Another request from the community!
This one...is a bit out there we won’t lie, but has some interesting use-cases.
Today’s review is: XYO Network.
Let’s dig in…
XYO Network (ticker: XYO)
Wtf is this shit?
The XYO Network is “short” for XY Oracle Network. Basically, the XYO Network is a geolocation-based blockchain network.
An example... the XYO Network can trigger smart contracts, which pay a merchant once a package is within a certain geographic radius. (They are amongst the first to work with smart contracts that execute based on location). Or, if you have a tag or fob on your keys, bike, or other belongings, other XYO participants in your area can help find those items and be rewarded for contributing. The XYO token is the main incentive for this and ICO'd on Ethereum.
XY is the company behind XYO Network. Straight from their homepage, they mention that “since 2012, XY has been building location technology that will power the world of autonomous drones, self-driving vehicles, smart cities and space exploration. Our first product, XY Findables, enables over 1 million people to keep track of their valuables every day. Our newest product, the XY Oracle Network ("XYO Network"), is a completely open location network that will disrupt location like Bitcoin disrupted finance.” So, as you can see they have an existing network of location-based technology, and layering blockchain technology over it, can create an incentive-based, global, and decentralized system.
They implemented their own Proof of Origin consensus method. The Proof of Origin Chain is what ensures confidence that each piece of data being pushed to their one-day XYO Mainnet (yes, they plan to move off of Ethereum...ICOs…) is confirmed from the first device down to the final payment to the merchant, or last step in the “supply chain” so to speak. They actually use zero-knowledge proofs to verify data.
The XYO Network has four main participants:
- Sentinels (data gatherers) - they gather information via “sensors, radios, and other means” - according to the whitepaper
- Bridges (data relayers) - bridges simply take the data from sentinels and send it to archivists...pleb relayers
- Archivists (data storers….they “archive”..hence the name) - archivists store the information for diviners to analyze
- Diviners (answer aggregators) - they gather information and “location heuristics” from the archivists. They then answer any queries sent to them from the network. They serve as oracles on the network, bringing in and analyzing information and queries. They then score the accuracy of answers named the “Origin Chain Score” - which is verified and written as part of the Proof of Origin Chain.
Welp, there you have it, a location-based network to verify location-based queries, which can have use-cases from automatic payment to shipment deiveries, to helping someone find their keys...or even give someone an update if they request the status of a package.
Who tf is behind this shit?
As mentioned, XY is the company behind this. They have experience with location-based technology and have had a community going since 2012, which is arguably the part that kills most tech ideas like this, so that’s good.
All in all, mid-tier shitcoin, can certainly grow to high-tier, but we feel it is a couple years ahead of its time, which may hurt volume for the foreseeable future. IoT types of ideas, in general, will also grow to be increasingly competitive. We wish them luck.
Hope you learned some shit and be sure to follow us on Twitter!
- Mike and Aaron