It won’t be very long until automated daily work becomes a part of our routine. However, self-driving vehicles and package-delivering drones cannot come into our lives until the biggest problem of location data is solved. And that problem is trust.
Location data is extremely important as in some cases you literally trust it with your life. And the only way to avoid hackers’ attacks on your safety is to secure information through the mathematical principles of cryptography.
XYO Network: Overview
XYO Network is building the world’s first, people-powered location network using blockchain technology.
For the last several years, the XY has been developing technologies that are critical to bringing blockchain to the offline world. First, they’ve created a location-based consumer product to get Bluetooth and GPS tracking beacons out into the world. And second, they’ve developed research within the realm of location-focused blockchain technology so it is no longer limited to the online world.
The company behind XYO Network is called XY. XY has managed to become the leader in the world of findable technology with Bluetooth and GPS tracking devices that allow everyday consumers to track real-world items in real-time, right from their smartphones.
Currently, XY has over 1 million location beacon devices in circulation — the world’s largest network of Bluetooth & GPS devices.
The XYO Network makes it possible for smart contracts to access the real world by using the XYO Network’s ecosystem of devices to determine if an object is at a specific XY-coordinate. If it is, one can set up applications which execute transactions in a smart contract.
This means that packages can be tracked the whole way and e-commerce stores like Amazon.com could use the XYO Network to allow customers to pay for a product only when it arrives at their home.
The possibilities are not only limited to E-commerce developments, but a lot of other businesses like car rentals, airlines, insurance, and security companies can also benefit from using the XYO Network.
XYO Token in Lumi Wallet
XYO is an ERC-20 utility token for the XYO Location Network that is necessary if one intends to use the XY Oracle Network in their Ethereum Smart Contracts.
Lumi Wallet allows you to create an XYO wallet where you can store and manage (send and receive) your tokens.
To create the wallet, go to the Wallet section in your app and tap on the ‘Add more Wallets’ icon. Search the token by name and add it to the list.
You can easily organize the wallet order the way you want to see it by manually moving the necessary wallets to their new places.