XYO came onto the scene out of nowhere in 2018. In fact, it’s still flying a bit under the radar compared to where it could be next year.
Charlie Shrem, Bitcoin pioneer and founder of the Bitcoin Foundation, sits on their board of advisors.
CNBC called XYO a perfect enterprise play for Amazon, and just recently they grew even closer to the e-commerce giant by joining Amazon Web Services’ (AWS) Partner Network.
But what many don’t know is they’ve made an even bigger splash overseas in the Chinese, South Korean and European markets. They’ve even been featured in massive Chinese Publications, including Forbes China.
So, what makes XYO Network positioned to disrupt the $70 Trillion location-reliant market and create one of the most exciting applications of blockchain technology to date?
Unlike some blockchain projects out there lacking any real substance, XYO sits behind a company called “XY” whose been in business since 2012. This San Diego-based company has built over 1 million tiny Bluetooth and GPS devices that help you find and track your lost items.
What the brilliant minds at XYO are building is the software to bridge blockchain with the real world by tapping into these 1 million+ devices already out there in the wild.
The result is the world’s first location-based, trustless, decentralized oracle network that isn’t reliant on GPS, which costs American taxpayers a staggering $2 million per day.
HERE’S HOW THE XYO NETWORK WORKS
In the world of blockchain technology, a concept exists called an “oracle”. An oracle is an off-chain data source that feeds information to blockchain smart contracts in order for them to execute.
For instance, one can create a peer-to-peer prediction application that awards the winner 100 ETH after a sports game concludes if Team A beats Team B by programming it to check espn.com’s API one second after the game ends. In this example, espn.com is what’s called an “oracle”.
The idea behind XYO is similar. Except, instead of calling out to espn.com to get the score of a sports game, it enables one to call out to the real world to get an item’s geolocation!
This is a game changer because XYO enables smart contracts to call out to the real world to program functionalities like, “When item A gets to XY-cordinate (latitude, longitude), then send 100 ETH to wallet address `0x1234…`
Imagine hopping on Amazon to order something and not a single penny is charged to your credit card until it’s delivered to your door.
This is just one of many applications utilizing the XYO Network.
For the first time ever, blockchain will have the power to move from the digital world to the real world.
And even more powerful will be the ability for anyone, anywhere in the world to carry one of these small devices in their pocket and earn XYO every time they anonymously chip in to help the network and its users!