XYO created a people-powered data network that crowd-sources determination of real-world truth, digitized into cryptographically verifiable formats that are interoperable with blockchain technologies. Self-driving vehicles, package-delivering drones and smart cities are all outcomes in our technological future which will each require real-world data being accurately represented in the digital world. Decentralized sources of this required data that are delivered from a widely distributed network of users and devices will be necessary for the inputs and consensus-based results to be properly trusted by the systems that rely on them. The XYO Network is a Decentralized Oracle Network that delivers real-world verifiable data to the blockchain using a distributed system of Edge Nodes and Core Nodes that utilize cryptographic technologies which greatly reduce the risk of false inputs becoming reported truths. We asked XYO some questions about their vision and the future and got insightful answers.
What is the vision of XYO?
We envision and strive to realize 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. With the growing presence of connected, location-reliant technologies, our privacy and safety rely heavily on the accuracy and validity of location information. While all previous attempts have relied on the integrity of the devices collecting this data in the physical world, XYO’s network seeks to be self-verifying through the use of our unique “bound witness” protocol. This protocol allows network node devices to bear witness to one another’s data, amplifying good data while excising suspect data.
How does blockchain technology help to achieve your goals?
Being a trustless network, the transparency provided by blockchain in the form of public ledgers is essential to establishing the veracity of XYO’s data. It also allows XYO to engage in token economics. XYO’s token utility makes on-demand transactions within the network fast, accessible, and viable for anyone who wishes to participate. The token also provides incentive for participation as a node producing network data, allowing the parties who gather this essential data to “geomine” the XYO token.
What makes XYO unique?
The most revolutionary aspect of XYO is our fundamental trustlessness. The bound witness protocol allows XYO to provide what no other network can – secondary, tertiary, and even more distant sources which corroborate the primary source. Moreover, these data points are fully publicly accessible, meaning that anyone using XYO as a data source can easily track and cite any data and prove its accuracy.
What will the world look like in ten years?
- The world is quickly moving towards humanless interactions that connect a customer with a product or service in a short period of time.
- In almost every case, location information plays an important role in the existence of these interactions — product delivery needs an address, driverless cars need relative and absolute location data, and smart cities need to be reliable.
- In ten years, people will need to rely on technologies that utilize trusted and accurate data to perform these transactions. In many cases, we will see centralized communities and companies that rely on decentralized, blockchain technologies behind the scenes. Similar to the adoption of a complex Google Maps on an easy-to-use smartphone or the detailed delivery system that Amazon uses around the globe, these new interactions will require straightforward user interfaces with complex technologies backing them. XYO aims to be that complex technology from which simple interactions stem from.
What motivates you to be a sponsor at BLOCKCHANCE Europe 2021?
Blockchance and XYO are extremely aligned when it comes to a future that fully incorporates blockchain technology to solve big problems by opening up blockchain technology and education to the individual. XYO’s goal to provide a self-verifying, more accurate data network is already being realized through applications and products that supply the individual with greater personal data control, access to cryptocurrency, and an induction to the traditionally inaccessible global data economy. By creating a system designed to succeed through collective cooperation of individuals, XYO
Today, XYO belongs to the market leaders in providing their type of oracle data to smart contracts and non-blockchain applications. XYO also is a sponsor of the upcoming BLOCKCHANCE Europe 2021 conference. Get your tickets here, win an impression of some of our speakers on our YouTube and join us on Telegram, Twitter or LinkedIn to stay up to date.