XYO Network has executed a definitive agreement with Spaceflight Industries to launch its EtherX blockchain satellite into space.
As part of the deal, Spaceflight will arrange the launch of EtherX onboard a SpaceX Falcon 9 rocket.
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The proposed launch is expected to help XYO Network achieve its goal of decentralising the world’s location infrastructure, which is currently around the centralised global positioning system (GPS) that is owned by the US Air Force.
XYO Network co-founder and CMO Scott Scheper said: “Satellites are our first step toward building out an open location network, legitimately positioned to displace the US Air Force’s GPS monopoly.
“Furthermore, by pairing it with XYO’s cryptographically backed protocol, we will deliver a layer of un-spoofable location certainty that GPS can never match.”
XYO Network has also unveiled its two-phase plans on the upcoming launch and its future activities.
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By GlobalDataIn phase one, XYO Network will collaborate with technology groups to ensure location certainty to the XYO Network edge nodes, which are powered and operated by community members worldwide known as geominers.
The present XYO Network consists of several relative location-based mesh networks, which are supported by a cryptographic protocol, thereby forming a strong basis for the XYO Network.
Smartphones, which are operating the XYO application, in the hands of people across the area then become the nodes or endpoints. The connections established between them, and the data transferred back and forth, are however invisible. Each of these nodes can communicate and authenticate location, leading to “geomining,” and this geomining provides XYO tokens for users.
In phase two, XYO Network intends to launch the EtherX satellite aboard a SpaceX Falcon 9 rocket next year.
EtherX will be launched into orbit in support to the Ethereum blockchain platform.
The satellite launch is expected to boost XYO Network’s “mesh network”, provide global coverage and improve its cryptographically powered location network.
XYO Network aims to launch a fleet of satellites in future to further enhance its capability.
