XYO = Implementing a Pay-on-Delivery eCommerce system using Smart Contracts and the XYO Network
The XYO Network will be the definitive location oracle because of two core concepts it introduced: Proof of Origin and Bound Witnesses. The concept of Bound Witnesses guarantees that two different components of the XYO Network were in the same location at the same time. Proof of Origin ensures that the information a component provides is valid and resistant to falsification. Detailed information on both of these concepts is available in the XYO Network white paper.
Providing authoritative proof of location has the potential to change the world. Here are just a few ways the XYO Network will disrupt existing industries.
The XYO Network incentivizes the reporting of locations and archiving of ledgers by awarding XYO Tokens to nodes within the web. For example, when a last-mile courier like a UPS driver encounters an XYO Network node on their route, the node will record their XYO Network ledger to be archived. Leveraging cryptoeconomics in this way takes advantage of a key feature of blockchain technology — it’s a trustless, decentralized system. This means it can offer third-party verification and a degree of reliability that current tracking systems simply can’t provide.
Problem
According to a recent study released by Comcast, more than 30% of Americans have had a package stolen from their porch or doorstep [1]. As the market share of eCommerce continues to grow, this problem will only become more prevalent. Megasites like Amazon are experimenting with different solutions to offer confirmed secure delivery as a premium service to their customers.
Solution
By utilizing the XYO Network and XYO Tokens, companies can offer an independently confirmed ledger to track every step of a shipment’s progress, starting at the fulfillment center and ending with the package’s secure delivery within the customer’s home. As a trustless and decentralized system, the XYO Network provides independent confirmation not only of a package’s delivery, but of its entire shipping history. This also allows a retailer or eCommerce site to offer payment upon delivery, utilizing an Ethereum smart contract to protect the merchant from fraud or loss.
How it Works
When a customer finalizes an order, an Ethereum smart contract is created which will release payment to the merchant upon successful delivery of the purchased product. The shipment will include an XYO Network Sentinel, a low-cost electronic device that records its interactions with other devices on the XYO Network on its blockchain ledger. Other XYO Network devices will likewise record their interactions with packages being shipped. Every one of these interactions will be independently verifiable, asserting a web of locational certainty that stretches all the way back to the shipment’s point of origin. When the shipment reaches its destination, as confirmed by its interaction with XYO Network devices within the buyer’s home, the smart contract will be fulfilled, and payment will be released. Should there be a dispute, the ledger will provide a history that can confirm the delivery of the shipment or show where it went off track.
The terminal point of the transaction — the point where the package is delivered and payment is released — will be determined at the time the order is placed. Amazon has experimented with multiple secure delivery systems, including lockers in public places like convenience stores and even electronic locks that give their delivery team access to customers’ homes. XYO Network devices within these secure locations will confirm delivery. In an Amazon locker, the shipped package will interact not just with its locker, but with XYO Network devices in other lockers and the customers that use them. In the customer’s home, the XYO Network nodes could include the customer’s phone, IoT devices, and even the Amazon Echo that was used to place the order.
I must say that I am impressed with everything about XYO project, from their website, promotion video, idea, already established business, a ton of documents and papers with use cases and business plans for the future and of course people behind this project. This is how you prepare a project for ICO and present it to the public and potential investors, and all future ICOs could learn from XYO. Big respect from me and you got me on board as an investor, that is for sure. For everyone else planning to participate in this ICO, I encourage you to join the WHITELIST FOR TOKEN SALE and do your due diligence on XYO before it starts. I will write more about this project in the future so stay tuned for details about team, tokenomics, roadmap, business plan and more.
You can also find the latest news about XYO :
WEBSITE : https://xyo.network/
TELEGRAM : https://t.me/xyonetwork
TWITTER : https://twitter.com/XYOracleNetwork
FACEBOOK : https://www.facebook.com/xyonetwork
Username : zhae456
https://bitcointalk.org/index.php?action=profile;u=1770965;sa=summary
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