Ethereum-based XYO Network eyes joining EOS Alliance
— XYO Network (@XYOracleNetwork) August 21, 2018
It seems as though the company is interested in the EOS blockchain, but whether the network is mulling a migration remains to be seen.
If it does make the switch, it won’t be the first project to migrate to the EOS blockchain. Most recently, Everipedia [IQ], wiki-based online encyclopedia, moved to the EOS blockchain from its earlier Ethereum network. The migration was done on account of issues related to scalability.
Havven, a start-up based in Australia, recently said it planned to issue its stablecoin nUSD on the EOS network by this year2018. In June, nUSD was launched on the Ethereum network. Now, the start-up plans to expand nUSD to both the Ethereum and EOS networks. In the view of the company, the initiative will “offer cross-blockchain stablecoins.”
So why are companies increasingly dumping Ethereum’s network to adopt the EOS blockchain?
In a recent interview with BCFocus, EOS Asia founder Joseph Fanelli had highlighted the fact that EOS was already ahead of Ethereum in terms of pure technology.
The network can handle thousands of transactions per second as opposed to Ethereum’s 30 transactions per second. However, Ethereum’s technology still remains a favorite among budding blockchain startups.
But EOS, commonly known as Ethereum killer, could see more startups and business build their products on its blockchain in the days to come.
What is XYO Network?
XYO Network raised over $12 million from its initial coin offering (ICO) of its token XYO in May. It is among the successful blockchain projects running on the Ethereum network.
The company is blockchain’s first ever cryptographic location network that uses Bluetookth and GPS tracking location beacons. Currently, the firm has over 1 million location verifying beacons already built, with hundreds of thousands ready to be enabled.
Through the application of zero-knowledge proof to the location data, the network thus becomes trustless and decentralized. The network is more secure than GPS – an accurate system but remains susceptible to spoofing, cyber-attacks and other forms of interference.
The location network can be used in the e-commerce space to track packages from shipping till delivery, airline baggage tracking, cargo inventory, diamonds tracking, car rental tracking and online review authenticity verification.