Smart Contracts, like those used by Ethereum and other cryptocurrencies, will fundamentally change the way we interact and do business by streamlining processes, reducing risk, and cutting out middle men. One thing all Smart Contract platforms lack, however, is a definitive way of proving that something or someone was in a given location at a specific time. An authoritative, trustless, and decentralized proof of location oracle is essential for the idea of Smart Contracts to be adopted by the mainstream world.
The XYO Network will be the definitive location oracle because of two core concepts it introduced: Proof of Origin and Bound Witnesses. The concept of Bound Witnesses guarantees that two different components of the XYO Network were in the same location at the same time. Proof of Origin ensures that the information a component provides is valid and resistant to falsification. Detailed information on both of these concepts is available in the XYO Network white paper.
Providing authoritative proof of location has the potential to change the world. Here are just a few ways the XYO Network will disrupt existing industries.
The XYO Network incentivizes the reporting of locations and archiving of ledgers by awarding XYO Tokens to nodes within the web. For example, when a last-mile courier like a UPS driver encounters an XYO Network node on their route, the node will record their XYO Network ledger to be archived. Leveraging cryptoeconomics in this way takes advantage of a key feature of blockchain technology — it’s a trustless, decentralized system. This means it can offer third-party verification and a degree of reliability that current tracking systems simply can’t provide.
Problem
According to a recent study released by Comcast, more than 30% of Americans have had a package stolen from their porch or doorstep [1]. As the market share of eCommerce continues to grow, this problem will only become more prevalent. Megasites like Amazon are experimenting with different solutions to offer confirmed secure delivery as a premium service to their customers.
Solution
By utilizing the XYO Network and XYO Tokens, companies can offer an independently confirmed ledger to track every step of a shipment’s progress, starting at the fulfillment center and ending with the package’s secure delivery within the customer’s home. As a trustless and decentralized system, the XYO Network provides independent confirmation not only of a package’s delivery, but of its entire shipping history. This also allows a retailer or eCommerce site to offer payment upon delivery, utilizing an Ethereum smart contract to protect the merchant from fraud or loss.
How it Works
When a customer finalizes an order, an Ethereum smart contract is created which will release payment to the merchant upon successful delivery of the purchased product. The shipment will include an XYO Network Sentinel, a low-cost electronic device that records its interactions with other devices on the XYO Network on its blockchain ledger. Other XYO Network devices will likewise record their interactions with packages being shipped. Every one of these interactions will be independently verifiable, asserting a web of locational certainty that stretches all the way back to the shipment’s point of origin. When the shipment reaches its destination, as confirmed by its interaction with XYO Network devices within the buyer’s home, the smart contract will be fulfilled, and payment will be released. Should there be a dispute, the ledger will provide a history that can confirm the delivery of the shipment or show where it went off track.
The terminal point of the transaction — the point where the package is delivered and payment is released — will be determined at the time the order is placed. Amazon has experimented with multiple secure delivery systems, including lockers in public places like convenience stores and even electronic locks that give their delivery team access to customers’ homes. XYO Network devices within these secure locations will confirm delivery. In an Amazon locker, the shipped package will interact not just with its locker, but with XYO Network devices in other lockers and the customers that use them. In the customer’s home, the XYO Network nodes could include the customer’s phone, IoT devices, and even the Amazon Echo that was used to place the order.
I must say that I am impressed with everything about XYO project, from their website, promotion video, idea, already established business, a ton of documents and papers with use cases and business plans for the future and of course people behind this project. This is how you prepare a project for ICO and present it to the public and potential investors, and all future ICOs could learn from XYO. Big respect from me and you got me on board as an investor, that is for sure. For everyone else planning to participate in this ICO, I encourage you to join the WHITELIST FOR TOKEN SALE and do your due diligence on XYO before it starts. I will write more about this project in the future so stay tuned for details about team, tokenomics, roadmap, business plan and more.
