The XYO coin is an Ethereum based token that powers a decentralized network of systems that collect and validate geospatial data anonymously.
In general, there has been a surge in the invention of trustless, blockchain-based smart contracts, as such, a need for oracle services that integrate the outcome of a contract has grown in demand. Currently, most of the implementations being made by smart contracts are reliant on a singular aggregated collection of authoritative oracles which are responsible for settling the outcomes of the contracts. In a situation where all the involved individuals can agree on the incorruptibility and authority of one particular oracle, it becomes sufficient. However, more often than not, the opposite is usually the case as there are no authorities that can be considered authoritative and above the errors of corruption.
This and several other factors intertwined together are what have led to the creation of the XYO Network and token.
Who are the Founders of Xyo (XYO)?
The Xyo network was co-founded by a pair of developers named Arie Trouw and Markus Levin. While the two currently serve the platform in different capacities, they have major experience in blockchain technology and have worked across several industries.
Levin holds a master’s degree from the Macquarie Graduate School of Management (MGSM). Levin is one of the early miners of Bitcoin as he had already started as far back as 2013. Before establishing his network, he participated in the development, management, and facilitation of several companies for over 15 years. His specialization lies in his ability to take companies to their full potential by implementing dedicated data-driven systems. Trouw on the other hand took a different path to where he currently is. He started with software development when he was 10 with the TRS-80 Model I. However, he later moved on to more mainstream systems like Apple and Atari. He went on to obtain a Bachelor’s degree from the New York Institute of Technology. Currently, in Xyo, he serves as the chief executive officer, as well as the chief financial officer.
What is Xyo (XYO) used for?
According to the founding team of the Xyo network, the systems used on the platform provide users with access to a network of devices that provide high correctness of location data via a chain of cryptographic proofs. As such, the users of the platform are able to execute queries that are otherwise regular transactions.
In order for a user to be able to retrieve a portion of the location data on any of the available blockchain platforms, it requires that the aggregators process the queries issued to the smart contracts and relay the results in the form of cryptographic proofs.
As the network’s dedicated cryptocurrency, the XYO token is used in the execution of all transactions within its ecosystem. In addition to this function, it also serves as readable material with other cryptocurrency tokens such as DAI which can help holders earn extra money.
What Is the Unique Point of Xyo (XYO)?
The XYO is a platform based on the creation of cryptocurrency solutions and making existing solutions better. To this effect, the system was divided into four major parts which are Bridges, Sentinels, Diviners, and Archivists. The Sentinels are responsible for the gathering of location-related information via receptors, radios, and sensors, among other means. The Bridges then take the data provided by the Sentinels and transfer them to the Archivists. The Archivists then proceed to store the information where the Diviners can easily access it, to analyze them. Upon receipt, the Diviners carry out heuristic analysis on the provisions of the Archivists and generate answers to queries, after which they then assign them with accuracy scores.
The answers obtained from this process are then relayed back to the smart contract of origin, thus making the Diviners the oracle in this process. The score given, also known as the Origin Chaib Score is the. Determined via a collection system with zero-knowledge and called proof of Origin Chain.
How many Xyo (XYO) coins are in circulation?
The Xyo token stands as a major part of the infrastructure and power required by the DeFi application on the platform. The system is essentially focused and revolves around the aggregation and connectivity of the authoritative oracles. According to its team, the system believes that an oracle is needed for the maximum potential of the DeFi apps to be reached.
Presently, the supply of XYO tokens available upon creation is 13,960,974,963, while the system has a circulating amount of 12,844,821,265.9205 XYO tokens.
Is the Xyo (XYO) Network secured?
Just like most of the other cryptocurrency tokens based on the Ethereum network, the Xyo token also follows the same security procedure as the Ethereum network.
The platform is secured by a dedicated proof of stake consensus mechanism which has the main goal of aiding the network in reaching a consensus in a decentralized and secure manner. Unlike the proof of work mechanism, the proof of stake system makes use of validators who are required to stake their tokens in order for them to be able to create new blocks. This block creation exercise is selected at random by its algorithm, thus discouraging any form of malicious activities on the network that can jeopardize if’s integrity.
How do I buy Xyo (XYO)?
XYO tokens came with a single goal of solving the problems that are accompanied by smart contracts relating to location. Because several platforms have not been able to solve this problem, the Xyo system has gained major recognition and is presently listed on several exchanges. Buying XYO tokens is just as easy as buying any other type of cryptocurrency and can be easily completed by the steps below.
- Interested users will have to create an account with the crypto trading platform.
- Next, they will need to transfer an exact amount of fiat money to the crypto account.
- Then, when the transaction has been approved, they can now buy their XYO tokens.
Which Cryptocurrency Wallet Supports Xyo (XYO)?
The PTPWallet platform is in the business of providing cryptocurrency solutions that directly accept the interaction of the users with the world of blockchain technology. The platform supports XYO wallet as one of its tokens, among a list of several others which its users are free to access at any time. The platform also features a state-of-the-art navigation system that helps the users interact with the system easily.