The crypto industry is stuffed with thousands of coins and tokens. Most of them are remain dead, some of them are a scam, and there is a little number of cryptocurrency projects that really strives to make a world a better place. One of such projects is XYO Network and its XYO coin. Today, we are going to observe the XYO coin as a whole – what XYO is, where and how to trade XYO, how to store XYO, etc.
XYO Coin Basics
What is XYO cryptocurrency? XYO is a native token based on the Ethereum blockchain that powers and maintains the XY Oracle Network. Consequently, there goes a question: what is XY Oracle Network? Let’s go deeper into definitions for better XYO token understanding.
XY Oracle Network
XYO Network is considered (by itself) to be the first decentralized project that directly connects blockchain and the real physical world. The project was launched in 2018 by XY company with a certain mission in mind: to facilitate and promote the use and continued development of the XYO protocol, brand, tools, and documentation.
According to the XYO whitepaper, the goal of the XYO Network is to create a trustless, decentralized system of location oracles that is resistant to attack and produces the highest certainty possible when queries for available data.
All collected data is safely stored on a public blockchain XYOMainChain. XYO consists of 4 major components that maintain the whole network. These are sentinel, bridge, archivist, and diviner.
Sentinels collect location data and confirm that it is true and correct. After that, a Sentinel conveys information to the Bridges. Your smartphone or any SentinelX device is a data collector that gathers location, time, temperature and so on. Devices within the XYO network interact with each other, once they got near. This interaction is called a bound witness.
The Bridge component literally acts like an actual bridge as it connects sentinels with the next level of the XYO network, Archivists. Bridges are aimed at transferring data in a secure and transparent manner. When Bridges are being active in the network, they are searching for bound witnesses (sentinels located nearby) to confirm the interaction by placing a signature on them.
To put it simply, the Archivist component is the storage for the received information. All the witness bound interactions that were discovered, are recorded and encrypted by Archivists. Once the data is retrieved, Archivists are rewarded with XYO tokens.
In the XYO ecosystem, diviners are the answer aggregators. Serving as oracles, Diviners use Proof-of-Work (PoW) consensus algorithm to add answers fetched from Archivists to the blockchain.
The XYO Network application is currently available for iOS and Android devices.
XYO Network Use Cases
As they say, the XYO Network is applicable to different areas of our daily lives. The team of XYO network provides actual use cases of the technology for eCommerce, insurance, national security, drones, rental car, airports, and hospitals. Let’s observe the airport and rental car cases.
Lost luggage is a nightmare not only for travelers but also for Airports in general. The XYO Network can resolve this issue by providing airports with verified location data via a decentralized system. Airports can use each other’s networks without compromising sensitive data.
Rental businesses are in great demand now. However, they face multiple problems every day. Just imagine a number of clients that somehow lose keys to the rental car (spoiler: it is a big number). The XYO Network offers a flawless solution such as the implementation of XYO Network Bridges to the rental business systems. Hence, rental companies will have a trustless confirmation that keys are returned.
Today, XYO Network partners with such companies as Microsoft Partner Network, FeedEx Institute of Technology, Harmony, Chainlink, and many others.
Back to the XYO Coin
To sum it all up, the XYO cryptocurrency is:
an ERC-20 standard token
a utility token that powers the XYO network
incentivizing network participants
XYO Coin Value
Today, the price of the XYO coin is $0.000148, while the XYO market cap is $1,898,481. According to coinmarketcap, the XYO met its higher price in May 2018 when it reached $0.007900. XYO currently takes #624 in the CMC list and there is a little chance it will ever hit top 100.
How to Trade XYO?
Despite being on the market for almost two years, there are just three places that allow you to buy, sell, and exchange XYO. Today, the XYO cryptocurrency can be traded against BTC, ETH, and USD on the YoBit exchange and against BTC and ETH on the KuCoin exchange. It can also be exchanged for ETH via decentralized exchange (DEX) – IDEX.
As XYO cryptocurrency is an ERC-20 utility token, it is compatible with pretty much every Ethereum wallet.
Ethereum Wallets are aimed to store ETH, Ethereum Classis (ETC), Tether (USDT) and multiple ERC-20 tokens.
Wallets: MetaMask, MyEtherWallet
XYO Network along with XYO coin introduced an innovative way for decentralized collecting, validating, storage and use of geospatial data. Needless to say, that the project itself wants to eliminate the middle man from location data gathering while bringing decentralization and transparency to the businesses. XYO cryptocurrency is currently recognizable by its narrow community but once the world meets mass adoption such projects as XYO will be in demand.