XYO NETWORK: DECENTRALIZED CRYPTO LOCATION ORACLE NETWORK

The birth of the blockchain technology has reshaped a global thought process. People are beginning to create and welcome new ideas which were once far from the norm. As a matter of fact, the tables are now turning in the tech industry, and various individuals and giant cooperatives are migrating towards the use and dependency on decentralized systems to help people have much more value.

In the last few months, we have witnessed a massive rise with Ethereum and this has birthed very interesting smart contracts to the limelight. These smart contracts are giving us the opportunity to take advantage of the blockchain technology, however, there’s something missing. The world of cryptocurrency still lacks that vital authoritative oracle that will help individuals and various necessary utilities to verify locations.

How Will XYO Network Solve This Problem

Unlike many other networks, XYO is blazing a trail towards accurately verifying the location of transactions and various industry members in the cryptocurrency ecosystem by building a comprehensive layered verification tool which will work seamlessly across various device types and smart contract APIs and protocols.

XYO Network’s verification layers will function via bound witnesses, cryptographic mechanisms and a proof of origin module in order to guarantee a near perfect authenticity in its daily usage.

How Will XYO Network’s Verification Module Work?

As revealed on their official website, the network is built up on 4 basic components, these have been identified as:

The sentinels: These are responsible for the gathering of information which will reveal locations, coordinates, and even rely on nearby existing XYO networks for authentic verification. It will also be responsible for the storage of the gathered information on a digital ledger which is already onboard.
The Bridges: These are responsible for relaying information on the sentinels to the blockchain module for perpetual storage.
The Archivists: These are the modules that are responsible for storing and indexing every information that is spread out from one bridge to another
The Diviners: These are the fourth components of the XYO Network, their major task is to dig into every available information in order to respond to queries for location or verify the locations.

How Will XYO Network Get The Best Accurate Location

The synergy between the sentinels and the bridges is way beyond limitations. In order to fetch the most accurate location, when an individual submits an XYO query in order to verify a certain location, the diviners will scrutinize every information on the XYO network, and deliver the most accurate data, judging from the available information at any given time.

Understanding The XYO Tokens

In order to guarantee the safety and efficiency of transactions on the XYO Network, all the components on the platform are valued via the use of a top class Ethereum based ERC 20 token.

As has been explained, any user who wants to submit a query through the XYO network will need to have some XYO tokens which they will also use as a payment method for the platform. The tokens will be awarded to all 4 components of the network which include the Diviner, the Archivists, The Bridges and the Sentinels.

XYO Token Sale

The XYO token sale commenced on the 20^th of March 2018 and has recorded a great success right from it’s inception.

XYO Token Specifications:

For the public token sale, the value of the XYO token has been placed at 1ETH for 100,000 XYO tokens, here are some more details about the token you should know: Smart contract platform: Ethereum

Contract Type: ERC20
Token: XYO
Token Name: XYO Network Utility Token
Token Address: 0x55296f69f40ea6d20e478533c15a6b08b654e758
Total amount of tokens issued: Finite and capped at the amount reached after the Token Main Sale
Total Amount of tokens which are issued during the main sale: Unlimited
What will happen to all Unsold and Unallocated tokens: The unsold and unallocated tokens will be Burned after the token sale event. No further XYO tokens will be generated after the Main Sale ends.

XYO Network Token Distribution

Having looked through the limitless opportunities that the XYO token offers, it is definitely a brilliant innovation that wise persons will definitely invest in.