XYO Announces XY4 Beacons Now Initiating Bound Witness and Serving as Next-Generation XYO Network Sentinels

XYO, the technology bringing blockchain to the real world, today announced the company has completed a major technological achievement and milestone: the successful completion of Bound Witness interaction between multiple XY4 endpoint devices, known as Sentinels. The achievement is critical as XYO builds out its fully decentralized, trustless mesh network that will validate relative location, as well as other important heuristics, over the coming months. There are more than 100,000 XY4+ beacons in the market currently eligible for the free update to XY-enabled Sentinel status, details of which will be announced shortly.

Bound Witness is a bi-directional location heuristic that establishes proof of location through two devices co-signing an occurrence and range of interaction. The Bound Witness achievement sets the stage for XYO to augment its already decentralized global network of beacons, in migrating them to Sentinels and full participants in the blockchain-based XYO mesh network. The XYO Network will generate innovative rich data sets that power new capabilities and functionality across industries from retail to supply chain and logistics, to e-commerce, home care visits and insurance. While future updates will include new form factors, the current interaction is based on the latest XY4+ beacons from XY.

This is an amazing achievement for the XYO team, and it shows our technology is ready to be pushed live to the general public soon, said Arie Trouw, CEO and Co-Founder of XYO. Weve been working hard to become the first technology to execute cryptographically secure protocols on IoT devices like the XY4s and we are certain that this achievement will be utterly game changing when it comes to bridging the real world with blockchain.

Technically, the Bound Witness concept allows Origin Chains to be built for use in determining Proof of Origin. It is achieved by the existence of a bi-directional heuristic. Since an untrusted source of data would not be used to resolve a digital contract, we can substantially increase the certainty of the data provided by first establishing this bi-directional proof of proximity. The initial bi-directional location heuristic is short-range distance, as both parties can validate the occurrence and range of by co-signing the interaction. This allows for a zero-knowledge proof that the two nodes were in fact in proximity. All components in the XYO Network “ Sentinels, Bridges, Archivists and Diviners “ are considered witnesses and are able to have Bound Witness interactions.

WANT TO BUILD A FINANCIAL EMPIRE?

Subscribe to the Global Banking & Finance Review Newsletter for FREE
Get Access to Exclusive Reports to Save Time & Money

By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
All emails include an unsubscribe link. You may opt-out at any time. See our privacy policy.

The massive group of existing XY4+ beacon owners will soon have the option to update their beacons to Sentinel status via a firmware update.

Our community is encouraged to contact the XYO Developer team on Gitter here, visit the XYO Devs hub, and follow our Devs Twitter account to be in touch directly with the Developer team.

About XYO

XYO is an effort to create a vast, geospatial, blockchain-powered location network currently under development with the goal to provide accurate, certainty-driven location data on everything from cars to smartphones. By combining location beacons with IoT and mobile devices, the XYO ecosystem plans to deliver the verified coordinates and data needed to execute smart contracts, run smart cities, foster financial transactions, and power a legion of location-centric applications. For more information, please visit https://xyo.network.

XYO Media Contact
Larry Smalheiser
Head of
Communications
XYO Network
[email protected]