Is it possible to create an oracle network ecosystem that will be fully functional and that can anonymously collect and validate geospatial data? A few years ago, it would have been logical to answer this question in the negative. However, now the answer is "Yes." Indeed, the company XY Labs, plans to set up such a project to support the cryptocurrency sector.
Seamless data with blockchain
Founded in 2012, XY Labs and its homonymous XYO protocol based on the Ethereum (ETH) blockchain plan to develop new offerings that will reward people who participate in the existence of the blockchain. Currently, the network has a total of 4 million nodes worldwide.
In a recent interview with Cointelegraph, Arie Trouw, founder of XY Labs, revealed that the XYO system is based on a particular type of payload: the BoundWitnesses. The system contains a list of data points that can be modified to include time, date, and location, and be signed by the nodes. In this way, the system guarantees optimal security to its users. In addition, all information is backed up so as not to be compromised.
"The job of an oracle is to provide an answer with as much certainty as possible. We use blockchain to remember these answers and ensure transparency in the solution creation process by linking to supporting data using immutable hashes."
Operating that benefits investors
In order to ensure the safety of its users and data that conforms to reality, BoundWitnesses simply shares the data that people really need. On the other hand, personal data is carefully stored. Each node has its own blockchain and the blockchains are linked together thanks to BoundWitnesses' system.
Alongside this project, XY Labs plans to continue making improvements to its COIN mobile app. The current changes will allow the app to continue to reward those who participate in the collection and production of data. The application works on the basis of the XYO token whose total stock is estimated at 12 billion.
The XY Labs company behind the XYO token wants to continue to strengthen its place in the cryptocurrency system. To do this, it wants to develop new offers that will reward loyal users of the blockchain.