XYO Network Basic Review
|Start ICO||20 Mar 2018|
|End ICO||20 May 2018|
Name: XYO NETWORK
Ticker symbol: XYO
Project type: Big Data, Infrastructure, Internet, Smart Contract
Extended company description: XYO Network is a decentralized cryptographic network that enables smart contracts to access real world objects using the project’s ecosystem for locating devices using X-Y coordinates, i.e. enabling the configuration of applications that implement smart contract transactions.
Company: XY - The Findables Company
Public ICO start: 20.03.2018
Public ICO end: 20.05.2018
Token Sale duration (weeks): 8.7
Token type: ERC20
Token emission: N/A
Tokens available (Pre-Sale + Public ICO): 100,000,000,000
XYO price: 1 ETH = 100,000 XYO
Accepted payment: ETH
Bounty: program is active until the end of the TGE.
Token role: functional
Team (number of people): 14
Advisors and partners (number of people): 7
XYO Network is a decentralized cryptographic network that enables smart contracts to access real world objects using the project’s ecosystem for locating devices using X-Y coordinates, i.e. enabling the configuration of applications that implement smart contract transactions.
The XYO network is a decentralized Proof of Location network. The network will be built on an existing infrastructure of more than 1,000,000 devices that enable consumers to track various objects placed on the system (for example, keys, luggage, bicycles and even pets), using Bluetooth and GPS devices.
- Tom Kysar (LinkedIn) - Token Economy advisor; Product Manager of the Augur Project, previously director of development at Tierion, contract specialist at comma.ai.
- Raul Jordan (LinkedIn) – Blockchain advisor; blockchain specialist at zkCAPITAL, developer of Ethereum protocol at Prysmatic Labs, co-founder of Kynplex, Inc., Full Stack Software Engineer at Harvard University.
- David Kim (LinkedIn) - Blockchain consultant; Senior Manager at PwC, previously corporate risk specialist at Deloitte.
- Zak Folkman (LinkedIn) - Advisor on digital advertising; Previously COO at ReFre5h.
- Azam Shaghaghi (LinkedIn) - Blockchain consultant; analyst and blockchain consultant at PeregrineCoin PICO Hedge Fund, PR and strategy director at Project Shivom.
- Tristen Blake (LinkedIn) - AI Advisor; founder of CO Data + Science, the Machine Learning Society, previously director of operations at the Chen Family Office.
- AmaZix - ICO partner.
Attracted investment: N/A
The project is based on a network that enables tracking the location of objects.
Strengths of the project:
- the project is based on a functioning company with 1,000,000 data collection devices.
- an experienced team and advisors.
- the versatility of the solution; the XYO protocol may be integrated into any existing blockchain system (Etherium, Waves, Neo, etc.).
Weaknesses of the project:
- there are no specialized partners.
- non-transparent mechanism for tracking items, which raises doubts regarding reliability of location information and tracking continuity.
Market and Industry
We assume that the project will operate in the location data services market.
According to an Allied Market Research report, volume for this segment was about $24.3 million in 2017; it is expected that by 2022 this will grow to $61.897 million. Annual growth rate will be 26.6% [https://www.alliedmarketresearch.com/location-based-services-market].
According to the project team’s analysis, world exports of manufactured goods were worth $11 trillion in 2016.
Comments: We think that the market considered by the team is not entirely its target market, as the project will operate more with location data-based services. At the same time, we note that the market for location data services shows high growth rates; so we predict that the project will be able to occupy a market niche.
- Devpost - this service enables the tracking of assets using blockchain.
- Mytracknet - a platform for searching for and tracking items.
- Viant - a platform for tracking objects.
Summary: Unlike its competitors, the XYO Network is not specialising in a particular segment such as logistics, tracking goods, etc. The platform is designed for a wider audience.
Engineering Features of the Project
A unique feature of this project is that the XYO Network integrates initially with leading modern blockchain platforms; its agnostic protocol also ensures integration with future blockchain technologies.
