Internet of Things_ and the Blockchain are two of the hottest fields in technology today. These two fields individually are touted to be the gamechangers – each of these is going to revolutionize and disrupt how humans interact with things, more specifically with the physical world. Imagine bringing these two game changing technologies under one roof – the opportunities are limitless, there are no bounds. This is what exactly the XYO network is. Its main goal is to deploy the blockchain to track the location of everyday items online – from your luggage at the airport counter to your Amazon parcel in an efficient, trustless and decentralized manner.
Internet of Things refers to internet connected devices, such as an air conditioner or a digital portable heart rate monitor, which can communicate with each other. A plethora of communicating and connected devices have flooded the market in the recent years. This brings up a very important question – how safe is the centralized communication channel between the devices? How accurate is the information provided by these devices? The XYO network is addressing this booming market by connecting the huge network of inter connected devices over millions of global positioning system (GPS) enabled tracking devices that it has deployed in the real world. It further provides a trustless tracking system by connecting the set of GPS devices to the blockchain. The data then collected from the IoT devices can be used securely and accurately by deploying smart contracts on the Ethereum blockchain.
Coming to the technical aspects, the XYO network will use the revolutionary Bound Witness Protocol coupled with Proof of origin consensus mechanism to make trustless and secured location tracking using GPS and Bluetooth. The Proof of Origin works in an entirely different manner as compared to traditional node verification methods. It first establishes bi-directional proof of location before validating data from various nodes. Smart Contracts in the Ethereum blockchain can be deployed to cross verify and access geo-location of the connected devices securely. This addresses the security aspects of connecting and accessing data from nodes, even from an untrusted source! This advancement is a great leap forward for the Internet of Things connected devices.
The XYO network will execute its proposed roadmap using the XYO token (XYO). If a developer wants to provide real time geo-location access to any consumer, he shall have to deploy a smart contract using the XYO token, on the Ethereum blockchain. That means, more the number of XYO tokens deployed, the more secure the network will become. The Initial Coin Offering is on the 20__th of May 2018, and the price of 1 XYO token is 0.00001 ETH. Once the proposed system is online and functioning, the XYO network will make use of four specific components: The Diviner (searches for answer), Archiver (stores the data), Bridge (transmits the data) and the Sentinel (records the location data). All the four components are eligible to receive a reward of XYO tokens for requests fulfilled.
The XYO network has a multi-talented and robust team backing it. With diverse experience across several sectors, and worldwide exposure, the leadership as well as the technical department brings together the best minds of the industry. In fact, its claims that the XYO network is "potentially bigger than Bitcoin and Ethereum" is justified when one has a look at the market that it is focusing on and the experienced team working to make the plan a reality!
Most of the ICOs focus on the digital world. Rarely a project comes along that focusses on transforming the way we interact with the physical world. With use cases spread across multiple sectors, the XYO network is going to revolutionize the way IoT devices communicate with each other. Not only that, but with its millions of geo-location tracking and Bluetooth devices deployed across the world, location tracking and data mining will become more secure and efficient than ever before! This is a game changer.
Website - https://xyo.network/
Whitepaper - https://docs.xyo.network/XYO-White-Paper.pdf
ANN - https://bitcointalk.org/index.php?topic=3040825.0
Telegram - https://t.me/xyonetwork
Published by - Etheran
Profile - https://bitcointalk.org/index.php?action=profile;u=1108165