Have you ever wondered “Where on earth I placed my car keys?” or “Where did my dog go now?”? If you did more than once, then this is the right technology to be interested in. This could be in great use especially for people who are kind of messy and usually don’t remember where they are leaving their important belongings – such as keys, wallets and others. Simply explained, the main idea of XY Oracle Network is to track physical items by using different components which are looking for item’s location from a smartphone application for example. In a world that is very fast changing in regards to new technologies, this could be a very useful process.
The amazing part of XYO is actually the main idea – finding whatever you want to track and find with the so-called XYO tokens which are to be used in the GAMMA application (launching in Q3-Q4 2018) and the created special XYGPS devices – this is the first hybrid GPS and Bluetooth technology enabled device. The XYGPS device for example can be placed in a delivery package to track its location from being packaged to delivery to the end point. This is possible due to the availability of the four components and their cooperation – Sentinels, Bridges, Archivists and Diviners, and the close to 100% accurate geo-focused information they are providing. It is explained that these components can transmit information about location which is accurate, if the information is not accurate or there was some mistake, the system don’t stop working – it continues just with a slight reduction of the accuracy.
The main concern that the team have is the security of the system. In their Red Paper they have went through all possible attacks that the system might experience and as well having their mitigation strategies.
Actually the idea of the XYO Network dates back to 2012 when it was initially incorporated as Ength Degree LLC and then converted to a C Corporation in the year of 2016. In the beginning of 2017 the XYGPS devices were released. These devices are able to report locations from all over the world where GPS and Cellular data is available. In Q2 of 2017, the XY4+ device was released – XY4+ makes it capable of operating as an XYO Network node via firmware update. A milestone was reached in Q3 in 2017 – the one millionth XY device was created. In the end of 2017, the XY Oracle Network was born.
2018 makes a request for being one strong year for the XYO Network. Starting in Q1-Q2 with the creation of the first XYO token, the beginning of the new currency is given – to be used throughout the entire XYO Network. Also XY is hosting the First Annual Blockception Hackathon in San Diego with over 100 hackers in attendance, plus launches MVP of XYO Network. In Q3-Q4 2018 the XY Oracle Main Network Web Application called GAMMA will be launched making possible generating smart contracts and interaction with the real world. As well the release of XYO Network API happening will enable smart contract developers to write contracts interacting with XY’s Network. In the end of 2018 XY plans to release the XY-Stick product which can be used for tracking of eCommerce packages. In 2019 XY intends to grow the coverage of the location data providers called Sentinels, as well as the other components of the network. The high point of 2019 will be the launch of SatoshiXY and VitalikXY LEO Satellite Sentinels. The plan of 2020 and after is XY to expand global reach of entire XY Oracle Network.
The founders of the company are people with years-long experience in the technology area. The person who started the idea of XY Oracle network is Arie Trouw, who currently takes the roles of Chief Executive Officer, Chief Financial Officer, Chief Operating Officer and of course – Chairman of the board of Directors. His interest in developing started at the early age of 10 when he started developing software on his TRS-80 model I (in 1978).
As the well know sentence “One bird doesn’t make a spring” Arie Trouw has his co-founders Scott Scheper and Markus Levin to help him developing XY Oracle Network to the stage is it currently in. The team consists of 20 people each contributes with different skills and 12 advisors in the areas of marketing operations, artificial intelligence, blockchain hacking or even in art, music and culture. Some of them are even veterans with over 25 years experience in areas such as engineering, entrepreneurship or digital advertising.
Personally I think the Whitepaper is very well written. If you don’t have any idea what is this XYO, this is the place where you can understand everything. It is written in an understandable manner especially for people which knowledge is far away from such a technology. I like the part where it is explained the whole process from the beginning with the exposition of all Sentinels, Bridges, Archivists and Diviners – what each of these components is doing and the most importantly – how. For me personally the best things in the Whitepaper were the use cases – examples of where XYO can be very helpful – either in logistics or even in hotel reviewing. Actually the writing style reminds me of a fairy tale as the information is presented very fascinatingly and interesting and you would like to read more and more. The team explained the whole process of this technology in 17 pages plus 3 more with interpretation of all key words used above in the text.
When it comes to the site the only thing I can say is that I don’t just like it, I LOVE it! I adore how they combined the colors – navy blue background with all colorful and bright colors such as pink, cyan and violet. In the main section you can found information that only tickle your senses and make you read the full explanations in the Whitepaper. In the other sections there is information about the team, documents - such as red, green or white papers, the road map and of course the token economics. I don’t know why but my first association when opening the site was comparing some of the pictures with the DNA structure, but what could this mean? Is it because the team behind XYO intend to create a whole new process which was not existing before, giving the others opportunity to use their fundamentals as a structure “DNA” of their future projects? Maybe yes, or maybe not, I will leave this to you to understand by yourselves.
The sale of XYO tokens is already on, started on 20th March 2018 with the exchange rate of 1 ETH to 1,000,000 XYO. The interesting thing is that the price won’t be permanent. With every sale of XYO, the price of the token itself will go up to stimulate the early project backers. The dynamic price will become permanent once the exchange rate of 1 ETH reaches 33,333 XYO. Another important thing is that after the sale which is ending on 20th May 2018, all tokens that are not sold will be burned and no release of other tokens will be expected.
The projected hard cap is 48 million dollars. Currently more than 471 million tokens were sold, while the figure of all released tokens for sale is 24,158,373,684.
XY Oracle Network is brand new technology with a great concept that will bring the technology world on its next level. Their ambitious plan is very high but with intentions and passion like theirs, only sky could be their limit, and as we understand they even intend to go higher and develop further.
The XY Oracle Network team set themselves various goals for future development and looking at how the things are going currently, the implementation of their plan is possible.
Disclosure: This article is participating in the ICO Bounty Media Campaign for reward. Please be advised that everything written in the article is my personal opinion and it is NOT investment advice.
XYO Network's Website: https://xyo.network/
XYO Network's Whitepaper: https://docs.xyo.network/XYO-White-Paper.pdf
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