The XYO Network is a decentralized network that uses devices located all over the world to collect and verify location data. This data can include elevation, latitude, longitude, temperature, and other data that can be collected from a physical location. To incentivize the community, the XYO Network uses the XYO cryptocurrency.
By using blockchain technology, XYO avoids larges fees that a central entity would normally charge. The entire system is fully autonomous and transparent. It is also open-source and entrance barriers have been eliminated. Another benefit of this system is that it is trustless; power is shared amongst participants in the network instead of being concentrated into the hands of one entity.
To ensure that all data is genuine, the use of the blockchain is important. This technology ensures that data, which has been verified, cannot be altered. One example of this is GPS data, which can sometimes be spoofed using software.
The Four Components of XYO’s Genuine Data
These are the first step in the data, they come up with lists of data they can vouch for. When they compile the data, they are only paid when it is retrieved.
The Bridges process data from sentinels and pass it on to the Archivists. Currently, the XYO app acts as both a sentinel and a Bridge. Bridges ensure that data from sentinels has not been changed at all.
The Archivists store the geospatial data on the blockchain. Even if data is lost, the system will still function albeit with less certainty.
Diviners analyze historical data store on XYO. To do this, the network needs to offer a high degree of Proof of Origin. This ensures they can accurately measure the accuracy and validity of the data by analyzing witnesses using the Proof of Origin. A good instance of a Diviner would be a shipping company that wants to confirm the packaged reached its destination.
The XYO Cryptocurrency
The whole network is powered by this token. For instance, when a shipping company wants to confirm the package arrived, those that answer the question are paid using the XYO Cryptocurrency. To be paid, you need to become an XYO Geominer and receive payment when Diviners ask questions and you offer a reply.
Possible Use Cases - eCommerce
Imagine a shipping company that is paid upon delivery. With the XYO Network, they could get reports with a high degree of accuracy that the package got to its destination. Once arrival is confirmed, it could automatically trigger a payment. The network would not just rely on network devices to get location data, they could also form partnerships with other devices, which could detect and relay geospatial data. Besides the arrival data, other data could be sent to the shipping company such as whether packages were delayed, stolen, and how many packages remain in the truck. This is very interesting with the world we live in today. Companies like Amazon and UPS could benefit from this protocol. According to XYO, 30% of Americans have had a package stolen from their porch or doorstep.
In an era where companies like Amazon are experimenting with drone delivery, customers are going to need more transparency to adopt a method like this in our opinion. Utilizing Blockchain technology like XYO might be the perfect way to fuel the adoption of both cryptocurrency and shipping methods via drone technologies.
According to CoinMarketCap, XYO currently trades at $0.000570 with a current market capitalization of $4,731,000. As we can see from the chart below, XYO has been on a downward trend this year. This is nothing new in the Altcoin market as Bitcoin as outperformed a majority of the market.
Some applications are simple while others are complex. However, the XYO cryptocurrency and network has already generated a lot of buzz in the crypto world. Its potential use cases span almost all industries, including being able to track car keys.
Photo Source: XYO Medium Page