Smart contracts, like those used by Ethereum and other crypto-converters, will radically change the way business interacts and conducts through optimization of processes, risk reduction and reduction of the average person. However, all that is missing on all Smart Contract platforms is the final way to prove that something or someone was in a certain place at a certain time. A powerful, impartial and decentralized proof of the position of the oracle is important for the idea of the Smart Contracts to be accepted by the basic world.
The XYO network will be the final oracle of the site because of the two basic concepts that he presented: "Evidence of origin and associated witnesses." The concept of Bound Witnesses ensures that two different components of the XYO network are in the same place at the same time. Proof of origin ensures that the information provided by the component is valid and resistant to falsification. Detailed information on both these concepts can be found in the technical documentation of XYO Network.
Providing authoritative proof of location can change the world. Here are just a few ways that the XYO network will break existing industries.
XYO The network encourages reporting on the location and archiving of ledgers, awarding XYO Tokens nodes to the Internet. For example, when the last mile courier, such as the UPS driver, encounters an XYO network node on its route, the node will record its XYO registration table for archiving. The use of crypto-economics thus uses the key feature of blockchain technology - it is a sober, decentralized system. This means that it can offer third-party verification and the degree of reliability that current tracking systems can not provide.
According to a recent study released by Comcast, more than 30% of Americans received a packet stolen from their porch or threshold . As the market share of e-commerce continues to grow, this problem will only be more common. Megacities, such as Amazon, are experimenting with various solutions to offer proven secure shipping as a premium service for their customers.
Using the XYO network and XYO tokens, companies can offer an independently verified book to track each step in the progress of sending, from the execution center to the safe delivery of the package in the client's home. Being a bottomless and decentralized system, the XYO network provides independent confirmation not only of the delivery of the package, but also the entire history of its delivery. This also allows the retail or e-commerce site to offer payment on delivery, using a special Ethereum contract to protect the seller from fraud or loss.
How it works
When the client completes the order, a smart contract is created Ethereum, which issues a payment to the seller after the successful delivery of the purchased product. Shipping will include the XYO Network Sentinel, an inexpensive electronic device that records its interactions with other devices on the XYO network in its notebook book. Other XYO network devices will also record their interactions with the packets being sent. Each of these interactions will be independently verifiable by approving a location network that extends completely to the point of origin. When the shipment reaches its destination, which is confirmed by its interaction with XYO network devices in the buyer's home, a smart contract will be executed and payment will be issued. If a dispute arises,
the Transaction Endpoint - the delivery point of the package and the payment exemption - will be determined at the time the order is placed. Amazon has experimented with several safe delivery systems, including lockers in public places such as convenience stores and even electronic locks that give its delivery team access to customers' homes. XYO network devices in these secure locations will confirm delivery. In the Amazon cabinet, the package sent will interact not only with its locker, but also with XYO network devices in other lockers and customers who use them. At the customer's home, the XYO network nodes can include the client's phone, IoT devices and even Amazon Echo, which were used to place the order.
I must say that I was impressed by everything related to the XYO project, from my website, the commercial, the idea, the already created business, tons of documents and documents with examples of use and business plans for the future and, of course, the people behind this project . This is how you prepare a project for the ICO and present it to the public and potential investors, and all future ICOs can learn from XYO. A lot of respect from me, and you got me on board as an investor, that's for sure. For everyone else planning to participate in this ICO, I encourage you to join WHITELIST FOR TOKEN SALE and perform your due diligence in XYO before it starts. I will write more about this project in the future, so keep an eye on the details of team, tokomike, road map, business plan and much more.
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