling out the blockchain protocol to the sentinel devices, which are the many devices like light bulbs, doorbells, garage openers, cars and phones that make up the Internet of Things (IOT).
• 2018: Q3 & Q4 — Roll out of the API which will allow developers to write smart contracts to interact with the XYO Network. Also release sticker-based trackers for packages, which e-commerce companies like Amazon will be able to use.
• 2019 — Stakes in XYO’s satellite network to be sold. Will also aim to grow the network and partner with larger organisations.
• 2020 and beyond — Expand the reach of the XYO network around the world.
So as you can see, quite an exciting roadmap going forward there.
Watch this short introductory video clip about this great project:
https://m.youtube.com/watch?v=00lbU_0ygXA
For more updates and information about this project, check the following links:
Website:
https://www.xyo.network/
Whitepaper:
https://docs.xyo.network/XYO-White-Paper.pdf
Telegram:
https://t.me/xyonetwork
Twitter:
https://twitter.com/XYOracleNetwork
My bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1293393;sa=summary
My ethereum address: 0x64eDF4228e9Aae1d3E9BFa9ea3a92a59c8f487Bb