XYO NETWORK COMPONENTS
The XYO network has four primary components,sentinels,Bridges,Archivists and Diviners. These four components enable geo -focused consensus-building and trustless verification of location data. This means that when you write a smart contract that specifies for an object to appear at a specific XY-coordinate, if it appears there, you will know that it was at that location with absolute certainty. This is all done without risk of spoofing the location signaling device(s) verified by thousands of Sentinels in the XY Oracle Network with the longest Proof of Origin chain (thus yielding greater confidence in the heuristics).
Sentinel components are heuristic witnesses. They observe heuristics and vouch for the certainty and accuracy of the heuristic by producing temporal ledgers. The most important aspect of a Sentinel is that it produces ledgers that Diviners can be certain came from the same source by adding Proof of Origin to them.
TOKEN SALE PROCEEDS
Public token sales have a tiered pricing structure that starts at 1 ETH: 100,000 XYO and maxes out at 1 ETH: 33,333 XYO. Details about volume and price based on our time structure will be announced soon.
• Smart contract platform: Ethereal
• Contract Type: ERC20
• Token: XYO
• Token Name: XYO Network Utility Token
• Token Address: 0x55296f69f40ea6d20e478533c15a6b08b654e758
• Total issuance: Finite and capped at the amount achieved after the Token Main Sale
ROADMAP
Join us in our commitment to build a decentralized world.
XY has built the world of open location verification since 2012 by launching a successful consumer GPS-GPS business that is essential for understanding and building a real-world location network. Currently, XY has more than 1,00,000 beacons worldwide.
2017
XY Releasing Ground Tracking Device Tracking: The "XYGPS"
XY launched the world's first GPS hybrid and Bluetooth enabled device. XYGPS can report its location anywhere in the world where Cellular data and GPS are available.
XY Releases XY4 + Device
XY released an XY4 + device that makes it capable of operating as an XYO Network node through firmware updates.
XY Crossing the 1,000,000 Beacon Marks
XY device one million born.
Blockchain-Based Oracle Network XY Born
The development of moving the network platform of the internal XY location to the open block implementation started: The Oracle XY network was born.
2018
Q1 & Q2
XY Mints The first "XYO Token" Used for Intelligent Contracts to Access the XYO Network
The first XYO Token is created and represents the official currency to be used throughout the XYO Network.
XY to Complete XYO in Test Network ("XY TestNet")
XY will complete the development of Oracle Testnet XY and begin launching location-focused blockchain protocols to its Sentinel device.
2018
Q3 & Q4
XY will launch XY Oracle Main Network ("XY MainNet")
XY will launch the full launch of the Oracle XY Network to XY the Sentinel beacon and start tests with new Sentinel partners (especially IoT companies and mobile app developers).
XY to Complete API for Intelligent Contract Developer to Interact with Oracle XY Network
The release of the XYO Network API that allows smart contract developers to write contracts to interact with XY networks. Library to be developed: Ethical Solidarity Library, Viper Ethereum Library and JavaScript library for websites interact with XYO Network (similar to Web3.js integration with MetaMask).
XY to Release XY Sticker-Based Tracker, Which Can Be Added to the eCommerce Package
Launch the "XY-Stick" product that allows eCommerce retailers to track each of their products in realtime.
2019
XY to Grow Global Network Sentinel Multiple Location Equipment
Grow XY Sentinel coverage (location data provider and verifier) as well as other components of the Oracle XY Network (Bridge, Archiver, Burial).
XY to Launch SatoshiXY and VitalikXY LEO Satellite Sentinels
Shares will be sold on XYO's Low Earth Orbit satellite; The bet represents ownership in the XYO Token award section.
XY to Businesses, Organizations and Retail Companies that Have Greater-Use Cases for Location Verification
Formalize business partnerships with larger companies and entities that can take advantage of decentralized and unreliable location instincts (eg logistics systems, supply chain companies, auditoras hours, eCommerce businesses and countless other niches).
2020+
XY to Expand the Global Reach of the entire Oracle XY Network
For more information visit the link below as source Reference:
Website: https://xyo.network/index.html
Whitepaper: https://xyo.network/whitepaper/
Twitter: https://twitter.com/XYOracleNetwork
Telegram: https://t.me/xyonetwork
Facebook; https://www.facebook.com/xyonetwork
bitcointalk profile:
https://bitcointalk.org/index.php?action=profile;u=1756410
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