XYO Network Successfully Completes World’s First Relative Location-Based Smart Contract Execution
XYO Team Takes Technology Beyond Testing Stage with Live Drone Flight, Thrilling Event Attendees and Setting Industry Precedent
November 22, 2018 14:00 KST
SAN DIEGO--(Business Wire / Korea Newswire) November 22, 2018 -- XYO Network, the technology bringing blockchain to the real world, today announced that following months of integration testing, the team has successfully completed the first live working demo of its decentralized interaction-verification oracle utilizing smart contracts to initiate a transfer of Ethereum when two XYO devices interacted in the real world. The demonstration earlier this month at the recent first-annual Spatial Summit in San Diego amazed nearly 700 audience members, as a drone carrying an XYO device landed on stage to initiate the automatic transaction of cryptocurrency.
The drone-based demo of location validation by XYO Network is the latest in a series of powerful and technologically significant advances from the company, including the following recent developments:
· Beta Launch of the XYO Network App - The Android version of the app is a critical tool in the overall XYO Network. Along with other tools, the app will be the main method of deriving and compiling location data from the key components in the network. Announced in late October, it is now available in the Google play store HERE.
· End-to-End Testnet Launch - Announced in late October, XYO Network successfully completed a fully-integrated local test network. The network was comprised of four key physical components: Sentinel, Bridge, Archivist and Diviner.
· MainNet Launch - Announced in an exclusive to attendees at the recent Spatial Summit on November 9th, the XYO Network is now live. Not tied to a single blockchain protocol, XYO Network will take advantage of new developments in blockchain and crypto, comprising a truly platform-agnostic oracle.
The drone demonstration served to validate the live, working nature of the XYO Network, and the ability of the decentralized underlying technology components to bring together location validation, blockchain, smart contracts, and Ethereum as the payment medium upon successful execution of the smart contract, in a fully-functioning system. The groundbreaking was the world’s first smart contract initiated decentrally by a real-world interaction.
“We’re ecstatic that our live, drone-based test was a complete success, from start to finish,” said Justin Fortier, Head of Consumer Products with XYO Network. “Behind the scenes testing has been intense, and we were confident it would work as planned. The location-based smart contract execution we’ve now proven in front of more than 600 witnesses is an unprecedented development in the industry and we’re extremely proud. Our audience was stunned, and the overjoyed reaction when the contract executed then payment was confirmed, was priceless. Look for many more groundbreaking announcements from XYO over the coming months.”
Visit the XYO Devs hub, and follow our Devs Twitter account to be in touch with our team directly.
About XYO Network
XYO Network 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 Network 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.
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Head of Communications
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