Smart contracts requiring data from the real world often rely on oracles. However, the information from these oracles cannot necessarily be proven true. We felt there was a need for a completely trustless oracle with verifiably provable information. Thus the idea for a real world interaction network began.
What it does
The XYO Network is a network of real world and online interactions. Real world IoT devices, such as phones, smart cars, and keychains we produce have wireless interactions called "Bound Witness" interactions when they come within proximity of each other. In this interaction, both devices cryptographically sign a block of data verifying that they both interacted with each other. Over time, each device creates a chronological chain of these interactions that is eventually stored on our decentralized network and made available to smart-contract enabled blockchains.
There are many use cases for the XYO Network. One of the most practical examples is payment on delivery for e-commerce goods. If there is an XYO enabled device in the package (potentially even in the tape) and one in the house, automatic payment can go through when and only when it is provable the package is indeed at your doorstep. Another great example is a smart car parked at an XYO enabled parking meter. It can be verifiably proven how long a car was parked at a given spot, and payment can seamlessly go through automatically.
The first transaction on the XYO Network occurred in November 2018 at our Spatial Summit in front of hundreds of audience members. We had a smart contract visible for the audience to see on the Ethereum blockchain waiting for two devices to interact to initiate a payment. Next, a drone carrying an XYO device flew over the heads of the audience, landing on stage next to an XYO enabled phone, immediately initiating a transfer of Ethereum.
What's next for XYO Network
We have many exciting plans such as putting our nodes all around the globe and even in space! We will be launching our first Satellite in late 2019 making us the first blockchain in space.