So what is XYO exactly?
The XY oracle network (XYO) is a platform that
allows for location verification across many device classes and protocols.
Unlike other blockchain based platforms that use proof of work or proof of stake
as their consensus mechanism, XYO instead uses a novel cryptographic mechanism
it terms Proof of origin, and Bound witness to integrate the power of
blockchain with real world location data. The location-reliant trade industry
is worth at least $11b USD and is increasing year on year with the increase in
location-based technologies. Companies of all sizes are seeking to use location
data in their products, a market XYO is hoping to cater for.
The XYO platform uses a utility token (XYO
token) that smart-contracts can use to access geo-location data from the real
world. The XYO network will require a mining network, and data from a large
number of location tracking devices in order to achieve its full functionality.
These can include IoT devices, RFID scanners, Bluetooth devices and mobile
phones, which will allow to collate and integrate all of this information for
protected storage on its blockchain.
Funding, Token and Distribution Plans
XYO is an Ethereum based blockchain, using the
ERC-20 standard. The total supply of XYO is capped at 24,158,373,684 tokens.
Unlike many ICOs which offer fixed amounts of tokens per ETH, XYO is using a
novel approach of decreasing the amount of XYO/ETH with every successive
transaction. As of writing, 1 ETH = 99,525.10 XYO, and will continue decreasing
until a rate of 1 ETH = 33,333.33 XYO is reached, at which point dynamic price
adjustment will be frozen. The ICO of the XYO network first opened on the 20th
of March 2018, and is scheduled to run for two months, until it finishes on the
20th of May 2018. Tokens that were not sold during the ICO will be
burned, noting that the hard cap is $48 million USD, and no further tokens will
be created.
The XYO network team have stated that proceeds
from the token sale will be distributed according to the following plan;
- 40% – XYO Network growth, marketing strategic partnerships
- 35% – Engineering, research and development
- 15% – XY Oracle Network platform operations
- 5% – Ethereum platform projects
- 5% – Overhead
One
of the many strengths of the XYO network project is its strong team. Led by CEO
Arie Trouw, an accomplished serial entrepreneur having founded XY in 2012, and
currently serving as CEO of the Findables company, the project is an
experienced hands. There is also a strong team of blockchain engineers to work
on the technical aspects of the project. The team also has Scott Schepper
onboard, a well known blockchain marketing expert, and professional startup
marketing guru.
How much potential does it have?
The XYO token is an excellent concept with
great potential to disrupt the location data industry. It has obvious strong
potential in the e-commerce industry where its system can be used for parcel
tracking and delivery records, whilst also being applicable to many other
industries, including aeronautics, rentals, supply and the travel industry. By
combining data with Ethereum smart-contracts, the XYO network also has the
potential to trigger certain events once a location-based event has occurred,
such as releasing payment for an item upon delivery, or arbitrating time
disputes on in-person trades.
The potential of this project really is
massive, and a strong team behind it makes the XYO network an almost shoe-in
for success. Because of its strengths, we rate this ICO an 8.7/10 for
investment potential, and a 9/10 for its concept. This is blockchain at its
finest.
For more information please visit;
Website: https://www.xyo.network/
Announcement: https://bitcointalk.org/index.php?topic=3040825.0
Telegram Community: https://t.me/xyonetwork
Bounty thread: https://bitcointalk.org/index.php?topic=3053801.0
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