XY Oracle Network - The combination of blockchain technology with the real world
Hello everyone, my dear readers! Today I would like to continue the review of a very promising project in my opinion called XYO Network.
To be honest, I had to spend a lot of time studying White paper to understand the principle of this project. But it was worth it. When you begin to understand the essence of this project and how it works, it looks like a puzzle in your head. I see great potential for this project. Let's look at how the XYO Network project is so interesting.
Let's just say, the idea of the project is unique and I see prospects in it. Unlike other platforms, such as "ethereum", or "bitcoin," XYO is the first blockchain platform that focuses on the real world.
To begin with, let's remember, or catch up on the knowledge of such mechanisms used in the detachment, like Proof of Stake and Proof of Work.
Proof of Work (PoW)-in simple words, this is the algorithm for verifying that the work was done. In the field of cryptocurrency, work is the computing processes of equipment (mining).
Proof of Stake (PoS) is a process where transactions are confirmed by active coins on purses.
Developers of the project XYO Network have developed their own mechanism for the work of the blockchain. It's called Proof of Origin. Thanks to the use of this mechanism, the XYO Network project links the technology of blockchain with the real world.
The company XYO Network was created in 2012 in California. This company created GPS and Bluetooth devices. At the moment, the number of these devices is more than one million.
Thus, with the help of such many sensors and a positioning system, you can track any object.
I think that you immediately have a question about security. Is it possible now that any person can follow any object?
No, you can take a breath. Thanks to the use of blockchain technology, data security and confidentiality are provided for all users of the XYO Network platform. This allows you to store all the data about the locations of objects absolutely anonymously. And in order to track the location, you need to enter some data of the smart contract in a special form. In addition, to determine the location of an object, you must enter some parameters of the smart contract in a special form.
Network XYO Network includes four elements. They are necessary in order to confirm the location of the object. Due to the use of these four elements, the probability of incorrect location of the object is excluded!
Gather all the data about the location of an object. In addition, they determine the time of finding the object in a certain place. After these data are collected, they are transferred through the Bridges to the Archivists.
This is a bridge necessary for sending data from Sentinels to Archivists. Also, he conducts an additional geolocation check of the object, comparing information from different Sentinels.
It's something like a database that stores information collected by Sentinels.
Thanks to the use of blockchain technology, all data is stored decentrally.
All the information stored by Archivists is analyzed with the help of Diviners. In order to analyze all these data, huge computing resources are needed. Here, I already have miners with the Proof of Work mechanism.
If all leads to a minimally simple representation, then:
• Sentinels - sensors;
• Bridges - satellites, or any other systems that process information from sensors;
• Archivists - database;
• Diviners - computing resources, miners.
The application of this network has almost no boundaries. It can be used primarily in the fields of logistics, as well as:
• rent of cars,
• food delivery,
• mail delivery,
• to search for missing items.
And this list can last a very long time.
The scope of logistics is very global, and if in figures, then the services market exceeds 11 trillion dollars!
Let's use imagination and imagine the world with the already working network of XYO Network!
The work of the taxi has become more automated and qualitative. After calling a taxi, with the help of geolocation sensors there is the nearest car and a smart contract is concluded. It is worth noting that the amount of the payment is immediately notified to the client and "frozen" until confirmation. Then you can open the application, and track the approach of the ordered taxi in real time. When the taxi approaches, an alert comes. After the taxi passenger arrived at the designated place and confirmed this fact, the payment amount is transferred to the taxi driver. Based on the collected data in the detachment, taxi drivers form statistics and ratings.
Online stores now conclude smart contracts with the transport company and the buyer of the goods. The buyer receives certain data of the smart contract, according to which he will be able to track the exact location of his package. And the seller can estimate the speed of the transport company. After the delivery of the parcel buyer confirms its arrival and with the help of a smart contract the amount of the fee is transferred to the seller. This will eliminate various unpleasant situations. I also want to note that now the premise will not be lost. The reason is that it contains a position sensor.
Thanks to the project XYO Network, this sensor can be in the keys from the car, in the bike and in any object. This is one of the most banal examples that came to my mind. And even these examples are very impressive.
I sincerely believe in this product! Having spent a lot of time studying it, I saw many of its positive aspects. Having studied the work of XYO Network, not even the most experienced investor will see the clear prospects of this project. The application of this platform can be global. A very wide range of possibilities! Yes, and a new algorithm of work can give a good impetus to the development of blockchain technology!
Whitepaper and Supporting Docs: https://xyo.network/whitepaper/
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3040825.0
Bounty group: https://bitcointalk.org/index.php?topic=3053801.0
Telegram group: https://t.me/xyonetwork
My bitcointalk account: https://bitcointalk.org/index.php?action=profile;u=149923