Can a fully-functional oracle network ecosystem that anonymously collects and validates geospatial (location-specific) data exist? One blockchain firm seems to have gotten the gist of the idea. Founded in 2012, XY Labs and its namesake protocol XYO, which is built on the Ethereum blockchain, seek to reward participants for the genesis, interpretation, analysis and storage of data to be called upon for specific problems. There are currently over 4 million nodes worldwide on the XYO network.
In a recent ask-me-anything (AMA) session with Cointelegraph Markets Pro, Arie Trouw, founder of XY Labs, explained that fundamental to the XYO system is a special type of payload called BoundWitnesses. It contains a list of user-input data points that are signed by one or more nodes in the XYO network. They can be modified to include time, date, and location, and be signed by nodes as to reflect the certainty of the embedded data.