SAN DIEGO – 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:
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.”
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.