Oracle platform surpasses 4 million nodes since inception

Oracle platform surpasses 4 million nodes since inception

Could a fully functioning Oracle network ecosystem exist that anonymously collects and validates location-specific data? A blockchain firm seems to have gotten exactly that idea. Founded on the Ethereum blockchain in 2012 and named after the XYO protocol, XY Labs aims to reward participants for the generation, interpretation, analysis and storage of data that will be called for specific problems. Currently, the number of nodes on the XYO network worldwide is over 4 million.

XY Labs founder Arie Trouw explained during a recent Ask Me Anything (AMA) session with Cointelegraph Markets Pro that the XYO system foundation is a special type of payload called BoundWitnesses. BoundWitnesses contains a list of user input data points signed by one or more nodes in the XYO network. These points can be changed to include time, date, and location, and can be signed by nodes to reflect the precision of the stored data.

“An oracle’s job is to provide as precise an answer as possible. We use blockchain technology to provide these answers and bring transparency to the solution creation process.”

To ensure security, BoundWitnesses only shares the hashes of the payloads while keeping the payloads themselves hidden. Each node has its own blockchain, together with BoundWitnesses these blockchains are interconnected and provide a reflection of the real data as a whole. Over 77.4 million BoundWitnesses and 244.7 million payloads have been served to the XYO Mainnet since its inception.

With the company’s COIN mobile application and payment channel XYO token, which rewards users for data collection and production, a fully functional marketplace is emerging where users can exchange data. There are currently around 12 billion XYO tokens with no fixed supply. Factors such as token inflation or burning methods can affect the supply-side token economy.

Cointelegraph’s market information platform Markets ProAttend a special AMA session every week where the leading names in the blockchain industry meet.

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