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Pets are the light of your life, though they can be draining-especially on your bank account. But what if pets are mining crypto at home, while you're at work, were they possible? This new network bridges the gap between physical and virtual worlds. And it's powered by pets mining crypto.
The Problem with Crypto
Cryptocurrency is virtual currency. It blockchain, the technology behind it, has the ability to let you buy anything from anyone without going through a third party, like an online retailer. This is possible two to smart contracts, which are essentially computer codes with preset conditions that automatically fulfill a contract once its terms are met.
In other words, smart contracts are "trustless." In theory, your funds will not be released until you receive exactly what you paid for. No negotiations, no lawyers.
But smart contracts become complicated when you're buying something in the physical world. How do you guarantee that one party actually received from another? This is especially difficult when you're not going through a centralized organization like Amazon.
In essence, how do you integrate blockchain, a virtual technology that is already transforming industries, with the physical world of purchases, pets and your living room?
In short, blockchain needs to receive an automated service location through an oracle, a device that feeds information to a smart contract. Instead of ra link to the supply chain, an oracle lets a blockchain work without human interaction. It makes transactions completely "trustless."
Mining Crypto in the Real World
Tracking a package from one place to another, but what does it do to pets? In short, GPS tracking is what makes pets mining crypto possible.
This is what blockchain company is XYO Network is working on. As part of their larger project of installing beacons across the world, they've created a mining kit. This includes a beacon that helps the XYO system to verify that they are within certain networks.
We call this crypto location mining. Anyone carrying small bets can earn XYO tokens when they verify the location of an item. For XYO's green paper:
This eliminates the dependence of a trusted third party to facilitate every transaction. Smart contracts rely on (oracles), must be verifiable and have a high degree of accuracy. The systems that record and deliver this data must be protected from any interference, attack and / or error.
Additionally, XYO is open API. This means that blockchain developers can use any hardware or program as a beacon within the system. You do not have to get one of their mining kits.
And Your Pet Can Do It, Too
Instead of walking around and crypto-location mining, you can have your pet mining crypto all day.
You can do this by connecting an XYO GPS to your cat, dog or lizard's collar. As they walk around, they trigger beacons within the network. In exchange, you receive XY tokens. This works best if you have an outdoor cat that roams the neighborhood or you take your dog on frequent walks.
Now, instead of having your dog attack the mailman, he can be part of the network that gets packages to your doorstep. That's one small step for man pets and one giant leap for mankind.
XY's token has a $ 50 million market cap. Just like bitcoin mining, which will cap off at 21 million, your pets will not be able to location mine crypto forever. However, they do not earn that value. In fact, the less crypto is available for mining, the more valuable it can be.
