XYO Price（XYO）USD

XYO is an Ethereum token that powers XYO Network, a decentralized network of devices that anonymously collect and validate geospatial data. On the XYO World platform, XYO tokens can be traded for and staked against unique ERC-721 tokens representing real-world locations. The platform’s goal is to encourage the education, research, and development of the XYO protocol in order to increase public understanding of the benefits of a geospatial location network that is driven by incentives.

 

Some Key Features of XYO Network

XYO is decentralized: There are no large, fee-based corporations or institutions involved in verification. The XYO Network is based on a completely transparent and self-contained system. The network is open source (free to use) and has no entry requirements (fair competition).

XYO is trustless: Power and trust are distributed among XYO Network participants rather than concentrated in a single fee-paying individual or entity. By making all transactions transparent, decentralized, and secure, XYO Networks’ blockchain technology eliminates the need for trust.

XYO is identityless: Location data is stored anonymously, protecting all XYO Network users’ privacy and security. This is accomplished by combining a zero-knowledge proof with a cryptographic technique known as proof of origin. Proof of origin is a method for ensuring the validity of ledgers containing location data flowing into the XYO Network.

 

Problem and Solution

Smart contracts are increasingly being used to execute contracts in an automated, transparent, and trustless manner. This effectively means that lawyers, middlemen, and escrow are unnecessary and can become obsolete in the future. However, smart contracts have one significant limitation: they typically rely on centralized data sources for data input. Furthermore, they often have a limited offline application.

The XYO Network allows smart contracts to interact with the real world by utilizing the XYO Network’s ecosystem of devices to decide if an object is at a specific geographical location or not. With this capability, applications that execute smart contract transactions based on location confirmation can be created.

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