A fully functional oracle network ecosystem that can collect and verify geospatial (location-specific) data anonymously? One blockchain company appears to have grasped the gist of the idea. XY Labs was founded in 2012, Its namesake agreement XYOBuilt on the Ethereum blockchain, it aims to reward participants for the generation, interpretation, analysis, and storage of data on specific issues. Currently, there are over 4 million nodes on the XYO network.
Arie Trouw, founder of XY Labs, explained in a recent Any Questions (AMA) session with Cointelegraph Markets Pro that the basis of the XYO system is a special type of payload called BoundWitnesses. It contains a list of user input data points signed by one or more nodes in the XYO network. They can be modified to include time, date, and location, and are signed by nodes to reflect the certainty of the embedded data.
“The job of an oracle is to provide answers that are as certain as possible. We use the blockchain to commemorate those answers and provide transparency into the process of creating solutions by using immutable hashes to link to supporting data.”
To ensure security, BoundWitnesses only share the hash of the payload, while keeping the payload itself private. Each node has its own blockchain, and through BoundWitnesses, these blockchains are linked together to provide a reflection of the imperfect data of reality as a whole. Since inception, over 77.4 million BoundWitnesses and 244.7 million payloads have been submitted to the XYO mainnet.
Together with the company’s COIN mobile app (which rewards users for data collection and production) and the XYO token as a payment channel, a fully functional marketplace is born where users can exchange data for rewards. There are approximately 12 billion XYO tokens with no fixed supply. Factors such as token inflation and burn mechanisms will affect the token economics of its supply side.
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