XYO Network-honest blockchain-market of geolocation data
Most people use geolocation services every day. Order a pizza, sending parcels, tracking a taxi, etc. - in all these processes involved the collection of geodata. True, despite the widespread use of this technology, it still has a number of shortcomings, one of which is full centralization.
GPS and GLONASS, which are the most popular geolocation systems, use for storage centralized databases. But such databases cannot provide reliable storage of user geodata. The XYO Network platform offers an effective decentralized solution to this problem.
XYO Network is a blockchain- platform, which is a decentralized market for geodata of various objects. The mechanism of its work is structured as follows:
- Users connect to the network their own devices that can read geodata.
- Companies that need geolocation data buy them for internal XYO platform tokens.
- With the use of smart -contracts, data is transferred to the buyer, and tokens- to the participants providing data.
Thus, thanks to the use of blockchain and smart -contracts, reliable storage of all data is ensured, as well as implementation of the commitments on both sides.
XYO Network consists of 4 functional components:
- Sentinels. Developers have already been able to form a multi-million network of "beacons" that work all over the world and collect information from various objects connected to the XYO Network.
- Bridges (The Data Relayers). They act as transmitters, which collect information from sensors and transmit it to the platform blockchain.
- Archivists (The Data Storers). All data received from the sentinels are stored in a distributed registry.
- Diviners (The Answer Aggregators). When the user requests data from the blockchain, the aggregators analyze all the information received and transmit it to the user.
All these participants are network miners who ensure the platform's workability and receive a reward for their work.
The greatest value of XYO Network lies in the problems that the platform can solve. These include:
- Centralization of geolocation systems. GPS and GLONASS transmit all data to a centralized database, which can be hacked or attacked. Due to the fact that XYO Network uses blockchain for storage, all incoming information is distributed among network nodes. To gain access to such a registry, need to hack all the users of the platform at once.
- Unauthorized use of user data. Some companies, without the knowledge of users , transfer the geolocation information to third parties for profit or for some other reason. In XYO Network, the entire database is at the disposal of the participants , so the decision to transfer data cannot be taken alone.
- The absence of assessment about the accuracy of geodata. In XYO Network, the Bound Witness system is implemented, which allows to check the accuracy of the received geodata and their reliability.
- The lack of users interest in the provision of geodata. In the classical geolocation systems, there are no payments for the provision of data from users. In XYO Network, you can sell your own geodata and get tokens that have real value not only in the digital but also in the real world.
ICO XYO Network started on March 20 and will last until May 20, 2018, so you still have a chance to invest your funds in the platform.
XYO Network has every chance to displace the classic geolocation systems GPS and GLONASS from the market. All because the platform, thanks to the use of blockchain technology, allows to significantly expand the functionality of the entire industry and make it more reliable, accurate, honest and large-scale.
In terms of commercial potential for investors, XYO Network has very good prospects. This is due to the wide scope of the audience, which includes not only companies that use geodata in their activities, but also all users who have devices with built-in geolocation function.
More details can be found on the links below:
Site — https://xyo.network/
Whitepaper — https://docs.xyo.network/XYO-White-Paper.pdf
ANN THREAD — https://bitcointalk.org/index.php?topic=3040825.0
TWITTER — https://twitter.com/XYOracleNetwork
FACEBOOK — https://www.facebook.com/xyonetwork
TELEGRAM — https://t.me/xyonetwork