XY Oracle Network: Your Only Trusted Crypto-Location Oracle Network
The project’s goal is to establish a decentralized crypto-location network backed by smart contracts on the Ethereum network that the world can rely on for autonomous, accurate and secure location data. Their stage would be a better alternative to free us from the current choice of the centralized GPS technology whose exactness could be devastatingly affected, especially by security attacks by means of device spoofing.
XYO Network is not a blockchain application. It’s a blockchain convention which enables developers to assemble decentralized location-reliant DApps. You can see the list of more than 10 smart contract platforms that XYO supports on its website. How exactly would it be able to help to utilize blockchain technology in real life? To answer this question, it’s really a long story about smart contracts, Proof of Location, their weaknesses and how XYO Network comes up with the solutions, which you can discover the details in the whitepaper. So I will just gone through some use cases that are easy for to understand.
Imagine you order an item online from a retailer that uses XYO Network. When you finalize the order, a smart contact is created with the condition: payment is just released after the item is successfully delivered to your home. The item is then shipped to you. There’s a minimal effort electronic device included with it. That device is a XYO Network Sentinel. It interacts with other XYO Network devices and the greater part of the interactions will be recorded on its blockchain ledger to help keep track of the shipment. When the item reaches the destination, the Sentinel will interact with XYO Network devices in your home, the smart contract will be executed and the payment is released to the retailer.
XYO Network Components
The XYO Network has four essential components: Sentinels, Bridges, Archivists, and Diviners. These four components enable geo-focused, consensus-building and trustless verification of location data. So it’s like this, when you draw up a smart contract specifying an auto to drive to an exact position with specific XY-coordinate, you can be 100% sure that it would be present that exact point without a doubt (except for sudden accident, I guess).
Hackers can’t interfere in the process to manipulate that data because the equivalent location signaling device is verified by thousands of Sentinels in the XY Oracle Network with the longest Proof of Origin chain (thus yielding greater confidence in the heuristics).
Sentinel components are heuristic witnesses – the location data takers. They observe heuristics and vouch for the certainty and precision of the heuristic by delivering temporal ledgers. The most vital aspect of a Sentinel is that it produces ledgers that Diviners can be certain came from the same source by adding Proof of Origin to them.
Just like the name, Bridges are heuristic transcribers. They securely relay heuristic ledgers from Sentinels to Diviners. The most essential aspect of a Bridge is that a Diviner can be sure that the heuristic ledgers that are received from a Bridge have not been altered at all. The second most vital aspect of a Bridge is that they include an extra Proof of Origin.
Archivist components store heuristics in a decentralized shape with the goal of having every single historical ledger stored, yet without that requirement. Even if some data is lost or becomes temporarily unavailable, the system continues to work, however just with reduced precision. Archivists also index ledgers so that they can return a string of ledger data if necessary. Archivists store crude data just and get paid just for retrieval of the data. Storage is always free.
A Diviner answers a given question by breaking down historical data that has been stored by the XYO Network. To accomplish this, heuristics stored in the XYO Network must have an abnormal state of Proof of Origin to measure the legitimacy and precision of the heuristic by judging the witness based on its Proof of Origin. Given that the XYO Network is a trustless system, Diviners must be incentivized to provide a honest analysis of heuristics. Unlike Sentinels and Bridges, Diviners use Proof of Work to add answers to the blockchain. (TL;DR: used for data processing and analysis)
Imagine you order an item online from a retailer that uses XYO Network. When you finalize the order, a smart contact is created with the condition: payment is just released after the item is successfully delivered to your home. The item is then shipped to you. There’s a minimal effort electronic device included with it. That device is a XYO Network Sentinel. It interacts with other XYO Network devices and the majority of the interactions will be recorded on its blockchain ledger to help keep track of the shipment. When the item reaches the destination, the Sentinel will interact with XYO Network devices in your home, the smart contract will be executed and the payment is released to the retailer.
XYO Network can also be very useful in Medical care and Hospitals. A patient is given a special bracelet which is also a XYO Sentinel. This bracelet can interact with other XYO Network device such as the screen that read the patient’s crucial signs, and logs that data in the ledger. They XYO network could even record which specialist or nurse that treats the patient, medications that the patient receive and affirm if the dosage is correct. In short, the medical record can be assured to be completely accurate with the implementation of XYO Network. This helps to eliminate medical errors and improve medical quality as well as patient safety a considerable measure.
Auto/Motorbike Rental companies can implement XYO Network to keep track of their vehicles and keys. Commercial Airline can utilize XYO to discover lost and mishandled luggage. You can read some more detailed use cases on XYO Network’s website and maybe you will get yourself inspired as I do. In the event that you are curious about how it works then once again the whitepaper is where to search for.
You should hustle up my friends. Just imagine how far self-driving auto study and package-delivering drones can develop as well as how integrated and advanced that future smart cities could be when their algorithms are fed with the location data provided by XY Oracle Network. This ambitious network may become very enormous in the future so investing in it from now can be a decent deal.
On a final note, make sure you carry out adequate research before investing in any venture.
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Authored by Lelvin: https://bitcointalk.org/index.php?action=profile;u=1275173