The XYO Network is a new decentralized location network that uses blockchain technology to deliver location data. This will change the way people interact with their devices and have more control over their privacy.
The will xyo ever be worth anything is a question that has been asked multiple times. It’s difficult to predict the future of any cryptocurrency, but it looks like Xyo will have a bright future.
XYO Network aspires to be the business that pushes location monitoring services into a new future (by ultimately replacing GPS tracking) (by eventually replacing GPS tracking). Without GPS, today’s world would undoubtedly be a very different one. We’ll look at how the technology works, how to mine XYO tokens, and what the project’s future holds in our XYO Network study.
Developed by the US government (and the US military) in the 1970s, widespread use of the technology began in the 1980s, far before the smartphone era.
It’s difficult to fathom a world without Google Maps, location services, or package tracking for online transactions nowadays. To work properly, all of these services rely on GPS technology.
The XYO Network is a relatively new initiative that seeks to build a network of linked devices that will use blockchain technology to help monitor and locate shipments and items.
Its main goal is to build a network large enough to provide users with a unique monitoring experience for a number of reasons. In this XYO Network analysis, we’ll go over the project’s fundamentals as well as its present position in the cryptocurrency market.
The XYO Network was founded in the fourth quarter of 2017 and published its first whitepaper in the first quarter of 2018, followed by the first sale of their XYO token in the second quarter of the same year, which corresponded with the introduction of their protocol proof of concept and first MVP.
The company’s iOS and Android applications were released in 2019, and they are presently working on an open-source effort and an upgraded version of their core network, which will be released in 2020.
WHAT IS THE XYO NETWORK AND HOW DOES IT WORK?
Sentinels, Bridges, Archivists, and Diviners are the four main components of the XYO Oracle Network. A Sentinel is a device connected to the XYO Network that aids the chain by broadcasting its position as well as other data such as temperature, date, and time.
Sentinels may identify other Sentinels and emit a signal indicating the closeness of the two devices, resulting in a bound witness interaction (BWI). These interactions are subsequently sent to the Bridges, which are network devices that confirm them.
Archivists are devices that record verified BWIs and then pass that information on to Diviners, who are network devices that answer queries from users who must pay with XYO Tokens.
The XYO Network app now only enables users to become Sentinels or Bridges; choices to become Archivists and Diviners are still in the works, and SDKs are presently accessible if you want to participate as a developer.
To make our XYO Network review more thorough, consider the following scenario: you’ve misplaced your bike, which is equipped with an XYO Sentinel tracker. To find it, you would have to submit a query to the network.
The network might (in principle) trace down your bike’s position using data saved in Diviner devices, allowing you to recover it. The query is a blockchain transaction that requires XYO Tokens to be paid for. So, how would this be accomplished?
IS XYO GEO MINING LEGAL? WHAT IS XYO GEO MINING?
T The XYO Network is powered by the XYO Utility Token, which users may use to pay the network to answer their queries while attempting to find a certain item using Diviner data.
This leads us to the first point of our XYO Network review: how can I get XYO tokens?
At the present, there are two methods to get XYO tokens: the first is to purchase them on the KuCoin cryptocurrency market, which currently has the highest volume.
The second is to download their COIN App, which is currently accessible for Android and iOS, and begin geomining for its network. When a geominer assists in the creation of verified ledgers using data collected by the Sentinels and uploaded to the network, they are compensated in XYO tokens.
Geomining differs from traditional mining in that instead of using your computer’s processing power, you use the bound witness interactions we discussed earlier to provide your position.
You are compensated when an XYO Diviner utilizes the location data you supplied to fulfill a query, but because the network is still in its early stages, geomining tokens is the greatest way for users to make money right now.
You may earn these tokens by installing the app and revealing your location, which will allow you to mine from certain physical locations known as tiles, which are squares spanning an average of 130 feet in length.
Not every tile will offer you the same number of XYO tokens: some will pay less than a hundred, while others may result in ‘big geomines,’ which might earn you thousands of XYO tokens in one go.
The system might work in the same manner that Pokémon Walk does, where you go about collecting these places in order to mine tokens.
Other XYO Network reviews have discovered that this kind of mining may be beneficial, allowing for a fast payout with reasonable simplicity and in a short period of time.
You may quickly earn a lot of XYO tokens by walking, bicycling, or driving about for a few minutes and sharing your location data.
HOW DO I USE THE COIN APP TO FIND TOKENS?
The COIN App is extremely simple to use: just download it and create an account. You may geomine without signing up for an account, but you won’t be able to withdraw your earnings afterwards.
The app works best while you’re out walking, bicycling, or driving. Simply click the pickaxe symbol to mine a particular tile, and you’ll be rewarded with a random number of XYO tokens.
If a tile has previously been mined, it will appear in a different color on the map and you will not get any prizes, although it will typically reset within a few minutes.
