XYO Network - The Blockchain is Coming into the Real World

The growing number of connected and location-oriented technologies influence our privacy and safety based on the location information. There have been several attempts to eliminate centralized entities controlling location data flow, but they all rely on the device integrity needed to collect the data in the real world.

With the blockchain-based smart contracts, oracle services started to play an important role. The most current smart-contract implementations use a single or an aggregated set of oracles to resolve the contract’s outcome. This is necessary when both parties agree on the authority and incorruptibility of the specified oracle.

However, there are plenty of risky situations: data manipulation, data pollution or data loss.

The problem is: the certainty and accuracy of the location can be impacted negatively due to lack of a decentralized location oracle.

XYO Network

The XYO Network enables developers (those who write smart-contracts) to interact with the physical world as if it were an API. The XYO Network is the world’s first oracle protocol making it possible for two entities to transact in the real world without a centralized third party.

The XYO Network will have the infrastructure with over 1,000,000 devices circulating around the world. The XYO Bluetooth and GPS devices allow users to place beacons on the things they want to keep track of (luggage, bikes, keys and even pets). If they misplace or lose such an item, they can see exactly where it is by viewing the location on a smartphone app.

The aim of the XYO Network is to create a reliable and a decentralized system of location oracles, which are resistant to cyber-attacks and hacking.

How does it work?

The XYO Network has an entry point into the connected device protocol providing the location data using cryptographic proofs.

The XYO Network has four primary components: Sentinels (The Data Gatherers), Bridges (The Data Relayers), Archivists (The Data Storers), and Diviners (The Answer Aggregators).

Sentinels

Sentinels track the location. They produce specific ledgers maintained by the Proof of Origin.

Bridges

Bridges transcribe the location data. They securely transfer location ledgers from Sentinels to Archivists. As for Archivists, they can be sure that the ledgers received from a Bridge have not been altered in any way. Bridge has an additional Proof of Origin. Bridge also combines reputation and payment components.

Archivists

Archivists store the location information received from Bridges, in a decentralized platform. Even if some data is lost or becomes temporarily unavailable, the system keeps functioning, but its accuracy is reduced.

Diviners

Diviners are the most complex part of the XYO Network. Diviner fetches the most accurate query data from the XYO Network and moves it back to the query issuer. Diviners pull the applicable blockchain platform for queries issued to the XYO smart contract. After that, they answer the query by interacting directly with the Archivist network in order to fetch the answer with the highest accuracy.

The process

The system participants were briefly illustrated above. Still, how does it all functionate?

Sentinels gather the real world location information.
Bridges gather the necessary data from online Sentinels and apply Proof of Origin to their chain. Then, Bridges gain access to the Archivists.
Bridges constantly send information to Archivists in accordance with the decentralized stores, along with a location data.
Diviners use the blockchain, sending it to the Ethereum smart contract and start the formulation process. Diviners take on a query by fetching the appropriate information from the Archivist network.
Diviners choose the best answer to the query from the Archivist network containing the best Origin Chain Score.
Diviners then propose blocks on the XYO Main Chain containing the answer, the query, and the XYO Tokens (XYO) paid through the Proof of Work.
Diviners pack the answer, its Origin Chain Score, its set of digital signatures and securely connect to the XYO smart contract.
The answer to the query is received. Sentinels, Bridges, Archivists, and Diviners are rewarded for their work.

Tokens and ICO

The XYO-Token model encourages the user to provide the accurate data. In the end, the user is awarded to transact more when the network liquidity is low, compared to the situation when the network liquidity is high. Thus, the XYO-Token ecosystem has the ability to remain well-balanced, fluid and robust.

ICO sale dates: 2018-03-20 - 2018-05-21
The public token sale starts at 1 ETH: 100,000 XYO.
Total issuance: defined at the end of the Token Main Sale.
HardCap: $48 mln.

Unsold and unallocated tokens will be burned after the token sale event. No further XYO Tokens will be generated.

Bonus and bounty programs are available for all contributors.

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You can find detailed information on the following links:
Official website
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