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XY Oracle Network
The world-first, location-based, trusted, and decentralized Oracle
What is XYO Network?
The advent of blockchain has transformed the tech industry's landscape rapidly. In just a few years, the focus of development has shifted from isolated, siled, and privatized information systems into a decentralized, independent and unlicensed ledger. Recently, Ethereum's rapid growth has brought smart contracts and DApps to the forefront. The smart contracts based on ethereum provide the ability to utilize blockchain and crypto- nomic principles in countless industries and implementations. However, we currently have no decentralized and authoritative oracle to define and verify locations. The XYO Network solves this problem by creating an effective layered location verification service in many smartphone device classes and protocol contracts. It's based on a new set of cryptographic mechanisms,
How does the XYO Network work?
The XYO network consists of four main components:
• Sentinel, which collects data about their locations, neighborhoods, and other nearby XYO Network devices and stores this information in an onboard digital book,
• The bridge, which passes information from Sentinel to public blockchain, where it is stored forever,
• Archivists, who store and index information transmitted through Bridges,
• Diviners, who access information to verify locations or answer questions.
Together, the interaction history between Sentinel and Bridge creates an irreversible Chain of Origin that is stored and indexed through the Archive. By checking each Proof of Origin Chains and Intersections with other Chains, Diviners can provide location verification and location history for Sentinel or a specific set of Sentinel.
Since the interaction between Sentinel is recorded on the Individual Chain Proof of each device, you can verify that the interaction takes place by comparing the Chain at the Interaction point. This creates the concept of Bound Witnesses, enabling us to build trust and certainty despite the decentralized nature of the XYO Network.
Giving the Best Answers
When a user submits a request to the XYO Network - for example, if they want to know whether an e-commerce order is sent to customers - there is potential for inaccurate or conflicting responses. Forecasters check all available information and determine the best answer based on the timeliness and confidence of the information provided. Specific details on how this Best Answer is determined are available on the XYO Network white paper.
Token XYO
All components of the XYO Network are given incentives through the provision of Ethereum based on ERC20 XYO Tokens. When a user submits a request through the XYO Network, they spend an XYO Token based on the priority and complexity of the request. This token is assigned to the Diviner who gives the Best Answer, the Archive that stores the information used to generate this answer, and the Bridge and Sentinel that provide this data. In this way, the XYO Network is a valued component of their participation in the Network and is given an incentive to provide reliable and useful data.
Token XYO will be distributed through Token Sales starting March 20, 2018. We will release more details here in Media and on our website, xyo.network.
You can also find out about XYO Network at the following sites:
Website: https://xyo.network/
whitepaper: https://docs.xyo.network/XYO-White-Paper.pdf
Twitter: https://twitter.com/XYOracleNetwork
Facebook: https://web.facebook.com/xyonetwork
Telegram: https://t.me/xyonetwork
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