Crypto-location leader XYO acquired Proof-of-Location startup GEO

Crypto-based location technology is growing as a much safer and reliable alternative to GPS
17 March 2018   1245

The leading provider of the crypto-based location technology XYO Network with its office in San-Diego has recently acquired a Proof-of-Location protocol developing startup GEO. GEO is a unique small company in the sense that 3 students with the renowned hacker Jack Cable have been able to develop a location providing protocol that makes sharing anybody's location easy in a decentralized network without the cost of an overhead.

We're excited about the addition of GEO to our crypto-location portfolio. GEO adds an additional feature set to XYO by trustlessly notifying a device that an object was there with absolute certainty, and without having to communicate private data with the network.

 

Markus Levin

Co-Founder, XYO Network

GEO relies on a network of physically fixed devices called Nodes. Users may connect via Bluetooth to a Node and get a Proof-of-Location signature. User device ID and timestamp are used to generate the signature, basically answering the questions "WHo, when and where?". The protocol is built on Ionic platform and utilizes Bluetooth which combined makes it cross-compatible with any mobile system. Probabilistic Proof-of-Location is essential for applications in e-commerce (shipment tracking), automated drones communication and hospitals (communication failure and record keeping). Therefore, GEO offers a special smart contract model for such use-cases.

XYO Network and GEO have already granted free access to some of the libraries so that developers can develop and test software of GEO platform. XYO Network developed world's first decentralized location verification system for Ethereum, and it seems open ecosystem of geospatial blockchain applications pose a formidable alternative to GPS.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   53

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.