With the introduction of the commercial and civilian use of the Global Positioning System (GPS) our lives have definitely become much easier. Truly, I can’t remember the last time anyone asked me for directions and understandably most of us probably own a device that has apps for web mapping or a personal navigation system. Outside of personal use, location services have brought about improvements in many industries such as agriculture, robotics and navigation, to name a few.
Whether it be for things like automated self-driving vehicles, aircraft trafficking or even mapping potential earthquake zones, it is evident that our requirements for location data and navigation-based services are bound to grow considerably in the next decades. Increased consumption and demand are rarely a bad thing, but it is important to note that GPS, for instance, is owned by the United States government – internationally, there have been documented cases in the past where access to the system has been denied.
While the usefulness of GPS and the likes of it has been proven time and time already, the potential flaws and vulnerabilities of the infrastructure, as well as the possible scenario of selective access to such services, have recently started catching the attention of many.
Countries such as China and India are already developing their own satellite-based navigation systems, but these actions do not address the above-mentioned issues of data vulnerability and accessibility, let alone any potential physical disruption of such a satellite network. An alternative seems more than necessary at this point – and this is where the XY Oracle Network steps in.
The XYO Network utilizes blockchain technology to address the vulnerabilities and risks of current systems, while simultaneously ensuring the accuracy and reliability of the data, which the end user receives. In order to achieve that task, and with the help of another successful venture, the team behind XYO has created an open ecosystem of crypto-location components and protocols. Data can be gathered and verified from multiple sources, thus removing the limitations of using a single system.
The network’s main components are designated as Sentinels, Bridges, Archivists and Diviners. The concept is not easily summed up, but to get a basic understanding of how these components work:
- Sentinels observe data and provide Proof of Origin
- Bridges relay it from Sentinels to Archivists and provide Proof of Origin
- Archivists store it, in order for it to be available when a Diviner needs it
- Diviners analyse the data and ensure the optimal accuracy of the answer block
The XY Oracle Tokens (ERC20) serve both as a way to gain location data and as an incentive for the four-component data gathering process. We will take a more detailed look at XYO further on.The XYO Network is a truly complex and innovative approach to the growing needs of location heuristics. Extensive details on the concept, implementation and execution of this ambitious project can be found on its website and whitepaper, but before we get to those, let us have a look at how the project came this far and who made it possible.
In order to better understand the detailed roadmap, it is important to note that the company behind the XY Oracle Network is XY – The Findables™ Company, operating since 2012. Thanks to their consumer-oriented ventures and their commercial success with the XY Find It products, they have managed to already create an ecosystem of over a million devices.
That milestone was achieved in 2017 along with the release of the XY4+ device - it features the capability to act as a part of the XYO Network. Apart from this, the company is already providing location heuristics to multiple businesses.
Since then the team has come a long way – 2018 has seen the inception of the XYO Token and the plan for the latter half of this year includes the release and completion of the web application and API, along with a new commercial product.
The project will then be able to have an even greater expansion during 2019, as the reaches of the XYO Network increase. This includes plans to launch of 2 low Earth orbit (LEO) satellites!
Evidently, these ambitious plans are only suitable for a team of skilled and highly qualified professionals, which is the feeling you get when you take a look at the brains behind the operation.
The website gives insight into the professional experience and the motivation of the 20 core team members, as well as the 12 advisors, along with links to their LinkedIn profiles. It is notable to mention that many of the members of the advisory team are widely-recognized names within the blockchain community.
The project was made possible by the founder and current CEO of both the XYO Network and the XY Company - Mr. Arie Trouw. Having finished his Computer Science studies at the New York Institute of Technology, he has over 23 years of experience in software engineering, consulting big brands and running successful enterprises. He is deeply involved in the development XYO Network, covering many roles such as COO and Chairman of BoD, to name a few.
The website is by far the most professional and content-rich one I have come across. It contains details, graphics and explanations that cover every possible topic you may need to research. Along with it, you can find links to a multitude of social media channels, as well as links to mining kits and developer-oriented content. This project means business and it clear that a lot of time and effort has been put into it. The main page also features a cool video, which will introduce you to the team members and their roles within the organization.
The whitepaper provides 20 pages of in-depth information on how the network functions, along with descriptions of each network component. You will also find various details about the security functions and the algorithms behind query processing, as well as the XYO Token. Anyone interested in the concept should definitely give it a read, as it manages to cover every aspect of the operation in a bite-sized amount of pages – that is a feat on its own.
The XYO Token sale began on March 20th, 2018 and is set to end on May 20th, 2018. The hard cap is projected at 48 million USD and the currency started trading at a rate of 1 ETH for 100,000 XYO.
It is important to note that in order to back early investors, the amount of XYO received is lowered upon a successful transaction. The cap set for this price decrease is 33,333.33 XYO, after which it cannot go any lower. All unpurchased Tokens will be burned indefinitely.
Unlike other ICO’s that have great overall ideas, but are still getting where they need to be, the team behind the XYO Network has already achieved most of the goals needed, to put the plan in motion. Once the Token sale ends and the Network starts growing and expanding, there is no telling what limits the technology could push. I am eager to see how more and more businesses will start relying on this method, as it is truly revolutionary.
Blockchain always offers exciting new approaches to our lives as it decreases our reliance on centralized cervices – many ambitious projects have come to fruition thanks to this fact. None, however, strike me as being so ambitious and capable as this team does – and with good reason. Their consumer products have received wide-spread recognition and their work with enterprises has ensured they are well aware of the future demands for location heuristics, and this initiative is bound to gain them dominance in that field.
I would like to conclude with a fun fact that caught my attention – the satellites, which they plan to launch next year bare the names VitalyXY (named after the creator of Ethereum) and SatoshiXY (named after the creator of Bitcoin). To that I can say – well played!
⚠️Disclaimer & Disclosure: None of what I provide in my articles is investment advice. Please do your own due diligence. A link to the article will be sent to the ICO team and they may issue a reward for it.
❕ XYO Website: https://xyo.network/
❕ XYO Whitepaper: https://docs.xyo.network/XYO-White-Paper.pdf
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