Can you imagine a future where the entire world can be as accessible as an application programming interface? This is the image XYO Network developers had in mind while creating this project. And the newfound popularity of cryptocurrencies around the world provides the inspiration for various companies.
Technology is becoming a bigger part of our lives with each passing day. And, these days, you can execute contracts without ever having to hire a middleman. In fact, a lot of lawyers, escrows, and various other professions are becoming obsolete in this field because of that.
Unfortunately, these smart contracts have one big flaw. In order to maintain the data input, they rely on centralized sources. And, one of the big areas that seem to be lacking is the location oracles. This is why XYO is here to help you with their blockchain-based, trustless oracle service.
What they propose is a crypto network that will use brand new formulations to increase data certainty regarding location data. The XY Oracle will allow for multi-layered position verification by using various devices and protocols.
The main flaw of having a centralized data source is the fact that a single incorrect piece of information can lead to various troubles. The XY Oracle network proposes something different altogether. This network makes the idea that an ecosystem can be created to access the real world data easily completely plausible.
Currently, blockchain technologies use time-stamp verification and hard-to-trick devices to operate. However, they still only use a single source of truth for location confirmation. This means that there is only one possible source of failure or a single target for an effective attack. Meaning you could receive incorrect information due to location spoofing. With a blockchain network, this will no longer be an issue as a whole network of devices will be in charge of confirming the data.
There are four important types of miners in the XY Oracle Network:
1. The Sentinels that gather the data
2. The Bridges that relay it
3. The Archivists that store it
4. The Diviners that serve as aggregators for answers.
You, as a user, will have the option of sending out a “query”, a transaction that will retrieve a piece of data from the blockchain platform. Then, the diviners from the network will check the query and provide you with the answer the bridges relay to them. These answers are those that have the highest precision level of those that the sentinels can collect.
Another great thing about this network is that it can interact with almost every popular blockchain. This includes Ethereum, Stellar, Cardano, Bitcoin, and many others.
And, unlike any other, popular cryptocurrency, the XYO Network offers decision-making capabilities to their miners. So, if a majority of XYO Miners are low-quality in a pool, they can vote to lower the verification bar.
The sale of the XYO tokens will begin on the 20th March 2018 and will last for exactly two months. Initially, you will be able to get a hundred thousand XYO Tokens for 1 Ethereum. However, the cost will triple by the end of the sale. The network will burn any tokens that remain unsold.
The XYO Network promises to change the entire economy of the blockchain communities for the better. And not only that, but their platform will offer various real-life uses for a lot of huge companies. So, in general, you really might want to at least consider getting yourself those XYO Tokens. Especially if you require their services yourself. The platform will potentially be one of the biggest game changers so far so investing in their Token sale might be a good idea.
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