The world of e-commerce is very likely to change soon. And the XYO Network is going to be the one to do it.
They propose a new platform that features blockchain technology that will usher in the new era of smart contracts. The XYO Network is the first-ever blockchain, trustless location finding service. But, why is that important?
Today, you use technology for more things than ever before. There is even a huge amount of contracts happening every day that do not require middlemen. You no longer have to have a lawyer or an escrow for a multitude of various contracts. Smart contracts are taking over, and they are doing it quite impressively.
However, those smart contracts are not without flaw. One of the flaws that are very important is that not everything is blockchain based. Namely, the data input maintenance relies on a single, centralized source. The location oracles, specifically are the one posing an issue. Namely, having only one source of data you also have only one potential source of failure and only one target a malicious third party would have to attack. This means that, currently, smart contracts can be tricked and prompted to execute at wrong times. This is why the brand new smart network is necessary. Adding layers to the verification process for location finding is of utmost importance for some smart contracts.
Back in 2012, XY-The Findables Company started finding ways to decentralize the location data. So, they created a network of devices that use Bluetooth, GPS, and Mobile phone beacons. These devices interact all the time, and with their service, they wanted to up the location finding game. All of this lead to the creation of the XY Oracle Network.
The XY Oracle Network is a decentralized, trustless and identityless network. But, what does this mean for you? Being decentralized, you will not have to worry about large corporations trying to profit from your queries. It runs on a completely transparent system that works by the rules.The network is actually free to use as it is an open source and it provides fair competition since everyone can use it. It is also trustless in the same way Bitcoin is. The participants are those that share the power. There is no entity there to collect the fee. There is no reason to trust or not trust the company as everything is 100% transparent and you are in the driver’s seat. And lastly, the network works anonymously. Your privacy is secure and their cryptographic method called “Proof of Origin” is there to keep you safe.
This network essentially eliminates the risk of attacks and location spoofing. But, how does it actually work? As a user of the network, you can send out a transaction that is called a “query”. Then the aggregator will return with the answer for your location query. There are four important components of that process. The “sentinels” that are there to collect the data, the “bridges” that relay it to the “archivists” which serve as storage until the “diviners” which are the aggregators need the answer.
This network ensures that these answers are as accurate as possible.
The XYO Tokens will start selling on the 20th March 2018. The sale will last for exactly two months. At the beginning of the sale, 1 Ethereum will get you 100,000 tokens, however, that will reduce to 33,333 over time. The network will burn the extra tokens that nobody buys.
This Network has real potential when it comes to interacting with the real world. In fact, the possibilities are incredible. Just imagine having smart contracts in your e-commerce trades that only activate the payment once the package gets to the location. You will no longer have to worry about buying things online and never receiving them. The XYO Network proposes huge changes for the world of e-commerce and the world of smart contracts in general.
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