XYO Network
What is the XYO Network?
Have questions about the XYO Network? Join our telegram channel at t.me/xyonetwork or ask in our subreddit!
The advent of the blockchain has rapidly changed the landscape of the tech industry. In just a few short years, the focus of development has shifted from isolated, siloed, and privatized information systems to decentralized, independent and permissionless ledgers. More recently, the rapid growth of Ethereum has brought smart contracts and DApps to the forefront. Ethereum-based smart contracts give the ability to utilize the blockchain and cryptoeconomic principles across countless industries and implementations. However, we currently don’t have a decentralized and authoritative oracle to determine and verify location. The XYO Network solves this problem by creating a layered location verification service that is effective across many device classes and smart contract protocols. It’s based on a set of novel cryptographic mechanisms, Proof of Origin and Bound Witnesses, which tie together the power of the blockchain and real world data collection into a system with direct applications today.
How It Works
The XYO Network is made up of four primary components:
- Sentinels, which gather data about their location, environment, and other nearby XYO Network devices and store this information on an onboard digital ledger,
- Bridges, which relay information from Sentinels to the public blockchain, where it is stored in perpetuity,
- Archivists, which store and index the information transmitted via Bridges,
- Diviners, which access the information in order to verify location or answer queries.
Together, the interaction history between Sentinels and Bridges creates an unalterable Proof of Origin Chain which is stored and indexed via Archivists. By examining individual Proof of Origin Chains and their Intersections with other Chains, Diviners can provide location verification and location history for a specific Sentinel or set of Sentinels.
Since interactions between Sentinels are recorded on each device’s individual Proof of Origin Chain, you can verify that the interaction occurred by comparing the Chains at the point of Interaction. This creates the concept of Bound Witnesses, allowing us to establish trust and certainty despite the decentralized nature of the XYO Network.
Providing the Best Answer
When a user submits a query to the XYO Network — for example, if they want to know if an e-commerce order was delivered to the customer — there exists the potential for inaccurate or conflicting responses. Diviners examine all available information and determine the best possible answer based on the timeliness and trustworthiness of the information provided. Specific details on how this Best Answer is determined are available in the XYO Network white paper.
XYO Tokens
All components of the XYO Network are incentivized through the awarding of Ethereum-based ERC20 XYO Tokens. When a user submits a query through the XYO Network, they spend XYO Tokens based on the request’s priority and complexity. These tokens are awarded to the Diviner which provides the Best Answer, the Archivists which stored the information used to generate this answer, and the Bridges and Sentinels which provided this data. In this way, XYO Network are components are rewarded for their participation in the Network and incentivized to provide reliable and useful data.
XYO tokens will be distributed through a Token Sale starting on March 20, 2018. We’ll be releasing more details here on Medium and on our website, xyo.network.
Author by koteb17
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