XYO Network (XYO) is an ERC-20 compliant utility token developed on Ethereum blockchain and are rewarded to the operators of location sharing devices. The XYO Network token is also used by the user who wants to track the exact location of their shipment. XYO Network is a people-powered location network that uses Bluetooth and GPS tracking devices to track real-world items in real-time. XYO network is a decentralized location network where a vendor or supplier can track the exact location of theShow more [+] package being sent to the consumer. The use of XYO Network is not limited to e-commerce but also in medical (location-based record keeping), rental cars (track cars), airlines (track luggage), Insurance, security, and drones. XYO Network provides a trustless, cryptographic location network that is not controlled by a central entity or an organization.
In order to get the location information, XYO Network has already distributed over 1 million devices around the world under consumer-facing findable business. These devices continuously share the data with the XYO Network. There are four major components of the XYO Network i.e. Sentinels (the data gatherers/sensors), Bridges (The data Relayers), Archivists (The Data Storers) and Diviners (The Answer Aggregators). XYO Network applies zero-knowledge proof to the location data which provides the authentication without exchanging the user's private data. The users also get an option to opt out in the XYO network if they don't want to track their product or if the item's location is already verified.
XYO Network was founded by Arie Trouw, co-founded by Scott Scheper and Markus Levin. The team consists of 35 other members including blockchain developers, product managers, developers, finance managers, web developers software engineers etc. The advisory board comprises of 14 members including Chalie Sherm, founder of bitcoin foundation and Paul Hynek, advisor smart cities.