Review of the XYO Network - 11/16/2018
Before I get started, I want to remind everyone that this is not financial advice. I am not a financial advisor. If you take anything that I say to you as truth, you may get #rekt. Do Your Own Research #dyor
Fundamental Analysis -
What is XYO Network $XYO
According to the site itself, XYO Network is “It’s sorta like GPS, minus the government monopoly.” In doing my research on them I’ve found that they offer an interesting spin on Geo-Location services. They will directly compete with some of the tracking services that centralized GPS companies offer. Essentially, $XYO is a people-powered location network that uses both Bluetooth and GPS technology to create “beacons” that people can use to physically track the location of packages, freight, luggage or even pets. It allows smart contacts to interact with the real world via Bluetooth and GPS devices in ways never thought of before. The XYO Network currently has more than 1 million location beacons active in their network with plans to scale up to many more. This type of decentralized technology has disruptive implications for the eCommerce, Medical, Airline, and Security industries just to name a few. Check out the use cases document offered on their website for more information.
How does it work?
The XYO Network has 4 components. The Sentinels, Bridges, Archivists, and Diviners. These 4 pieces work together to create “trustless trust” through Proof of Origin. We’ll discuss Proof of Origin first and then I’ll give a quick overview of the pieces.
Proof of Origin:
Proof of Origin is an integral part of the XYO Network. Without the ability to know that location data is valid, in a trustless manner, XYO wouldn’t be able possible. Proof of Origin is critical to proving that the ledgers in the XYO Network are valid. XYO uses Transient Key Chaining to achieve Proof of Origin. This makes it impossible to forge data on-chain.
4 Components of the XYO Network:
1. Sentinels are Heuristic witnesses. They confirm heuristic data and create temporal ledgers. They add Proof of Origin components to that data so Diviners can trust that they are from the same source. They essentially observe the network learning something new and attest to its authenticity.
2. Bridges are transcribers that securely write heuristic data to the XYO ledgers in a way that the Diviners can trust. They also add additional Proof of Origin components.
3. Archivists store heuristic data on the ledgers in a decentralized way. Even if some of the data disappears, the system can continue to function. They store raw data only and can read and index ledgers. Though storage is free, Archivists are paid for retrieving data.
4. Diviners respond to location requests by analyzing historical data saved by Archivists. They only use data that has high levels of Proof of Origin. Because XYO is trustless, Diviners are incentivized to give an honest analysis of data. Diviners use Proof of Work to write to the XYO blockchain.
Technical Analysis-
Normally I do technical analysis on coins/tokens that I review. Due to the $BCH war, all markets are currently rekt. So I won’t perform one. Inbox me if you have questions are comments.
Conclusion:
I really like this project. I like the Proof of Origin algorithm and how it is used to ensure that the locations given are correct and accurate. I think that competitors like FOAM are good; but, XYO has definitely got their act together. I picked up a small bag based on my research. I am not suggesting you do this….but I am suggesting you research XYO Network further to see if it should be added to your portfolio. Until next time!
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