All efforts in developing the XY Findables consumer business have served to help significantly in designing the XYO Network Blockchain Protocol. Markus mined his first Bitcoin in 2013 and has been captivated by blockchain technologies ever since. Markus has over 15 years experience in building, managing and growing companies around the globe. We are fortunate to have a consumer business that has successfully built this real-world network. Most location networks fail to reach this phase and attain the critical mass necessary to build out an extensive network.
- FightOut is a move-to-earn (M2E) project where users are rewarded handsomely for completing challenges within a unique fitness metaverse.
- Last, we thank John Arana for his careful review and creative input for our efforts.
- XYO tokens are Ethereum-based ERC-20 utility tokens that are used to reward contributions to the XYO network ecosystem.
In summary, Proof of Location can be understood as leveraging the blockchain’s powerful properties, such as time-stamping and decentralization, and combining them with devices that are hard to trick. Similar to how the weakness of smart contracts centers around oracles that use a single source of truth (and thus have a single source of failure), crypto-location systems face the same problem. The vulnerability in current crypto-location technologies revolves around the devices that report back an object’s location.
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Blockchain platforms have the ability to facilitate smart contracts which enable the automated execution of agreements. This eliminates the dependence of a trusted third party to facilitate every transaction. Using Freewallet to perform an exchange is both as fast and as secure as on any classic crypto exchange.
- History has proven that such sources are susceptible to interference, vulnerable to attack and, in the hands of malicious humans, can be fatal.
- The process of buying XYO, like many other cryptocurrencies, involves several steps that ensure security and verification.
- When the shipment reaches its destination (as confirmed by its interaction with XYO Network devices within the buyer’s home), the smart contract will be executed and the payment will be released.
- Every one of these interactions will be independently verifiable, asserting a web of locational certainty that stretches all the way back to the shipment’s point of origin.
- These listings positively impacted the price action of the XYO token which grew in value by 30,000% last year.
In this scenario, the XYO can provide a verification system for the drone’s location at any given time. This can be useful in ensuring that the drone is following the correct route and delivering the package to the correct location. By tying the XYO Network into the operational frameworks that are already in place in Hospitals, care providers can significantly reduce failures in communication and record keeping that result in patient injury and death. In addition to the identityless composition of the XYO Network, there is an additional layer of privacy protection implied by the decentralized architecture of the XYO Network.
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The project accomplishes this through a set of abstractions that greatly reduces the risk of location spoofing through a chain of zero-knowledge proofs along the components of the system. The XYO Network is a web of devices that record and archive heuristic data using a blockchain ledger. Whenever a device coinlion on the XYO Network interacts with another XYO Network device, it logs this interaction. By reviewing this ledger of interactions and the additional data it provides, it is possible to verify with a high degree of certainty that a specific interaction happened at a specific time in a specific location.
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Should there be a dispute, the ledger will provide a history that can confirm the delivery of the shipment or show where it went off track. The XYO Network believes that the value of a token should remain in direct proportion to its utility, which to some degree relies on the number of transactions it participates in. Many cryptocurrencies today focus almost exclusively on incentivized systems that reward miners; they do not focus on building incentives for token users. Over time, this imbalance creates an undesirable ecosystem for every participant involved (miners, token holders and tertiary entities who build upon its platform). Location data sits quietly at the cornerstone of every part of our daily lives. Its use has increased dramatically over the last decade and is now so ubiquitously relied upon that its disappearance would be catastrophic.
The outstanding supply can be thought of as the balance of coins that remain to be released into circulation. This indicates that there is still a small portion of XYO that has yet to be distributed, which may influence the token’s market dynamics in the future. The XYO Network was launched on 22nd May 2018, by a team of seasoned professionals in the tech industry. The team is led by Arie Trouw, who serves as the CEO and CTO, and includes experts with diverse skills in areas such as software development, engineering, and business development. The team’s commitment is to create a world where location data is fully trusted and utilized to its maximum potential. The specific token liquidity mechanisms and % yields for token holders will be outlined in a future paper.
