XYO Price (XYO)

XYO is a unique digital asset that operates on the Ethereum platform. It aims to establish a trustless, cryptographic location network that leverages blockchain technology and real-world data collection. The XYO Network, also known as the XY Oracle Network, is designed to enable layered location verification across various device classes and protocols. At its core, it utilizes novel cryptographic mechanisms known as Proof of Origin & Bound Witness. These mechanisms strive to establish a high degree of data certainty on location information, eliminating the need for centralized entities controlling the flow of location data.

The XYO Network operates through a set of abstractions that aim to reduce the risk of location spoofing through a chain of zero-knowledge proofs. The network comprises four primary components: Sentinels, Bridges, Archivists, and Diviners. Sentinels gather location information, Bridges relay this data to Archivists, who then store this information for Diviners to analyze. Diviners analyze location heuristics from Archivists to generate answers to queries and assign accuracy scores to them. The accuracy score, named the Origin Chain Score, is determined through a set of zero-knowledge proofs known as a Proof of Origin Chain. This chain guarantees that two or more pieces of data originated from the same source without revealing any underlying information.

XYO aims to enable developers to interact with the physical world as if it were an API. It seeks to make location verification trustless, creating a protocol with novel use cases that have not been possible until today. For instance, XYO can be used to verify the location of a physical item without the need for a centralized third party. This could be particularly useful in scenarios where the location of an item is crucial, such as in supply chain management or asset tracking. Furthermore, XYO's Bluetooth and GPS devices allow everyday consumers to place physical tracking beacons on items they want to keep track of, such as keys, luggage, bikes, and even pets.

The concept of XYO was introduced in January 2018 by Arie Trouw, Markus Levin, and Scott Scheper. The team recognized the growing need for a trustless, decentralized location oracle due to the increasing presence of connected, location-reliant technologies. They proposed the XYO Network as a solution to this problem. Over the years, the XYO Network has grown significantly, with over 1,000,000 devices circulating worldwide. This growth has been facilitated by their consumer-facing business, which allows everyday consumers to use XYO's Bluetooth and GPS devices for tracking their belongings. The concept of provable location, which is central to XYO, has been around since the 1960s, but XYO has brought a novel approach to this concept by focusing on proving the origin of physical location signals.