Overview of XYO Network
The XY Oracle Network, also known as XYO Network, is a device collecting and validating geospatial data or information that has geographical components. Location beacons are used in conjunction with the internet of things and mobile devices to achieve this. Validating geospatial data is a major part of the protocol.
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The trustless cryptographic location network provides layered location verification across device classes and protocols. A new cryptographic mechanism called proof of origin & bound witness is combined with blockchain technology and real-world location-based data collection to form XYO Network.
XYO stands to create trustless, decentralized systems or location oracles. XYO cryptocurrency allows developers of the smart contract and blockchain system to interact with the physical world like an API. The system tries to provide exact details with the help of a set of abstractions. This set of abstractions reduced the risks of location spoofing through a chain of zero-knowledge proofs.
The community of XYO cryptocurrency was established in 2017. XY Labs is the team behind the XY Oracle network. The developers aim to educate the world about the advantages of an incentive-driven geospatial location network.
Features of XYO
XYO can enable users to launch into a protocol of connected devices which provides accurate location information with the help of a chain of the cryptographic protocol. Users can initiate transactions called ‘Queries.’ Queries are used for recouping location data from any blockchain with smart contract functionality.
Aggregators will address the queries, find the best suitable answers from the decentralized device set, and feed this back to the smart contract. System components locate the object at a specific XY coordinate at a given time with almost certainty.
- The accuracy score is called the origin chain score, and it is determined by a set of zero-knowledge proofs called proof of origin chain.
- Each component along the data path adds proof of origin to protect the confidentiality of the information.
- Diviners have a decentralized consensus mechanism, and this is realized with the help of an immutable public blockchain called XYO main chain.
- XYO main chain pool query transactions, information collected from diviners, and associated score.
- XYO is competent to interact with smart contract capable, public blockchain such as Ethereum, Stellar, Cardano, EOS, and NEO.
- XYO app is available on both IOS and android.
- The network has a ready-to-use SDK: Kotlin core SDK, Swift core SDK, and Node JS core SDK.
By integrating with the XYO network, E-commerce companies can track their shipment at every stage using separate ledgers. It will confirm shipment at every step as well as the delivery point. It can provide independently verified paths for the drone systems to avoid collision and intimate the exact path and locations.
XYO will help the medical industry by providing accurate location data to emergencies, reducing errors, and increasing hospital accountability. The flight transportation industry can leverage the advantages of XYO to precisely track luggage shipments to avoid losses and delays in delivery.
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Products of XYO
Sentinels are physical or sentinel devices in the XYO that collect location information. When two sentinels are near each other, they will initiate the signal that they are in the exact location. This interaction is called the bound witness, and it is the proof of sentinel location, so sentinels are also called location witnesses. Sentinels observe the data heuristic and confirm its accuracy by producing ledgers. Sentinels are working with the help of proof of origin to a relay chain of cryptographic proof. When the information provided by the sentinel meets the criteria of the network and is accepted as an answer; then, sentinels will be rewarded using XYO tokens.
Bridges act as an interconnection between sentinels and archivists. It takes the information from the sentinels and provides that to the archivist. It is a node that searches for witness interaction. Bridge nodes can be operated from Bridge devices or smartphones. Bridges transfer the same details without any alteration only by adding Proof of Origin. When the information is transferred, a bridge is used to answer the query, then they will get incentivized using the native token of XYO.
Archivists are the information storers to Diviners. Archivists record all the confirmed witness interactions. It collects data from bridges and is stored in a decentralized form. The archivist also has ledgers; hence they can easily return a string of ledger data if needed. The storage in archivists is free, and archivists are incentivized only when the stored raw information has been used to answer a query. Archivists are interconnected, so if one archivist cannot answer a particular query, it will ask the other.
Furthermore, archivists are of two types, one at the production edge and the other at the consumption edge. Archivists at the middle are called hybrids. An additional Proof of Origin will be added when data is handed over from one archivist to another, and all archivists involved in the transfer will be rewarded.
Diviners serve as an oracle to upload this data into smart contracts. Diviners collect the information transferred from archivists, analyze them and provide accuracy scores to generate them as answers. Therefore they are considered the most important part of the network. Diviners try to find out the exact answers from the archivists for the query raised in the smart contract. Answers with the highest accuracy scores will be selected as answers to upload back to smart contracts. Queries in the smart contract are prioritized based on the reward. The higher the reward, the faster the query will be addressed by the system.
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Overview of XYO Token
XYO is the native cryptocurrency of the XY Oracle network. It is an Ethereum based ERC-20 token. XYO token provides shared incentives in every stage of accurate material collection. It can be regarded as the ‘gas’ needed to interface with the real world to verify XY coordinates. Users need to hold sufficient XYO tokens to put a query in the network.
A portion of the gas fee will be paid to all components involved in the collection and giving proper answers. Geo mining app allows users to mine XYO cryptocurrency on mobile devices easily. All the utility cases are provided by XYO utility token.
The token sale was on 20 March 2018 with 100,000,000,000 tokens. Regarding the token distribution, 40% were allocated for ecosystem growth and marketing, 35% for engineering and R&D, 15% for Oracle network platform utilization, 5% overheard, and 5% for supporting Ethereum platform projects.
XYO Technical Analysis
Based on the latest news from the cryptocurrency market, global cues and fears about Omicron weighed on cryptocurrencies today. Most cryptocurrency prices are bleeding amid weakness in the most riskier asset class. The high volatility resulted in the Behemoths like Ethereum and BTC plunging for the current trading session.
XYO price today (27/12/2021) is trading at $0.03749, with a 24-hour trading volume of $7,494,336. The total market cap is $481,940,396, with a circulating supply of 12.84 Billion XYO. The historical data point to an all-time high at $0.08203 on 6 November 2021. The current price of XYO is 54.37% less than the highest price. An all-time low is noted at $0.00009607, which was on 13 March 2020.
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Looking at the past performance of the XYO Price chart, an upward journey of the coin began from November onwards. Starting from December, XYO price showed a bearish signal, and the price of XYO has dropped to half of its highest price, and the breakdown is unable to find support at any level. Yesterday the coin price formed a bullish Marbozu candle in the daily chart, but the current price is less than the previous high, and therefore the coin is unable to cross the resistance to move up. The global negativity can also be a reason for the plummet of the current trading session.
After looking at the major support and resistance levels, immediate resistance is placed at $0.04094, and any rise from this level can take XYO price to the resistance level at $0.04585. Bulls may seek an opportunity above this, and major resistance is placed at $0.04800. Above this level, investors can think of a long-term investment option.
On the downside, immediate support is placed at $0.04043; below this, XYO price seeks support at $0.03255. Any drop below this is eyeing towards $0.03255. The XYO price between $0.03255 to $0.0318 acts as a support zone. If the XYO price goes below this, traders can sell XYO and wait for a bounce at the support level of $0.028.
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The major technical indicator shows that MACD is slightly above the signal line, but the candlestick pattern is insufficient to support a trend confirmation. RSI is placed at 43 just above the oversold zone and acting neutrally. XYO price is trading below its 50 DEMA and 20 DEMA.
XYO price tried to cross the middle line of the Bollinger band but currently trading below. ADX struck 20, which means the downtrend is weak. There is a chance for a trend reversal in the short term.
To put the technical analysis briefly, though there is a bullish Marbozu formed in the chart yesterday, it cannot sustain for the current trading session, and there are no other bullish signals in the chart. But XYO cryptocurrency may start moving upward within the medium term. It will try to hold green…