Is it possible to create an Oracle network ecosystem that will be fully functional and will be able to collect and then validate geospatial data anonymously? 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 start such a project to support the cryptocurrency industry.
Transparent data with the blockchain
Founded in 2012, XY Labs and its namesake XYO protocol based on the Ethereum (ETH) blockchain plan to develop new offers which will reward the 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 relies on a particular type of payload: BoundWitnesses. The system contains a list of data points which can be modified to include time, date and location and signed by the nodes. In this way the system guarantees a optimal security for its users. Besides, everyone the information is saved not to be compromised.
“An oracle’s job is to provide an answer with as much certainty as possible. We use blockchain to store these responses and provide transparency in the solution building process by connecting to supporting data using immutable hashes. “
An operation for the benefit of investors
In order to ensure the safety of its users and truthful data, BoundWitnesses only shares data that people really need. On the other hand, personal data is carefully preserved. Each node has its own blockchain and the blockchains are linked together thanks to the BoundWitnesses system.
Alongside this project, XY Labs plans to continue delivering improvements to its application MONEY mobile. The current changes will allow the app to continue rewarding people who participate in data collection and production. 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 strengthening its place in the cryptocurrency system. To do this, he wants to develop new offerings that will reward loyal blockchain users.
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Behind the generic signature “Redaction CT” there are young journalists and authors with specific profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.