The XYO Network, short for XY Oracle Network, is a trustless cryptographic location network that enables layered location verification across many devices and protocols.
XYO calls its network a people-powered location network built on Ethereum. It uses location-based signals that smart contracts can gather data from in the real world. XYO has created its own consensus mechanism called Proof of Origin. The consensus algorithm is combined with Transient Key Chaining to ensure that ledgers flowing into the network are valid while making it impossible to falsify the chain of origin for the data. The ERC 20 token running on the XYO network is called XYO token.
XYO calls its network a people-powered location network built on Ethereum. It uses location-based signals that smart contracts can gather data from in the real world
These tokens are used as an incentive to help keep the network running. Users are rewarded when they run miners and help provide location information with the proof of origin algorithm. The company has been functioning since 2012, building location technology solutions for autonomous drones, self-driving vehicles, smart cities, and space exploration.
The company sees its largest potential market in e-commerce. The executive team consists of well-known names with remarkable experience in their respective fields of IT, marketing, and blockchain development. The Proof of Location concept which XYO relies on can be disruptive in the blockchain industry. The concept brings a real-time tracking system for logistics and supply- chain industries. However, it will face big competition from the US military. The project is a long-term opportunity which requires patience and understanding of the investors who are expecting handsome ROI.
