XYO Network: The proposed Applications and Use of the XY Platform
Smart contracts are becoming common ground everywhere. A new platform is emerging to make sure everyone knows how to make the best out of them.
In the current state of the world, the use of Smart contracts is becoming more common, even if digital currencies have yet to reach their peak on development and massification. The Blockchain Technology that backs them up is being used more every day by more established business. The need for Oracle services that regulate the outcome of a contract is becoming a necessity. If anybody needs the resolution of a smart contract for good, they need to rely on an authoritative oracle to help them settle and close down their business. This leads to an opening for corruption if a disagreement comes between the involved parties, especially if the oracle is not capable of handling the transaction. These problems have an especially negative effect on location services that rely heavily on the blockchain to offer accurate data. The XYO Network fixes this issue using a new feature called “The Zero-Knowledge Proof.”
What is The Zero-Knowledge Proof and How It Works?
The Zero-Knowledge Proof uses brand new cryptographic methods to secure the authentication of a smart contract without giving away the private data of the users engaged on one. The enhanced security feature allows the information to be transferred from end to end in real time and stored in its blockchain logs for continued use. The location of the information remains a matter of public interest, and as such it’s registered using the centralized methods that most communication companies use to collect this data in their silos. The XYO Network not only keeps the anonymity of the users, but it also takes the process of validation decentralized and thus taking away the players who dwell on the harmful “motives to profit from transactions” practices. This is a scam commonly used by overseers of the blockchain logs who offer to facilitate transactions they have no actual power to regulate.
What is the Endgame for Such an Ambitious Platform?
XYO is looking to position themselves as the game changers of Blockchain transactions in the world of digital currencies. Their protocols have some great uses in a lot of business areas. eCommerce is one of them: paying customers can have access to premium services related to payment-upon-delivery privileges that can be offered using the Network’s official XY platform to create a brand new smart contract that will be handled using the ecosystem’s nominal token utility, aptly nicknamed XYO token. The transaction is verified by the blockchain once the receiving end verifies the transaction thus allowing the smart contract to come to fruition by releasing the payment. This same principle can be applied to some services contracted through the XY platform: from lodging services to food and catering.
Going Beyond the usual Targets: The Riskier Proposals for Using XYO
One of the most interesting applications proposed for the XYO Network is by aligning the services offered by the platform to medical services. Looking to avoid the issues raised by multiple medics handling a single patient, the XY platform can be used to keep track of all the treatments provided to treat difficult conditions and to keep a registry of the evolution of a patient up to the moment he’s discharged or dies. The track record created by the blockchain establishes full accountability for every medic that treats the patient. It also lowers the risk of trial and error treatments since physicians will be able to check all the previous treatments applied by other doctors. In the end, even nurse visitations will be registered to determine the level of improvement experienced at every stage or the moment a treatment fails.
XYO’s challenge is not a small feat they are looking to overcome. The fact is that even in the secure world of the Blockchain there are still a lot of people looking for profits on all the wrong places and many shady players should answer for the accountability that nobody has been to offer to so far. It’s a risky proposition, but also a worthy one. To learn more about XYO’s offering, you can head to :