There is an increasing need in recent time to get oracle services to work to support smart contracts. This is to ensure that such contracts are authentic and can move forward without any risks coming about. Location oracles are among the most popular of these. A location oracle works by managing the many components of a data without a local environment. It is a solution that assists in securing how well contracts may be utilized.
XYO Network has a goal to create physical location oracles for blockchain transactions. This is an oracle protocol that will allow people to manage transactions in the real physical world without having to go through a third party.
Proof of Origin Changes
The unique proof of origin system that the XYO Network will utilize is a vital part of what makes it worthwhile. The regular proof of origin setup entails a private key for managing contracts. This works assuming that the node on a network is secure.
With the XYO system, transient key chaining is used. This entails a focus on tracking a contract with a real life item that can be monitored through GPS or Bluetooth connections among other points. This ensures that the origin of data can be confirmed with no problems involved.
How Are Things Tracked?
Bluetooth and GPS-capable devices will be a focal point of the XYO Network. Such devices will track items that people want to keep tabs on. This ensures that all content is accessible and easy to retrieve at any moment. The main purpose here is to make sure all content that is on the network can be easy to spot and identify while confirming all points of origin.
What Is the Bound Witness?
The bound witness system is a program that the XYO Network will utilize in the future. This is a setup where the sources of data being used will become trustworthy. With a traditional trustless system, a node could provide people with false data. But by using the bound witness, a physical point is used for confirming a transaction, thus preventing false information from moving forward. A bidirectional proof of location, whether it entails Bluetooth or GPS support, will be required to get a contract to move forward. The goal is to keep the multiple nodes involved close to one another so it becomes easier for data to be confirmed and sent out the right way.
Works With Many Platforms
The XYO Network will operate with many blockchains in mind. It can manage the Bitcoin, Ethereum, EOS, Cardano, Stellar and NEO chains among others.
This can even work with its own online client. The XY Gamma client will work on many programming languages to make it more accessible and easy to utilize. This is needed for allowing it to stay functional and ready for any use one might hold.
The goals of the XYO Network are vital to helping make it easier for the real world to manage blockchain smart contracts. This will assist in keeping all transactions on the network accurate and consistent without any problems.
Official XYO Network website – https://www.xyo.network/
Telegram Channel – https://t.me/xyonetwork
Bitcointalk Thread – https://bitcointalk.org/index.php?topic=3040825.0