Just got an Ad in my Gmail account: New and cool XYO (almost XYZ) Network ICO.
Checked Google trends and got this
So looks like XYO is trending now. Let’s check the site
What I found interesting:
Team
For a very 1st look, everything is OK. I’ve even found 10+ shared contacts with XYO Network CEO. But I see two strange things:
- Jelena Boskovic, Head of HR & Administration
Seems she doesn’t have any Linkedin account. That’s nonsense, especially for a tech startup. - Carter “Big Head” Harrison, Blockchain Application Developer
This guy should have a huge and interesting developer profile, full of abbreviations, framework and bright project names. But he hasn’t. Quite unusual as for developers profile. Also, that strange story about 12 yo API developer without any proofs …
GitHub profile
So far it has some subprojects on board with very few commits and code branches. Also, it looks like the team doesn’t use issue tracker and not following industry standards for commits commenting. And code looks like not even started.
So it looks a bit confusing for me. But probably it’s normal for that stage of XYO N lifecycle … Who knows …
And as a conclusion some nice video review for XYO Network ICO
In this video The_Crypto_God going to cover XYO a proof of location Oracle Network built, on the Ethereum blockchain.
XYO the world’s first proof of location-based Oracle network built on the Ethereum blockchain and they’re aiming to breach into an 11 trillion dollar reliant trade market now. I’m going to talk about the technology covered by the team look through some of their documentation and then give you guys an overview of their token sale structure as well. but essentially their token.
Main page
just gives you a quick overview of the blockchain, what’s happening in the space and basically some of the future that we can expect in terms of cryptocurrencies and where blockchain technology is actually
going
Documentation section
it’s actually quite impressive. They got their white paper here which is quite extensive. But luckily they’ve
simplified it into a few other documents which I’m going to cover to make it easier for you guys
- the red paper which addresses the security risks involved with this network and how they’re
providing safeguards to protect the network once it goes live. - the green paper which covers the business primer in the economics of the token so they talk about a background on blockchain technology and how the XYO Network aims to provide solutions and
details in various crypto economic tools, that they’ll be deploying across the network to create this platform
The pitch deck
It is a detailed outline of the network technology and the solutions that they offer to the real world problems. It’s technically one-page document, a simplified version of the white paper. I.e. kind of executive summary for the different use cases that the XYO Network will be applicable to. So far they have
- e-commerce
- medical care in hospitals
- rental car agencies
- commercial airliners
- logistics insurance
- national securities
The drone packaging, high-value Dimond and rare stones are coming. As well as autonomous vehicles and gaming. So as you can see this is pretty diverse and there’s a lot of areas which this network will be utilized for.
The executive summary – sort of talk about what they’re doing, what they promote.
Throughout this project XYO Network utilizing the power of smart contracts. They use these contracts
to execute automatic, transparent and trustless agreements. I.e. essentially cutting out the middleman and escrow and making a system that is efficient and decentralized.
Smart contracts do have one limitation and that’s what these do rely on centralized data sources for
data input a lot of the time and there is often a limited offline application for them. XYO are trying to
breach into offline markets. They have to bridge a few gaps here and they talk about that further on into the
documentation. Basically, they just give a bit more overview on smart contracts and how they work.
They say that the current vulnerability in crypto location technologies revolves around devices that report back an object’s location in smart contracts. This data source is the true innovation at the core of the XYO
Network centres around. A location-based roof underlying the components of the system to create a secure crypto location-based protocol.
XYO net where it goes fully decentralized, completely transparent and autonomous. It’s trustless through those smart contracts and its identity lists as well so location data is stored anonymously protecting the privacy and safety of all network users.
They talked a little bit about a theorem here and they go into the network a bit more here talking about the XYO token and where that comes from. Essentially proof of origin is what they’re going to be using as their
network methodology. So this is the key to verifying that Ledger’s flow in the XYO network are valid and relies on a concept of bound witnes.
A unique ID for a source of data is not practical since it can be forged. And private key signing is also not practical to solve this. The XYO Network uses transient key changing and the benefit of this is it’s
impossible to falsify the chain for the origin of data. They determined that the certainty of the Oracle witness node in a trustless system gathered the data that is shared by calculating an origin chain score.I.e. the network consists of a few different things here which are built into this smart contract.
- We have sentinels, which are location witnesses
- We have diviners, which answer a given question by analyzing historical data that has been stored by the archivists.
- We have bridges which are the location data transcribers
- and obviously, the archivists which store information from the bridges in a decentralized form