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. It takes the information from the sentinels and provides that to the archivist. Bridges transfer the same details without any alteration only by adding Proof of Origin.

To be able to offer this service, the eCommerce company would leverage the XYO Network and XY Platform (which uses XYO Tokens) to write a smart contract (i.e. on Ethereum’s platform). This could enable eCommerce retailers and websites to verify, in a trustless way, that the package not only appeared on the customer’s doorstep, but also safely inside their home. Once the package is confirmed to be in the customer’s home (defined and verified by a specific XY-Coordinate), the shipment is considered complete and the payment to the vendor gets released. The eCommerce integration of the XYO Network thusly enables the ability to protect the merchant from fraud as well as ensure consumers only pay for goods that arrive in their home. The archivist also has ledgers; hence they can easily return a string of ledger data if needed. The storage in archivists is free, and archivists are incentivized only when the stored raw information has been used to answer a query.

What is the price of XY Oracle today?

System components locate the object at a specific XY coordinate at a given time with almost certainty. 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 direction of tomorrow’s technology is quickly approaching a world with self-driving vehicles, package-delivery drones and smart cities that develop and run themselves. Considering these imminent innovations makes it glaringly evident that our dependence on location data will, without question, eclipse our current usage by an insurmountable magnitude. With the emergence of these location-reliant technologies, our lives will be in the hands of machines, and our safety will sit in direct proportion to the accuracy and validity of the location data used by these new systems.

• Similar to Bitcoin, and most blockchain technologies, the most compelling property of blockchain is the built-in accountability that is inherent of a fully-public ledger.
• It’s important to note that location information about everyone and their devices, is already being compiled in a centralized manner; the key difference is that the data stored is not anonymous, but tied to their identity.
• However, we still find the majority of blockchain technologies confined primarily to the narrow scope of the Internet.
• Currently, XYO’s price is trading around $0.0040, which is almost 2% up from the last week.
• Owing to the development of technology and the blockchain network’s proliferation, we are faced with many new and innovative ICO projects.

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Products of XYO

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. Generally, the greater the Sentinel cardinality in the XYO Network, the more reliable the network. To further grow its network, the XYO Network is engaging with other businesses to expand its network of Sentinels beyond its own network of XY beacons.

The XYO Network makes it possible for smart contracts across the real world by using the XYO Network decentralized devices to determine if an object is at a specific XY-coordinate. Once the location is confirmed, one can set up an application which execute transactions in the smart contract. XYO puts forward and describe the idea an novel, thus completely new and original location network to augment the old system of location networks. Like any other project in the blckchain field, the XYO network is also one of these blockchain project and working meticulously to conceptualize a mutual or reciprocal action for smart contracts for blockchain platforms.

XY Oracle Technical

However, we still find the majority of blockchain technologies confined primarily to the narrow scope of the Internet. Since its founding in 2012, XY Findables, the company behind the XYO Network, has been building a location network in order to make the physical world programmable and accessible to developers. In brief, XY has been working towards the concept of enabling developers (such as those writing Ethereum smart contracts) with the power to interact with the real world as if it were an API. This undertaking is a multi-year project that requires the separation of different components into stages.

Bitcoin can be interpreted as a platform that is anonymous, but not private. The XYO Network shares these traditional blockchain properties; yet, since location data is sensitive in nature, additional thought in how privacy concerns are handled becomes a necessity. For this reason, the XYO Network is built with privacy at the forefront of how its platform runs.

Blockchain and Cryptocurrency Updates

However, the XYO coin holds potential to go up and hit the $0.02 mark by 2025. If you are looking for XYO network price prediction, our in-depth analysis aims to answer your questions like, What is XYO coin? Before we start with detailed XYO price prediction, let’s dive into the coin’s overview. This green paper is the result of our decision to make our white paper more concise.

Diviners collect the information transferred from archivists, analyze them and provide accuracy scores to generate them as answers. Diviners try to find out the exact answers from the archivists for the query raised in the smart contract. Answers with the highest accuracy scores will be selected as answers to upload back to smart contracts.