Blockchain technology is seeking to disrupt a wide range of markets and established technologies, including ones you would not expect, from gaming to logistics to education. The XYO Network, also known as the XY Oracle Network, transforms the way geographical data is gathered and verified using blockchain technology.
What is Xyo Crypto? XYO Network Review – 2023
XYO is a geolocation start-up that was created in 2017 by San Diego, California-based XY Labs and is now run by the nonprofit XYO Foundation. The token underperformed until 2021, after the network’s 2018 introduction.
With the growing presence of connected, location-reliant technologies, our privacy and safety rely heavily on the accuracy and validity of location information. Various attempts have been made to eliminate the need for centralized entities controlling the flow of location data, but every attempt has relied on the integrity of the devices collecting this data in the physical world.
We propose a trustless, cryptographic location network using a novel formulation reliant on a chain of zero-knowledge proofs to establish a high degree of data certainty on location information.
White paper
The XYO Network uses its ecosystem of devices to determine if an object is present in a specific geographic area or not, enabling smart contracts to communicate with the real world. Applications that perform smart contract transactions based on location confirmation can be made with this capability.
Detailed Information About Founders
XY Labs introduced the XYO, or XY Oracle Network, in 2017. The organization that created the XYO Network, XY Findables, was established in 2012. The project was founded by Arie Trouw, Markus Levin, and Scott Scheper. In 2012, Trouw established XY Labs, a business that develops novel mobile and blockchain-related technologies. He leads XYO as CEO.
In 2013, Levin got active with blockchain and cryptocurrency mining. As a seasoned Internet entrepreneur, Levin has founded and run several businesses, including Koiyo, hive Media, and Novacore.
San Diego-based serial entrepreneur Scheper serves as the CMO of XYO. He started Greenlamp, a programmatic advertising business that specialized in automated media buying, before contributing to the founding of XYO.
XYO Crypto Highlights
Geospatial data is anonymously gathered and verified through the decentralized device network known as the XYO Network. The Ethereum blockchain is the foundation of XYO. Data that is geographically specific is known as geospatial data.
In order to improve public awareness of the advantages of a geospatial location network that is motivated by incentives, the platform aims to promote teaching, research, and development of the XYO protocol. Below you can see some of the platform’s highlights.
Decentralized
Verification is not done by any big institutions or corporations that charge fees. The XYO Network is built on a system that is totally open and independent. The network has no admission restrictions and is open source, making it free to use and promoting fair competition.
Trustless
The XYO crypto participants share authority and trust rather than having it centralized in one or two fee-paying individuals or organizations. Blockchain technology from XYO Networks does away with the requirement for trust by making all transactions secure, transparent, and decentralized.
Identityless
The security and privacy of all XYO Network users are preserved by the anonymous storage of location data. Combining a zero-knowledge proof with the proof of origin cryptographic method allows for this. The XYO Network uses a technology called proof of origin to validate ledgers that incorporate geographic data.
Tokenomics
In order to create new blocks and reward users, the XYO Network uses a proof-of-work system. In the process of responding to the question, the diviners construct the block and gather data for the blockchain. They are rewarded with XYO tokens as a result of the proof-of-work process.
The total supply of the XYO token is 13,960,974,963, and the circulating supply is 12,844,821,265.92. The token is currently trading at $0.004567. XYO token price decreased by 8.77% in the last 24 hours.
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