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XY's Oracle Network (XYO Network) was created as a global customer Bluetooth and GPS network, and is engineering an oracle protocol for blockchain-based transactions that does not rely on a centralized third party. XYO deploys this protocol across nearly 1 million devices distributed by XY since their founding in 2012.
XY's Oracle protocol uses two mechanisms for collecting and verifying data on a blockchain: Proof of Origin and Bound Witness. Proof of Origin is a set of zero-knowledge proofs used to determine the accuracy of information served by the network's oracles and are given a score, called the Origin Chain Score. Bound Witness is the core of the Proof of Origin concept, which aims to substantially increase the certainty that an oracle's data is valid by using the proximity of two participatory nodes to validate an occurrence. The XYO token is an ERC-20 compliant token. The XYO network relies on four primary types of participants: Sentinels (data gatherers), Bridges (data relayers), Archivists (data storers), and Diviners (data aggregators).
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