The XY Oracle Network is a platform for creating decentralized location-dependent DApps like blockchain platforms such as Ethereum, EOS, OmiseGo, etc.
The network consists of 4 components:
4) Diviners. Diviners can interact with various smart contracts and blockchains:
Ethereum, Bitcoin + RSK, EOS, NEO, Stellar, Cardano.
To create a decentralized consensus mechanism among diviners, the XYO network will rely on the XYOMainChain, which stores transaction requests along with data collected from diviners.
A Proof of Origin concept, based on Bound Witnesses (all nodes in the network, including 4 components of the system) is used to prove the reliability of data. Bound Witnesses monitor the accuracy of data, checking whether it is within an acceptable range.
Location will be determined using drones, GPS, etc.
1) Sentinels - data collectors. Sentinels create books in which data from devices is recorded. A payment mechanism is added to increase accuracy of data, i.e. sentinels are rewarded with tokens when their information is used to respond to a request.
2) Bridges - retranslators of data from sentinels to archivists. The same mechanism of reward is used to improve accuracy.
3) Archivists - data warehouses. Archivists store data for free but if retrieving data from such a storage facility is required, this service must be paid for with tokens.
4) Diviners - aggregators of answers.
The components of the platform interact as follows:
- Sentinels collect information about a location from sensors, receivers, etc.
- Bridges transmit the collected information to archivists, adding Proof of Origin.
- Archivists store this information for diviners.
- Diviners receive requests from users via smart contracts and analyze location data received from archivists to generate answers to requests.
- Diviners scan XYOMainChain blocks for Proof of Work.
- If consensus is reached, diviners transmit answers back to the smart contract (thus, diviners serve as oracles).
Comments: The XY network already contains 1,000,000 devices for location tracking.
With the development of technology and the amount of data it is planned to implement the following:
Q1-Q2 2018: Completion of test network development ("XY TestNet") and start of deployment of the binding protocol.
Q3 2018: Launch of XY Oracle main network: release of the full Sentinel XY beacons package and start of network testing with new Sentinel partners (in particular, IoT and mobile application developers).
Q3 / Q4 2018: Release of the API for the XYO network; launch of the "XY-Stick"product, which enables e-commerce vendors to track objects in real time.
- 2019: expanding the coverage of XY sentinels and oracles; the introduction of SatoshiXY and VitalikXY LEO.
Comments: The team has presented a step-by-step strategy for developing the project.
The following active modules are available in open repository:
- christinesako: 49.62%
- sscheper: 35.08%
- arietrouw: 7.28%
- arietrouw: 100.00%
- cablej: 100.00%
Comments: The project has 11 open modules:
- xyo-solidity - Solidity library for creating dApps connected to the XY Oracle network.
- documents – documentation.
- scan.xyo.network - repo for scan.xyo.network.
- xyo-node - implementation of XYO Client Node.js.
- xyo-android - implementation of XYO Client Android.
- geo-probabilistic-proof-of-location - smart contract for providing a probabilistic model for locating evidence.
- geo-user-client - application for interacting with nodes to create digital location signatures.
- geo-server – API.
- geo-node - acts as a Bluetooth peripheral for interaction with users.
- xyo-diviner - implementation of the XIVO Network Diviner Node in Go.
The repository belongs to the XYO Network. Active work is being carried out on various modules.
We have analyzed the XYO Network website and documentation for sufficiency and consistency for making an investment decision.
The website also provides information about the project, the RoadMap, the ICO, FAQ, technology, documents, partners, the team and advisors. The website is presented in English.
Summary: The documentation enables a comprehensive view of the project. The working process of the platform and its functionality are described in sufficient detail. However, there is too much information on the website and in the documentation; we would recommend retaining only necessary information.
Tokens issued for sale, %: N/A
Start of public ICO: March 20, 2018
Token type: ERC20
Accepted payment: ETH
XYO price: 1 ETH = 100,000 XYO
Crowdsale duration: 8 weeks, until May 20, 2018
XYO tokens are a means of payment within the XYO ecosystem, enabling users to access the XYO Network and pay for metadata.
