Review on XYO by David Olayide
XY Oracle Network
As technology continues to get better and improve at an impressive rate, so do the applications continue to vary with time and become more versatile XYO a cryptocurrency token and operates on the Ethereum platform. XYO has a current supply of 13,960,974,963 with 12,844,821,265.921 in circulation. XYO is a network of devices that anonymously collects and validates geospatial data, or data with a geographic components. The validation of this data is a key part of this network protocol, and a major point for understanding its potential benefit for all.
The XYO token is built on the Ethereum network so it is essentially an ERC20 based token. The goal of the XYO Network is to create a trustless, decentralized system of location Oracles that is resistant to attack and produces the highest certainty possible when queried available data. They accomplish this through a set of abstractions that greatly reduces the Risk of location spoofing through a chain of zero-knowledge proofs along the components of the system.
The technology employed with this project is quite interesting I must confess. I am enthusiastic about the project and I will keep watching to see how it develops. The XYO Network’s usage has vast applications that encompass a lot of industries. For example it can be used in an eCommerce company that could also offer its customers payment- upon- delivery services. To be able to offer this service, the eCommerce company would leverage the XYO Network, which uses XYO Tokens to write a smart contract Ethereum’s platform.
The top exchanges for trading the token include KuCoin, Uniswap (V2), Bilaxy, and YoBit. There are others though in case you are interested in getting the token for yourself. When I checked the price of XYO it discovered that it was quite low. I’m hoping this will change though.
Pros
- XYO is an ERC20 based token
- XYO makes use of very innovative technology and smart processes. If it can be adopted widely, then I think it has real potentials
- The project can be very interesting to follow
Cons
- Low market value of XYO
