xyo-network
XYO Network
$0.0096-7.23% 24H
  • xyo-network
  • XYO Network
    (XYO)
  • Price
    $0.0096
  • Market Cap
    $123.04 M

The XYO Network is a project that the XY company launched. The XY corporation started operating in 2012, and it builds location technology solutions for autonomous drones, smart cities, self-driving vehicles, and space exploration. The first product this company published was XY Findables.

XY Findables is a network of more than 1 million people connected by Bluetooth and GPS devices. These devices are little fobs that can be attached to misplaced items like keys, dog collars, backpacks, etc.

This network is the first oracle protocol that lets two entities transact in the real world without a third party.

XYO has many uses that span several industries. An example is eCommerce merchants who use this project to provide a premium “payment upon delivery” service to their customers. The business would write a smart contract (on Ethereum’s platform), this platform would find the package’s location all the way, and only when it has arrived does the vendor get paid.

This token is not available in the U.S.A. due to a lack of clarity from U.S. regulators. However, U.S.A. investors can invest in this token as an SEC Reg A+ Equity, which lets U.S. investors invest in the XY parent company, allowing them to theoretically profit on the upside of XY and the Network.

XYO Components

This network covers four primary pillars:

1-Sentinels (The Data Gatherers): collect location information through sensors, radios, and other methods. These are like the location witness.

2-Bridges (The Data Relayers): get data from Sentinels and relay it over to Archivists. These are like location data transcribers.

3-Archivists (The Data Storers): store the information for Diviners to investigate it.

4-Diviners (The Answer Aggregators): serve as oracles and study all the location heuristics to answer queries and give accuracy scores. Diviners then transmit these answers back into a smart contract.

 

XYO Performance

This network unveils an original Proof of Origin consensus algorithm combined with Transient Key Chaining to certify that the following ledgers are valid while making it impossible to forge the chain of origin for the data. This network saves the information on a public blockchain called XYOMainChain.

Their project is called the “XY Oracle Network.” (ThisNetwork empowers trustless transactions through an ecosystem of crypto-location components that can link the present to the future.

This network allows smart contracts to access the real world by using this network’s ecosystem of devices to decide if an object is at a specific XY coordinate; if it is, one can make applications that complete the smart contract transactions. The applications of such a technology are countless.

 

This network can track the package’s location being sent to the consumer, from the warehouse shelf to the shipping courier, into the consumer’s house, and everywhere on the way.

This network has been working to empower developers, like those writing smart contracts for blockchain platforms, to communicate with the physical world as if it were an API.

Their abstractions allow them to make location verification trustless for developers, building a protocol with novel use cases that have not been possible up until today.

This network will be upon a present infrastructure of over 1,000,000 devices circulating that their consumer-facing findables business distributed.

XY’s Bluetooth and GPS devices let everyday users place physical tracking beacons on what they want to watch (like bags, bikes, keys, and even pets). If they lose such an item, they can see exactly where it is by opening its

location on a smartphone app. This network has made one

of the largest consumer Bluetooth and GPS networks ever in just six years.

XYO benefits

The Proof of Origin Chain features makes an income for their participation in finding the answer to the query. Sentinels, Bridges, Archivists, and Diviners

all get rewards for their work.

If the same query comes up more than once, more than one answer may come out since the answer made at a particular time is based on the accessible heuristic the system can present then. Acquiescing an answer to the blockchain takes two steps. First, consumers need analysis to determine the Best Answer to a query. If the system produces multiple answers, nodes will compare the answers and select the better answer. For instance, this is a query:

“Where was a node on the network at a definite time in the past?”

XYO history

Markus Levin is the co-founder of this project. He mined his first Bitcoin in 2013 and became captivated by blockchain technologies then. Markus has experience in building, managing, and growing companies worldwide. He is originally from Germany.

When he dropped out of his Ph.D. studies at Bocconi University, he worked with companies in hyper-growth industries. Markus has led cutting-edge technology ventures like Novacore and Hive Media.

This token became public in 2021.

XYO token

XYO project offers a token on the Ethereum blockchain to power its network.

This project is a decentralized network of devices that gathers and certifies geospatial data.

XYO tokens can be traded for and staked against unique ERC-721 tokens on the network, demonstrating real-world locations; this is one of the well-known cryptocurrencies that work on the Ethereum platform.

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FAQs

Is XYO Real and safe?

This cryptocurrency is on the coin market cap list, and many major exchanges allow users to trade this crypto on their platform.

This crypto’s movements on the charts have been mainly on the rise, and many experts believe it will continue to be bullish.

Can I mine XYO?

In case you are considering mining XYO, research if your setup can actually bring you profit. 

Hardware that would be most powerful for mining would be ASICs. ASIC mining rigs are machines made for mining crypto, and they are highly efficient; however, they are costly. A GPU won’t generate a large profit if you are mining with a computer, but it might be a good start. Mining profitability charts can display how much USD you can make for 1 Mh/s of hash rate. These charts also take care of the electricity expenses.

 Mining difficulty rises by the number of miners and when the demand for a more significant hash rate grows. Your hash rate is essentially how much computing power you provide for mining new blocks; this is block time.

If you do not want to use GPU and ASIC mining setup, you should know that anybody who joins the network and owns a smartphone or a PC can mine XYO through a mining pool. The following is a simple way one can mine this crypto on your phone:

1-Open its application

2-Set up an account

3-Click on Auto Collect

Once you complete this, your token will start to be automatically mined. Just remember to keep your app open.

Is XYO a good investment?

Security Considerations before purchasing XYO:

 

1- Fake Diviner Attack: The system sends a set of digital signatures to this network’s smart contract because the contract needs to confirm the integrity of the Diviner that sent the answer. The contract can then approve the other Diviners that signed this list. Without this concept, the relaying oracle would be the single source of risk and failure inside the system.

 

2- Sentinel DDoS Attacks: Distributed Denial of Service (DDoS) among Sentinel nodes

in a particular region is another thing you need to consider. An attacker might try to create many connections to Sentinels to stop them from relaying the right information or relaying any information at all to the Bridges. We can circumvent this issue by needing a small cryptographic puzzle to be solved by anyone trying to connect to a Sentinel. Since a query does not have many connections to Sentinels, this will not enforce a heavy bearing on the XYO relay system and will need an attacker to spend a large

number of resources to implement a successful DDoS in their network. Anyone can verify a Proof of Origin Chain anytime; It is stored on the XYOMainChain; this guarantees that if a single entity along the chain was compromised, the accuracy of the query’s answer would drop 0.

 

What is notable is that this token is on the Ethereum blockchain, which is a very safe platform.

If you wish to learn more about cryptocurrencies and NFT markets, you can check out other articles on the Bitunivex website.