The COIN Software works with a SentinelX physical Bluetooth device, which you can receive for free by signing up, downloading the app, and paying for shipping on the COIN App website.
You must connect it with your phone after receiving it, and you will get 12x the benefits while geomining tiles.
Users may also subscribe to programs that allow for more efficient mining via the app. The COIN Plus membership increases the user’s geomining speed, recharge rate (ability to mine in previously mined locations), and chances of finding large geomines by two.
There’s also a COIN Pro membership, which includes three times the geomining rate, incentives, and everything of the COIN Plus plan’s features. COIN Plus membership costs $24.95 per month, while COIN Pro membership costs $34.95 per month.
You may also invest $200 in a BridgeX device, which can let you earn up to 10% of other users’ profits when they get data from a SentinelX device. However, since the XYO Network is not yet operational, this feature is presently unavailable.
SentinelX devices are also available for $50 from the official XYO website’s store, however having more than one SentinelX will not impact your profits since you can only connect one device with the app.
When the Network of Sentinels and Bridges is completely functioning, giving them to friends and family may enhance your earning potential.
Having more than one Sentinel increases bound witness interactions, which helps develop the network, but does not enhance XYO token payouts.
WHAT DOES THE XYO NETWORK’S FUTURE LOOK LIKE?
The XYO coin’s value has gradually declined since its introduction, dropping almost 85% of its value in the past year alone. At the moment, one XYO token costs $0.00042, which implies that users would have to mine about 2,300 XYO tokens to get one dollar.
Because of the random nature of the tile payouts, users may find it difficult to mine tokens in a reasonable period of time (say, one month), which has led to some conjecture in recent XYO Network evaluations that buying tokens on the KuCoin exchange may be a better investment.
Some users have expressed doubts about whether the XYO Network is a genuine initiative, how much XYO pays, and if XYO is a smart investment.
These issues emerge mostly because geomining is presently the only thing users can do on the network: their real-world apps are not yet functioning, and although users may (and do) establish bound witness interactions, the actual network is not operational as of today.
Aside from this problem, the business has seen several setbacks as well as some strange events. We’ve compiled a list of them for your consideration:
- They lay off half of their entire workforce, or 40 people, in June of this year, claiming a need to concentrate their efforts. According to reports, the layoffs were mainly aimed at Marketing staff.
- The business has come under criticism for several contentious marketing choices involving some of its past goods, such as geomining kits and previous product bundles that the company no longer provides or supports, despite significant user expenditure.
- These product bundles, which included special masterclasses on “geo hacking,” swag, business shares, and XYO gadgets, went through a series of random rebrandings and cancellations, leaving many consumers unsatisfied and suspicious.
- Many concerns regarding corporate censorship have been made by the user. Users that complain about geomining, lost tokens, investments, or defective equipment often have their comments (and accounts) removed or banned, and the business seldom responds to concerns in public forums.
CONCLUSION OF THE XYO NETWORK REVIEW
Many users think that the XYO Network is a ticking time bomb, and that the business is just a con seeking to benefit off the network’s members’ efforts.
However, as of yet, there is no convincing proof of this, and considering that their Sentinel devices are still free (with just shipping costs to consider), new customers would lose an apparently little amount of money if they opt to invest.
However, we must wait until the full XYO Network, including Archivists and Diviners, is functioning before discussing the network’s destiny.
Apart from the company’s Roadmap, there is presently no set schedule that customers can rely on, and the current state of things suggests that many of its sub-projects may change in the future.
To conclude our XYO Network analysis, we recommend that interested people monitor XYO announcements. The firm is now working on new apps with real-world applications that will enable users to put their hard-earned XYO tokens to good use.
Right now, their only option is to geomine them and sell or exchange them for other stable cryptocurrencies or cash.
This is not a very attractive environment, but the XYO Network still has some promise, therefore the best option is to start geomining as much as possible with as little investment as possible to mitigate the uncertainties around the company’s future.
Summary of the XYO Network
XYO Network is one of the purest blockchain applications that may possibly disrupt GPS as we know it, both in terms of technology and real-world use cases for their network. However, like with any crypto investment, keep a careful eye on the project in case things don’t go according to plan.
- Mining Assistance
- They give out Sentinel gadgets for free.
- One of the few projects having a practical use case.
- There is no set schedule for achieving goals.
- Accusations of corporate censorship
- Support for mining has been halted.
- Large-scale layoffs
The how many xyo for 10,000 coin is a question that has been asked by many people. In the future, the answer to this question may be different.
Frequently Asked Questions
Does XYO have a future?
This is a difficult question to answer, but I believe that the future of XYO is bright.
How much will XYO be worth?
The price of XYO will be determined by the market.
Is XYO real?
No, it is not real.
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