XYO Network– blockchain for the real world, token sale live

The advent of the blockchain has given rise to a great plenty of new decentralized solutions and products. However, there aren’t any decentralized and authoritative solution to determine and verify location.

The XYO Network fills this gap by creating a location verification service that tracks the movement of items in the real world.

XYO is able to determine the location of items by utilizing Bluetooth and GPS devices that have location transmitting capabilities. XYO doesn’t have to build and deploy these intermediary transmitting devices, it simply leverages those that are already available – there are already millions of devices available in the real-world that can provide real-time location data.

There hasn’t been such a solution on the market because it’s not only tracking devices that must be created but also the network they’ll run on as well. This is an extensive and costly undertaking. And the technology to build a tracking device small and cheap enough to fit on a key ring or attach to luggage has become available only recently – at the time of the blockchain.

Thanks to the blockchain technology and Ethereum smart contracts the location data is secure and private at all times. This provides a high degree of security – no one can hack or modify a blockchain-based ledger or avoid location metadata entries.

The XYO Network is made up of four primary components to accomplish real-time location-based tracking: Sentinels (tracking devices), Bridges (location data transcribers), Archivists, and Diviners. Detailed information on these concepts is available in the XYO Network white paper.

Here are just a few ways the XYO Network could change the existing services: tracking and delivery of shipped goods, automated drones, luggage tracking system, theft prevention, finding lost items, and many others.

Company, progress, token sale

XYO Network is being developed by a company named XY based in San Diego, California.

XYO Network already has a network of location-tracking devices with over 1 million beacons and hundreds of thousands more ready to be enabled, including hybrid Bluetooth and GPS devices capable of tracking location anywhere in the world.

On their website they list use cases that the XYO Network is actively being utilized for.

In Q3-4 XY plans to launch XY Main Network and tests with new Sentinel partners.

At the moment, the team is running a token sale that will conclude in about a month.

 

The XYO network is the first of its kind. It bridges the divide between the blockchain and real world and aims to provide value to the everyday consumer and various industries that require location-based technologies.

Related News

Blockchain Takes on Counterfeit Medicines

As blockchain technologies continue to tackle counterfeit consumer products, fake drugs continue to plague the pharmaceutical supply chain.

Read-more

Stack – fee-free, instant cryptocurrency payments straight from mobile

The demand for instant crypto-payments

There is a big global demand for instant cryptocurrency payments at points of sale. People have

Read-more

Lendingblock – Lending Platform for Blockchain Economy

Given the current growth of cryptocurrency, some financial experts are predicting a migration of financial services from the institutional world

Read-more

Major US Banks Ban Bitcoin Purchases, Is It All Bad News Only?

A new rule from biggest US banks Citigroup, Bank of America, J.P. Morgan, and Capital One disallows card holders to purchase cryptocurrency

Read-more