The use cases for blockchain technology are not all that difficult to come by. Some projects take a rather unique approach to bringing this technology to the masses, though. XYO Network, for example, uses blockchain technology in an offline manner to focus on location verification.
Explaining the XYO Network
There are a lot of aspects of finance-related markets which most people rarely take into account. In the case of XYO Network, the company is looking to combine blockchain technology with crypto-location technologies to provide location-reliant markets with an option to employ transactions which depend on the time or location of delivery. It is evident this is not something most consumers will ever benefit from, but that doesn’t mean this project has no merit either.
How Does it all Work?
Various technologies are at work here. First of all, there are smart contracts capable of accessing real-world data. By using the XYO Network’s ecosystem of devices, these contracts can successfully determine the x-y coordinates of any object in the world. That in itself opens up a lot of opportunities, assuming there are companies that will make use of it.
Additionally, users can deploy applications to execute transactions as part of this smart contract technology. That will be rather interesting to keep an eye on, assuming people are actually planning to build applications on top of this new network. Any project needing to verify location data in any capacity can benefit from what the XYO Network has to offer in this regard.
The main purpose of this new project is to create a successful location-based business to get Bluetooth and GPS tracking beacons out in the world. Combining this aspect with blockchain technology, smart contracts, and dApps will certainly introduce some peculiar challenges and opportunities moving forward. The current use cases span industries including e-commerce, logistics, rental car agencies, and so forth. With over 1 million devices out in the open world already, the project is certainly off to a good start.
The XYO Token Explained
It is only normal a project like this one will effectively have its own native token, known as XYO. With this token, an incentive is created for crypto-location miners and token holders alike. Additionally, XYO is designed to create proper liquidity, low transaction fees, and long-term value. This token is not an equity or security, and there is no guarantee of the token value to appreciate over time. These tokens are primarily used to transact with the XYO Network and should be treated as such.
The Road Ahead for XYO Network
As is the case with any blockchain-oriented product, XYO Network is far from finalized. As of right now, the team is primarily focused on monetizing their native token, and will subsequently develop the Oracle testnet and roll out the location-focused blockchain protocol to deployed devices. Next year, the API for smart contract developers will be finalized, and the Oracle main network will go live as well.