The Xyo Network is an ecosystem of devices which communicate with one another to create an unalterable history of interactions and locations, stored on the blockchain.
XYO Network = Track N Trace
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Exchange Ticker (XYO)
Coin or Token
Circulating Supply (5.5 Billion)
Total Supply (14.1 Billion)
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The Xyo Network is an ecosystem of devices which communicate with one another to create an unalterable history of interactions and locations, stored on the blockchain. A user can independently verify that an item tracked on the network was in a defined place in a specific point of time. Since devices on the Xyo Network talk to each other, individual devices can help each other. The project essentially works as a blockchain-based GPS service.
The XYO token team, based out of US, managed to raise $12 000 000 for their project.
-Proof of Origin
Proof of Origin
In a traditional Proof of Origin system, a private key is relied on in order to sign transactions or contracts. However, if this private key is somehow compromised, its ability to prove origin fails. To get around this, the Xyo Network uses Transient Key Chaining, which prevents the possibility of falsifying the Chain of origin.
Potential use cases
As it was mentioned above, the application of the XYO network surpasses the e-commerce industry alone. But where else can this technology be used?
- Medicine. Healthcare facilities can reduce the number of errors in communication and logistics. Ambulance vehicles can get real-time info about the situation on the roads, in the hospitals, near a patient’s home, etc. All of the data is protected through encryption, of course.
- Rental services. Car and bike rental services will always know about the whereabouts of provided vehicles, car keys, etc.
- Travel. Did you know that lost luggage costs US airlines $2.1 billion annually?
- Security. Gun control is simplified when everyone knows about the location of said guns. Transportation of firearms and dangerous materials is simplified with the XYO network and the transport routes are more secure thanks to the encryption.
In simpler words, everything that relies on logistics or tracking in the physical world can be relocated into the blockchain with help from the XYO Network.
According to the roadmap, the XYO Network is to achieve the following goals in 2019:
- To grow the network of location sentinels (the devices they use to track the physical world in their network)
- The launch of low orbiting satellites and sales of stakes that represent the ownership in XYO Token rewards.
- Onboarding of larger businesses that can benefit from the network like Amazon’s delivery services, etc.
Witness nodes can either accidently or intentionally produce false data. Valid but incorrect data, however, is much more difficult to detect. The Xyo Network utilizes a bidirectional proof of location in order to minimize false data on its network. Proximity plays the key factor in this system, as both parties can validate the occurrence and range of an interaction by cosigning it, allowing for zero knowledge proof that the participant nodes were in proximity of each other. The concept is named “Bound Witness” and the Xyo Network is the first to introduce it.
Sentinels are the first part of the network, they act as heuristic witnesses and vouch for the certainty and accuracy of an event by producing temporal ledgers.
Bridges function as transcribers, they can securely transfer ledgers from Sentinels to Diviners, ensuring that the ledgers are not altered in any way.
Archivists act as decentralized data storages with the goal of having all historical ledgers stored, but not as a requirement. This means that if data along the chain is lost or becomes temporarily unavailable the system can continue to function as normal.
And finally, Diviners answer given questions by analyzing historical data that has been stored on the Xyo blockhain. They are the only component that utilizes Proof of Work to add answers to the blockchain.
If you scratch the surface of the intentionally-confusing written whitepaper, Xyo’s model is extremely inefficient and users have to pay fees numerous times in order to use it to its full extent. Adding a blockchain to such a service makes it even more complicated than it needs to be. They also use bots to get fake engagement on twitter.
The Xyo Network is a project nobody really needs, and even if they did, they probably wouldn’t go through the hassle of bothering to use it or to figure out how it works. The network is extremely complex with multiple levels and the regular individual will have a hard time figuring out how it works.
- No direct backing (asset, profits, commodity)
- Too complex
- Lots of fees