Johnny Kolasinski, the Head of Community at XYO, a “people-powered” location network run on a “decentralized data oracle,” recently shared his views and insights with Crypto Insider.
Kolasinski, a former marketing and design coordinator at the Stanford Arts Institute, has been working closely with those involved with the XYO project. According to its official website, the XYO platform has “the ability to validate data from multiple sources without requiring a trusted relationship.”
As noted by the XYO’s developers, the platform’s software enables users to “take a photo of [their pets] or [check] the temperature in a shipping truck.” XYO “means you can keep a permanent record of invaluable data between two devices, even if they are owned and controlled independently.”
The XYO network can be utilized to “establish validity of [user’s personal] data, or the data of others.”
Built-In Protocols Make It “Impossible To Spoof Interactions”
When asked why we should use geo-location data that’s gathered or based on decentralized sources, as opposed to centralized alternatives, Kolasinski told Crypto Insider “the main reason is that when you’re relying on a single trusted source for this data, that means you can lose access to it, or that you can be fed inaccurate or incorrect data. By creating a trustless system, we reduce the potential for bad actors or single points of control.”
He added: “Our Bound Witness protocol also creates an environment where it’s effectively impossible to spoof an interaction.This has tremendous long-term potential across a huge number of industries.”
Serving As A Smart Contract Oracle
Commenting on how the XYO network has integrated smart contracts onto their platform, Kolasinski noted: “Our primary focus isn’t creating smart contracts — we serve as a smart contract oracle. XYO is the source of data that causes a smart contract to be executed — for example, ‘if these two devices are together, then release the payment locked up in the smart contract.’ We have created a Solidity-based smart contract ‘plug in’ that can be inserted into ETH smart contracts until our full API is available.”
When questioned about the main products that the XYO network offers, is planning to offer, and why are they useful or relevant, Kolasinski remarked: “We started out with our Bluetooth Sentinels. These are Bluetooth beacons that, when they are in proximity with each other, share a handshake we call a “Bound Witness Interaction.”
He continued: “Each Sentinel keeps its own ledger of Bound Witness Interactions. By examining the ledgers of multiple nodes, you can verify with certainty that a Bound Witness Interaction occurred.”
Appending Sensor Data To Bounded Witness Interactions
Going on to elaborate on the next line of products XYO will launch, Kolasinski stated: “The next iteration of devices we’re likely to release will include sensors. The sensor data can be appended to the Bound Witness Interaction, providing an immutable and auditable record of the reported data.
For example, two sentinels with attached thermometers can confirm that they reported the same temperature at a given point in time. If only one node has a sensor, then there is still an independent record that proves that the reported data hasn’t been altered. Any sort of sensor data can be appended – for example, air quality, speed, pipeline pressure, etc.”
XYO’s Utility Token
In response to a question about how XYO’s utility token works, the project’s Head of Community said: “The XYO token serves as the gas for the network. It costs XYO to make a request on the network, such as ‘Did these two nodes interact? What data was reported?’ When the request is answered, the XYO is distributed to the nodes that helped provide the answer.”
Using InterPlanetary File System (IPFS), Instead Of Blockchain
As confirmed during our conversation, Kolasinski noted in a blog post published in November 2018, that the XYO Token had initially been launched as an ERC-20 compliant token. However, the developers of XYO had always wanted to be “platform agnostic”while also being compatible with a smart contract-enabled blockchain network.
Although XYO’s developers had planned to launch their own distributed ledger technology (DLT)-based network, which could potentially have helped lower transaction fees (among other benefits), they determined that it’s a “complicated process.” Because of its technical complexities, which present their own challenges, the platform’s developers decided to explore another solution based on IFPS. This, they claim, will allow them to release a working product a lot faster.
“Diviners Store Answers To Queries”
In order to introduce a new and effective product as fast as possible, the XYO team has decided to use the InterPlanetary File System (IPFS) which is an open-source, decentralized, online data storage system. By using IPFS, a “Diviner” on the XYP network will be able to “store the answer to [users’ or the system’s] queries, including “all the Bound Witness Interactions used to generate the answer, and generate a unique hash.”
According to XYO’s blog, this hash is appended to a transaction “on the original smart contract platform (like Ethereum)” while the XYO tokens are “distributed [among] the nodes that contributed the data.”
- Facebook makes significant moves towards crypto
- It’s a DAO World: Subversive Blockchain-Based Business Models
- Qtum: Security and simplicity?
The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.com, writers have freedom to choose their own direction, members of Crypto Insider do not participate in trades based on content.
Like what we wrote? Donate to us today so we may continue to write!