Token limitation: N/A
Advantages for token holders: Tokens are of limited quantity and are functional in nature; they can be sold or used for accessing platform services.
Additional emission of tokens: no
Max goal: ~ 1,000,000 ETH
Min goal: N/A
Bonuses: The incentive system is built in such way that it is more profitable to buy tokens earlier; the price varies depending on the date of purchase.
The whitelist is currently open. The project is planning to list tokens on leading crypto exchanges.
Link to the bounty program [https://bitcointalk.org/index.php?topic=3053801.0]
$3M in XYO tokens has been allocated to the bounty program, which is open in the following areas:
Summary: The project has an extensive bounty program. All conditions for the program are indicated at the link below (https://xyo.network/bounty/). The project also has a BUG BOUNTY PROGRAM. Rewards will be distributed within 30 days after the end of the TGE.
Token and Capital Distribution
Tokens and capital are distribited according to the following scheme: N/A
Summary: There is not yet any data on size of the token emission on the official website.
2019: Expansion of the customer network (logistics companies, supply companies, auditors, e-commerce enterprises, etc.)
Summary: The project has not provided details of the scaling strategy, marketing campaign or methods of attracting users to the platform.
The team consists of 14 people and 7 advisors. Information about the main team members based on LinkedIn is presented below:
- Arie Trouw (LinkedIn) - Founder and architect. CEO and founder of XY The Findables Company, previously member of Tech Coast Angels, President of Significant.Org, CEO of Sambreel Holdings LLC.
- Scott Scheper (LinkedIn) - Co-founder and head of marketing. Managing member of Greenlamp, previously co-founder and head of marketing at Injekt, product specialist at Yontoo LLC.
- Markus Levin (LinkedIn) - Co-founder and head of operations department. CEO of Koiyo.
The team includes 11 more people.
Summary: All members of the team have indicated their affiliation with the XYO Network. The team is mostly from the USA and also includes the following specialists: Head of equipment department, head of analytical department, head of media department, customer manager, senior design engineer, warehouse logistics supervisor, customer support manager, head of retail department, senior accountant, hardware QA supervisor specialist and head of web development.
Information about the project is available via various popular services such as Twitter, Telegram, Reddit, Medium, LinkedIn, Facebook, GitHub, Bitcointalk and YouTube. The project has a bounty program.
The team is conducting an advertising campaign on social media. News updates are regularly posted on Twitter and Facebook.
The format of articles about the project shows that they are written mostly by users as reviews or information portals announcing projects staging imminent ICOs.
Comments: Interest in the project is gradually growing. The marketing campaign is mainly being developed via Twitter and Facebook. The community is actively discussing and reviewing the project.
Traffic analysis of the XYO NETWORK website based on Similarweb.com data showed the following:
Comments: direct link: 66.63%, referrals: 6.18%, search: 6.49%, social media: 10.99%, mail: 9.72%
Traffic through search: 6.49%, 100% of which is "organic traffic".
Referral links: 0.0618
Social activity analysis of the XYO Network website based on BE1.ru data showed the following:
Traffic source: [https://be1.ru/stat/xyo.network]
Comments: Top 5 countries by visitors: USA - 41.60%, Vietnam - 12.82%, Canada - 9.44%, Australia - 6.81%, Great Britain - 6.17%.
Referral links: moonsyndicate.org - 25.34%, bitcointalk.org - 18.41%, medium.com - 15.54%, sandiego.craigslist.org - 15.37%, evernote.com - 10.02%.
Social activity: Facebook - 78.36%, Twitter - 11.92%, YouTube - 4.88%, Reddit - 4.84%.
Summary: Based on available data it can be concluded that users are only beginning to be interested in the project. The team is conducting an active advertising campaign on Twitter and Facebook, communicates with users on Telegram and maintains a blog on Medium. Over the past month, number of website visits has increased by 17,000, amounting to 18,400.
The developers may be contacted using the following links:
The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication.
Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.