A completely new thing is coming to the blockchain scene. And its name is XY Oracle Network. This decentralized network will bring a much needed revolution to location services.
Nowadays, people are using smart contracts more and more every day. And, if you have ever used one, you know that it can be rather easy. The process is automatic, transparent, and trustless. There is no third party in charge of the transaction, everything is under control of the network itself. And these contracts are becoming so prevalent that middlemen, escrows, and lawyers are becoming obsolete.
However, those smart contracts are still not perfect. Namely, they have one very important limitation – their data input still uses centralized data sources. Allow us to explain.
A smart contract can be set up in a way that will allow you to choose the terms of activation. So, if you enter a contract that will trigger in the case of a certain event happening, you rely on the information you are receiving to be correct. So, the smart contract will reach out to a third party to get the data necessary for its completion. That third party is what we usually refer to as the Oracle. However, they are not perfect. Using only a single source of data can lead to multiple issues. And there is no need for that. With an online system, you can gather your data from multiple sources which increases the accuracy of the result.
Using a single source of data also means that there is only a single source the system relies on. If that source provides an incorrect information, the contract will trigger at the wrong moment. Not to mention that a single source also means that there is only one target to attack.
Ever since their founding, the company behind the XY Oracle Network has slowly been building up to their location network. This network will effectively allow you to use smart contracts in the real world. The name comes from the XY-coordinates that it uses to find the object’s location. With this network, you will be able to make a contract that can activate at the moment the object reaches a certain point. This way, whether you, for example, run an e-commerce website, or if you are just a customer, you can benefit from the XYO network. You could set up a smart contract to only activate the payment once the product reaches you. This will, at the same time, increase the popularity of the companies that use it and work to increase the security of those who make the purchases.
This system will work with four important components. Those components are Sentinels, Bridges, Archivists, and Diviners. The sentinels are the devices that collect the data. Pretty much any device on the Internet of Things can be a sentinel. Your garage door, refrigerator, car, and even a doorbell can gather the data for the system. The bridges relay the data to the archivists, and the diviners are there to be the aggregators for answers.
So, to use this system, you will just need to issue a transaction (a “query”) to the system itself. The diviners will then forward the query to the archivists and the bridges to get the answer for you. Given the way the system operates, it guarantees the highest possible accuracy level.
The XY Oracle Network promises to revolutionize the world of the blockchain. Not only will it secure the system further, but it will allow the smart contracts to be used in the real world. Anyone with an e-commerce website should appreciate the potential of this network. Not to mention that big-name companies like Amazon could drastically improve their systems.
For more visit: