Have you ever lost a package that couldn’t be traced?
In today’s society, a ton of packages is shipped out to customers every single day. In the US alone, UPS is handling more than 19 million packages every single day, and that is just one of many delivery services. With so many packages going out every single day, it’s inevitable that a lot of packages are lost every single day. This is very tedious for consumers who are excited to receive their package but is also a liability for delivery companies. Most delivery services do come with a tracking service, but these are not always accurate because the process requires manual work. A crypto startup by the name of XYO Network (XY Oracle Network) has set out to improve this issue and at the same time create an ecosystem for applications based on location data. As you are reading this, chances are that you are familiar with the world of blockchain, and have at least heard of smart contracts. These are able to execute whatever has been coded into them when set conditions are met, completely automatic, decentralized and secure. Nobody can interfere when they which creates a trustless environment as code controls everything. This exact concept could very well improve industries such as the delivery service industry because everything can be verified in a way that people can trust. XYO Network is taking smart contracts to the next level by introducing location-based data to the equation, which allows smart contracts to execute when certain location conditions are met. This could, for example, be when someone from the network verifies that a certain package is in the right location at the right time.
The application of location verification
The ability to verify where something is in a trustless environment is obviously a very powerful technology, which instantly makes you think of the many possibilities it creates. XYO Network can obviously be used for important business-related tasks like verifying parcels, but it can also be used for simpler tasks such as finding where you parked your car, you could even use it to continuously verify the location of a valuable item that you have in storage. Often people just assume the storage service still has your item, but with XYO Network you could get it verified as often as you’d like. Another great thing about this project is that developers will be able to use the technology XYO Network is creating, in order to make their very own apps that use location verification. Users of the XYO Network are the “miners” of the entire operation. When they verify the location of a requested item on the network, they are rewarded in XYO tokens for their contribution of data. This means that you could be going around town with your GPS and app running, and without knowing it, be verifying parcels, cars, items and whatever is being tracked on the network. You might think, why don’t I just spoof my location like you could do in Pokemon Go, in order to rake in rewards from all over the world without even leaving my house. This problem is well known by the team, which is why they have developed measures against this, so only legit, and actual data from the real world is used within their ecosystem. You can read more about these processes in their whitepaper.
To fund their project, XYO Network is raising funds through an initial coin offering (ICO), selling their ERC20 token XYO. These tokens are going to be used for various tasks within the XYO Network, including payments and rewards.
The token sale started on the 20th of March
The token sale ends the 21st of May
100,000-33,000 XYO = 1 ETH (Price depends on the number of tokens sold)
The price of XYO at the time of writing is 98,098 XYO = 1 ETH, find latest price here
- Maximum amount of tokens minted is 24,158,373,684 XYO
- A maximum of 9,495,450,000 XYO will be for sale during the ICO
- Hard cap is 48,000,000 USD
Maximum supply depends on amount of tokens sold
A very insightful video has been made showcasing the team behind XYO Network
To learn more about the team and their advisors, visit the official website at: https://xyo.network/team/
If you find this project interesting and wish to learn more about it or their token sale, you can visit the following links below and read their whitepaper. To keep yourself up to date on the project, you can follow their social media accounts also linked below.
Bounty Thread: https://bitcointalk.org/index.php?topic=3053801.0
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