One of the most interesting and ambitious blockchain projects of recent times is about to have its ICO and it is called the XYO Network.
It is aiming to use its vast network of connected devices in the real world to accurately track items — everything potentially from your cat to your Amazon parcel.
Then with the benefit of blockchain technology, it will use this location data to execute smart contracts for agreed actions to happen, for example to take payment for an Amazon parcel once it is successfully delivered to your home.
The ICO will start on 20th March and run until 20th May.
How will the XYO Network work exactly then?
Well, you have probably heard of the “Internet of Things.” It is the little gadgets and devices around us that will soon be talking to each other to make life easier for us all.
So for example your phone may communicate with the thermostat in your home, to get an idea of your daily routine and when you are likely to be home so that it can set the temperature to the right level for when you come in.
What XYO Network is planning to do is take the huge network of over a million GPS-tracked devices it has in the real world and connect them up to the blockchain to provide a kind of trustless tracking system that could revolutionise how we track objects according to their location and then use that information.
These devices — called “sentinels” — include everything from light bulbs to internet routers, doorbells, garage openers, cars, fridges and not forgetting the more obvious ones like phones and tablets. Or they could even be your microchipped cat.
With all of these devices linked up, they can track very accurately where something is and then use that data to execute a contract on the Ethereum blockchain.
Here are some examples of what this could mean in practice:
These are some of the obvious uses for XYO’s technology, but actually there are potentially limitless uses of it.
Now you may be wondering — this all sounds nice, but where does the blockchain come into the picture and why is it needed? Surely these devices could just communicate with each other anyway, without needing the blockchain?
Well, XYO Network has developed special new Proof of Origin and Bound
Witness protocols and is thus aiming to make location verification trustless.
The beauty of the blockchain is that it can execute smart contracts automatically if given criteria are met.
It sets up a system that says “if x happens, then do y.” In this case, x could be “if Amazon successfully delivers a parcel to this person’s home” and y could be “take payment for said item from that person.”
So the XYO Network will combine all the connected devices of the IoT revolution with the blockchain to make pre-agreed things happen automatically and without needing a middle-man to verify them.
It is a very bold vision and if it works in practice, could make so many different tasks more efficient and transparent.
Here are the key details of the ICO:
The purpose of the XYO Token (XYO) will be so that smart contract developers can use it to access geo-location verification from the real world.
If you have a smart contract on the XYO Network, like for example if Amazon used it with their packages to take payment on delivery of items, then they would need XYO tokens for their smart contract to make contact with the IoT devices.
This means the more usage there is of the XYO Network, the more tokens will be used.
There aren’t many ICOs that bill themselves as “potentially bigger than Bitcoin and Ethereum,” but with XYO Network the claim may not be as completely crazy as it at first sounds.
Yes the XYO Network is giving itself a rather audacious billing, but this is an ambitious project that — if it comes off — could have fairly profound consequences for the world around us.
The Internet of Things revolution is coming — and should make our lives easier in a lot of different ways.
The XYO Network will allow this revolution to have much greater usefulness in the real world, verifying location data and using that to execute smart contracts.
That could mean everything from verifying an Amazon package has been delivered to rescuing your stranded cat.
It’s a bold vision but if it comes off, could be one of most significant blockchain projects we have seen.
So what do you think of the XYO Network? Is it a good idea and will you be investing or are you giving this one a miss? Let us know in the comments below!