Last updated 11/10/2022
Official Website: https://xyo.network/
The XYO (XY Oracle) Network is a network of devices that anonymously gathers and verifies geospatial data, or data having a geographic component. XYO is the native crypto of the XYO (XY Oracle) Network. It is referred to as an "oracle," which in the terminology of cryptocurrencies refers to software that delivers current information from an online source to a blockchain protocol or decentralized application.
To respond to inquiries about the location of an object or a person, the XYO Network, an open-source network of geographic data, is used. The network uses "proof of origin" to do that. A proof of origin blockchain, according to the project's white paper, may verify a location through the collection, validation, and storing of data based on "bound witness" interactions. When two unrelated or unconnected devices detect one another and report that they observed each other, they are said to be inbound witness interactions. Each of these encounters shows that the participants were in fact there at the same place and time.
Bound witness interactions occur between “sentinels,” otherwise data is being gathered in the XYO Network. Sentinels are physical tools like smartphones, that broadcast information about their location, time, or temperature to establish bound witness interactions with other devices. A data-relaying "bridge" receives a sentinel's broadcasted signal.
Like sentinels, bridges are actual, physical XYO Network users, like smartphones. To verify that a witness interaction occurred, a bridge must find bound witness interactions and sign them. The "archivists," or data stores, get the confirmed transactions after that. It is the responsibility of archivists to save all confirmed bound witness interactions that have been approved by bridges and to retrieve the information when necessary.
The "diviners," or the network's answer aggregators, make up the last portion of the XYO network structure. The XYO Network nodes known as diviners provide information based on bound witness data. Usually, a person or computer program asks questions to determine if something or someone was there at a certain location at a specific time. The archivist is available for queries from diviners, or they can go directly to a bridge for the information they require.
Sentinels, bridges, archivists, and diviners all earn XYO tokens as payment for engaging in the XYO network. When a question is answered using a sentinel's or a bridge's information, they are rewarded with XYO tokens. Although they aren't paid for just storing data, archivists are rewarded for retrieving and using it. Finally, parties seeking to query data from the XYO Network pay diviners with XYO tokens.
Presently holds the positions of Chairman of the Board of Directors and Chief Executive Officer of XY Labs, Inc. He manages the XYO Foundation at XY, which oversees promoting the XYO Token and developing the XYO Network under open source.
Markus is a co-founder of XYO, the first geospatial oracle network powered by blockchain and cryptography that collects and verifies data with a geographic component in an anonymous way. He also oversees operations for XY Labs, the parent company of XYO. XY Labs develops products and services that use data to simplify people's lives. For instance, XY Labs' COIN App allows its more than 3 million users to earn rewards for authenticating geospatial location and other types of data.
In the latter half of 2018, John joined XY as Head of Innovation, bringing with him a solid expertise in both products and technology. In his early teens, he began programming, and he has been doing it ever since. He is a self-taught developer. He has held the positions of CTO and CPO for a number of IT businesses and has vast management expertise in R&D departments that produce products used by millions of people worldwide.
A trusted wallet provider for your XYO (XYO) token could be Trust Wallet - a multi-currency mobile wallet that enables users to simultaneously store a variety of digital assets in one place.
Similarly, a user-friendly option to keep your $XYO secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting to their MetaMask wallet.
Alternatively, to keep your XYO tokens secure and offline we recommend using the leading hardware provirder Trezor.
You can Buy & Sell XYO (XYO) by heading over to the Buy Coins page of our website. XYO (XYO) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $XYO has never been easier, simply place your order and provide your wallet address. Once your payment arrives XYO (XYO) will be sent directly to your wallet.
If you choose to Sell XYO (XYO) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on our Sell Coins page.
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Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.