Introducing Freatic, a new entity that embodies our belief in the power of decentralized technology to serve real-world needs.
However, up until this point, every platform (including Bitcoin and Ethereum) has focused almost entirely on digital channels (the online world), instead of real world channels (the offline world). Lost luggage is a nightmare not only for travelers but also for Airports in general. The XYO Network can resolve this issue by providing airports with verified location data via a decentralized system.
In cases where both parties can agree on the authority and in-corruptibility of the specified oracle, this is sufficient. However, in many cases, either a sufficient oracle does not exist or the oracle cannot be considered authoritative due to the possibility of error or corruption. Our price prediction forecasts use real-time XYO Network (XYO) market data and all data is updated live on our website. This allows us to provide dynamic price predictions based on current market activity. The goal of the XYO Network is to create a trustless, decentralized system of location oracles that is resistant to attack and produces the highest certainty possible when queried for available data.
What will be the price / value / worth of 1 XY Oracle (XYO) in 2025?
Be an early bird and get access to Datacoinz market news and all the latest trends, tips and advice. However, there are so many different options available right now, and choosing the best one for you isn’t an easy decision. Friend.tech is revolutionizing the Web3 space by blending social media dynamics with stock trading principles. Dive deep into how it works, its unique offerings, and the potential risks and rewards of getting involved.
Whether you’re an influencer aiming to monetize your presence or a curious potential investor, this guide sheds light on all facets of Friend.tech. When it comes to storing your XYO, there are several wallets that stand out due to their security features and user-friendliness. These include two-factor authentication (2FA), which requires a second verification step when logging in. This process usually involves uploading a valid identification document like a passport or driver’s license. This is a necessary step to ensure the safety and security of your funds and transactions. The XYO Network will rely on an ERC20 token called the XYO Token used to incentivize the desired behavior of providing accurate, reliable location.
Users are able to issue transactions, called “queries,” in order to retrieve a piece of location data on any blockchain platform possessing smart contract functionality. These aggregators then feed these answers back into the smart contract after reaching a consensus on the answer with the best score. This network of components makes it possible to determine if an object is at a specific XY-coordinate at a given time, with the most provable, trustless certainty possible. We propose that the most important advancement necessary for bridging the present to the future rests on the world’s ability to trust machines. The data that smart contracts rely on (oracles), must be verifiable and have a high degree of accuracy.
XY has been working towards building an open world of location-verification since 2012 by launching a successful Bluetooth/GPS consumer business critical to understanding and building a real-world location network. Consider an entirely different integration of the XYO Network with a hotel review site, whose current problem is that their reviews are often not trusted. Hotel owners are intrinsically incentivized to improve their reviews at any cost. What if one could say with extremely how to buy nft high certainty that someone was in San Diego, flew to a hotel in Bali and stayed there for two weeks, returned to San Diego, and then wrote a review about their hotel stay in Bali? The review would have a very high reputation, especially if it was written by a serial reviewer who has written many reviews with verified location data. Since the advent of Ethereum, the cryptoassets community has experienced rapid-growth in the form of DApp development and protocol improvements.
XYO Tokens can be thought of as “gas” needed to interface with the real world in order to verify the XY-coordinate of a specified object. Scott has worked on many exciting ventures with exceptionally talented people, including the Co-founder of Uber. Scott’s first “real boss” was Arie Trouw, who hired Scott in 2009 during an economic recession, when very few companies were hiring, how to buy bitcoin fidelity and even fewer were starting companies. What began as a Facebook app startup with four guys and a ping pong table, grew to over 200 employees and 9-figures in revenue in less than two years. When John is treated by a doctor or nurse, these interactions are recorded on John’s ledger, the monitor’s ledger, and the ledger of a Sentinel embedded in the staff member’s hospital ID.