XYO Network Executes First Location-Based Smart Contract
XYO Network, the technology bringing blockchain to the real world, 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 explained that 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..
End-to-End Testnet Launch announced in late October, XYO Network successfully completed a fully-integrated local test network comprised of four key physical components: Sentinel, Bridge, Archivist and Diviner.
MainNet Launch declared that the XYO Network is live and will take advantage of new developments in blockchain and crypto, comprising a truly platform-agnostic oracle as it is not tied to a single blockchain protocol.
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.
“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”, said Justin Fortier, Head of Consumer Products with XYO Network.