XYO Network – Blockchain’s First Crypto-location Coin
Cryptocurrency is also known as the digital or virtual currency, which makes use of cryptography to enable secure transactions, and at the same time also control the creation of new cryptocurrency units. Cryptocurrency wallets use encryption techniques to control the creation of monetary units and to verify the transfer of funds.
A cryptocurrency wallet is the software in which public and private keys are stored, and it interacts with blockchain which allows the users to carry out transactions and keep a track of their balance. Cryptocurrency in itself is not stored in the wallet, rather the private key (which is the secure digital code only known to the user and their wallet) is stored there, which marks the ownership associated with the public key (which is the digital code connected to a sum of digital currency). So, the wallet stores public and private keys, allowing one to carry out transactions and acts as a personal ledger of transactions. For a btc exchange (bitcoin exchange), or any other cryptocurrency, one should have a digital wallet.
In the growing world of technology and being relevantly updated by being connected with the help of location based technologies, privacy related information and safety depends greatly on how accurate and valid the location information is. There had been numerous attempts that could eradicate the dependency on centralized entities controlling the flow of location data, but usually every attempt is dependent on the integrity of the devices collecting this data in the physical world.
In an unprotected environment and system, data may get lost, damaged, tampered or may get corrupted. Trustless system works on the notion that network signing the data is virtually and physically secure and therefore relies on private keys to carry out transactions in the system. To avoid the cases of private key getting compromised, Proof of origin concepts come into picture.
The validity of the ledgers that are flowing in the XYO network is verified using the Proof of Origin. Since the unique ID can be forged easily, it is not a reliable and practical to source data. Same goes for the private key signing, as it is very difficult to be able to physically secure the XYO Network. To solve the scope of private key being stolen, Transient Key Chaining, is used in the XYO Network as this makes it impossible for anyone to falsify the chain of the origin of data. At the core of the XY Oracle Network is an integration of cryptographic mechanisms, known as Bound Witness and Proof of Origin used to combine the block-chain technology with real-time data collection in the system for direct application.
Archivists, Bridges, Diviners and Sentinels are the primary components of the XYO Network, which has been working on the concept to enable developers to be able to interact with the physical world in a manner as if it were an API. The XYO Network is also among the first protocol in the world which makes it possible for two entities to transact without the involvement of third party. XY’s GPS and Bluetooth devices allows users to integrate physical tracking beacons on anything that they want to keep a track of, be it their keys, bikes, luggage or even pets, and with the help of the mobile app, one can easily locate the missing items. In a mere span of 6 years, the XYO network has been able to create the largest GPS and Bluetooth consumer network around the globe.
The basic aim that XYO Network aims to achieve is to be able to create a decentralized location oracle which is resistant to attacks and is also able to produce the highest certainty possible whenever queried for any available data, and this can be achieved with sets of abstractions which reduce the risk by a large number.
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