Badman ICOs #1 - XYO Network Overview

With the state of cryptocurrencies at the moment and the market recovery on the verge of getting a foothold, it’s time, atleast in my opinion to start taking a look at some of the promising projects that will be running their ICO over the summer months. If we see a full recovery in the market and a nice run leading into the end of the year, these projects will be perfectly placed to see some great profit margins.

I will be running another series alongside this one, with in depth reviews of each project starting at some point before the start of May.

To kick off this new series of ICOs I thought it would right to start with one of the most promising projects available at the minute, XY Oracle Network.

Location data is used every day across the world, from being used to map forests, help track parcel in transit, and navigate airplanes on the ground or in the air. Everybody with a mobile phone has the ability to track their own location using the phone’s built in GPS antenna and companies like google can pinpoint your exact location and use that info to deliver services—a meal, a ride, a tip or a coupon for example.

Some of the most important aspects of the location data in most applications, is the accuracy and the process of verification and many companies often require a verifiable proof of location. GPS provides a solution to the location queries and people make use of it all the time although there is still a limitation to the efficient usage of location services and that is the ability to trust the accuracy of the data. Traditional metrics like GPS are easy to spoof and this is where XYO Network comes in.

Using the blockchain to provide a trustless, cryptographic location network that eliminates the need for centralized location data gathering, XYO Network will enable the accurate locating of any object or individual bridging many device classes and protocols. The XYO Network have developed a series of innovative cryptographic mechanisms to create a link between the infallibility of blockchain technology and the collection of location data in the real world. Using proof of origin and a concept called bound witness, XYO creates and develops a trustless decentralized location structure with real world applications.

The XYO Network makes use of a utility token (XYO) with the official token sale running between March 20th and May 20th 2018. The ICO is be priced using a tiered structure which begins at 100,000 XYO equalling 1 Ethereum and ends at 33,333 XYO to 1 ETH. The token makes use of an ERC20 smart contract based on the Ethereum blockchain with a total supply of 100 billion tokens and no hard cap during the ICO.

The XYO Network is creating a decentralised network of devices which will communicate with each other and be used for tracking specific coordinates of a specific object. The network of devices will allow a user to independently verify where an object was at a precise time and place and be rewarded with XYO token presumably when consensus is reached. User interaction creates a smart contract and upon consensus, the smart contract can execute certain functions based on this information. For example, a package can be delivered to your door and delivery can be verified to the sender or recipient by using the XYO network smart contract.

The project has a well-established and strong team that have a lot of experience in their respective fields and unlike some ICOs with no real working product, the XYO Network project is already available and ready for business. The XYO Network will be built upon an existing infrastructure of 1 million devices that have been distributed throughout the world, via their consumer facing business XY Findables.

Using XY’s bluetooth and GPS devices, an everyday consumer can place physical tracking beacons on things that they want to keep track of such as keys, luggage, bikes and even pets. This allows the user to see exactly where their items are by viewing their location on a smartphone application and if they misplace or lose such items, they can be tracked quickly and easily. In just 6 years, XY has created one of the largest consumer Bluetooth and GPS networks in the world and with the addition of blockchain, I see the company going from strength to strength

For more info about the project, check out the links below to visit the website and check out the whitepaper and if you have any questions you can ask the team directly on their telegram channel. Alternatively check out the ANN and Bounty threads on Bitcointalk forums.

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Bounty

Badman Crypto (Phil Stephenson):
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ETH: 0xea5924b2a0b977604c9dd02fd4723cf92767a083
NEO: AWoF9Jaj4UchBG9iTkL54NjM6UgoX9yTpW