XYO (XYO) Price

How Does XYO Work?

The XYO Network consists of devices that anonymously collect and validate geospatial data. Through the XYO World platform, users can trade and stake XYO tokens against unique ERC-721 tokens representing real-world locations.

The XYO Network utilizes innovative cryptographic mechanisms like Proof of Origin & Bound Witness to establish a trustless and secure location network, eliminating the reliance on centralized entities for location data control.

Proof of Origin (PoO)

Proof of Origin is a cryptographic mechanism used by the XYO Network to verify the authenticity and origin of data. It ensures that the data collected by the network is trustworthy and comes from reliable sources. PoO establishes a chain of custody for data by cryptographically linking it to a specific device or source, providing verifiability and accountability.

Bound Witness

Bound Witness is another cryptographic mechanism employed by the XYO Network. It serves as a trust mechanism by confirming the proximity and interaction between different devices within the network. Bound witness interactions allow devices to cryptographically validate and verify each other's location and interaction, ensuring accuracy and reliability of data collected.

What Are Four Primary Components of the XYO Network?

The operation of the XYO Network relies on four fundamental components, also known as nodes.

Sentinels

An XYO Sentinel is a location witness in the XYO Network. It is like a person standing guard, constantly observing data in the physical world and recording it on a secure ledger. These sentinels can collect various types of information such as location, temperature, elevation, and more.

The real world data collected by the sentinels can be trusted because they vouch for its certainty and accuracy by producing temporal ledgers. They communicate with other sentinels to compare their data and determine the most likely information. This decentralized method creates a reliable and decentralized location-based oracle network.

The XY Labs sells pre-made XYO Sentinel devices, but developers and companies can make their own XYO-enabled devices with the help of the XYO SDK.

Bridges

Bridges serve as connectors between Sentinels and other components of the XYO Network. They facilitate the transmission of location data from Sentinels to Archivists. Without Bridges, the recorded data in Sentinel ledgers would not be effectively integrated into the network. Bridges play a vital role in maintaining the integrity of the transmitted data, ensuring that the heuristic ledgers received by Archivists remain unaltered.

Archivists

Archivists act as data stores. They contain location information received from Bridges and index the ledgers to facilitate easy retrieval. Similar to a bank that archives ledgers, Archivists store raw data and earn payment only when the data is retrieved. They play a crucial role in the network, serving as the storage repositories for all the gathered ledgers.

Diviners

Diviners are also called the answer aggregators because they serve as location witnesses that provide accurate and trustworthy data. A Diviner gathers and validates geospatial data, such as GPS coordinates, which are then utilized within the XYO network ecosystem.

Diviners analyze location heuristics from Archivists to produce answers to queries and assign accuracy scores to them.

The accuracy score, called the Origin Chain Score, is determined through a set of zero-knowledge proofs known as a Proof of Origin Chain.

The Proof of Origin Chain, a blockchain-like structure that provides an immutable record of their activities and establishes a verifiable history of their data. By utilizing Diviners, the XYO network aims to establish trust and transparency in location-based data applications.

Sentinels, bridges, archivists, and diviners on the XY protocol earn rewards with XYO tokens for their participation. Sentinels and bridges receive tokens when their information is utilized to answer queries. Archivists are rewarded for retrieving and using data, not just for storing it. Diviners receive XYO tokens as payment for providing data query services on the XYO Network.

What Are The XYO Tokens?

The XYO Network operates on a native cryptocurrency called "XYO Token." Users can earn the XYO cryptocurrency by contributing to the creation of verified heuristic ledgers. These tokens serve as the currency for querying the network and are awarded to those who facilitate the generation of answers.

With XYO tokens, individuals and businesses gain access to various possibilities. Developers can leverage XYO Tokens to build geodapps (geo-based decentralized applications) that integrate with the XYO Network. Some companies might require payment in XYO tokens for their services. Alternatively, individuals can participate in electronic exchanges to sell or trade XYO tokens.

The XYO Network cryptocurrency has a limited total supply. The maximum supply of XYO tokens is 14 billion, with the current supply being 13,476,747,692 XYO.

View the latest XYO price statistics on the interactive chart above. Access the current price of the XYO (XYO Network) in USD. View the XYO price history to determine the lowest and highest price paid for the XYO crypto and analyze market trends over time.

What Are Use Cases of XYO?

The XYO Network is a decentralized blockchain-powered location network that enables accurate and trusted location data for various industries. Here are some real-world use cases of the XYO Network:

1. Supply Chain & Logistics

The XYO Network can be utilized to track and verify the location of goods in the supply chain process. It ensures transparency, traceability, and accountability, reducing the chances of fraud, theft, and counterfeit products.

2. E-commerce & Delivery Services

XYO can enable secure and efficient delivery services by providing verifiable location data. Customers can track their packages in real-time, reducing the chances of lost or delayed deliveries.

3. Car Rentals & Sharing Services

In the car rental industry, XYO can help in tracking vehicles, reducing the risks of theft and unauthorized use. It can also enable secure car-sharing services by verifying the location of rented vehicles.

4. Insurance

XYO can be used in the insurance sector to validate claims related to accidents, theft, and property damages. Accurate location data can provide powerful evidence for claim verification, streamlining the process and reducing fraudulent claims.

5. Smart Cities & Urban Planning

XYO can assist in creating smart cities by collecting and analyzing location data. This information can be used for traffic management, urban planning, infrastructure development, and optimizing public transportation services.

6. Advertising & Geomarketing

With XYO, businesses can target advertisements to specific locations and demographics accurately. Location-based marketing campaigns can be executed more effectively, providing personalized, relevant advertising to potential customers.

7. Gaming & Augmented Reality (AR)

XYO can enhance location-based gaming experiences, such as treasure hunting games and AR applications. It can enable accurate positioning and interaction of virtual objects in the real world, increasing immersion and user engagement.

8. Medical & Healthcare

XYO can assist in tracking medical equipment, ensuring it is in the right place at the right time. Additionally, accurate location data can help optimize the routing of emergency services, improving response times and patient care.

What is XYO Mining?

XYO mining works similarly to mining cryptocurrency, but instead of performing calculations for transactions, mining equipment performs bound witnesses. There are two types of edge nodes called sentinels and bridges.

Sentinels create bound witnesses, while bridges collect and upload them to the XYO Network. These bound witnesses are stored by archivists, and a diviner can search for specific data within the network. A party interested in data collection can use a diviner to search the archivists and pay XYO tokens to retrieve the data.

Miners who produce bound witness data are rewarded with XYO tokens, which can be traded on Ethereum-based cryptocurrency exchange platforms. XYO mining can be facilitated through various devices, such as the XYO Network App, SentinelX, and BridgeX. For those looking for an easy entry into XYO mining, the COIN app is a free and accessible option.

What is the History of XYO?

The company behind the XYO project is XY Labs. It was established in 2012 by Arie Trouw, and it was initially focused on selling special Bluetooth gadgets called "XY Finders" to help customers locate their lost items.

In late 2017, Arie Trouw, Scott Scheper, and Markus Levin co-founded XYO, a blockchain project. The XYO Network aims to transform the way apps, humans, and hardware devices use location data.

It is a decentralized network consisting of smartphones, computers, smart-home appliances, and others. These devices use a cryptographic protocol to observe and store data from the physical world. This process, known as "Geomining," is facilitated by XYO, a utility token.

XYO Network conducted an initial token sale in 2018 to raise funds for its development. The company gained attention for its innovative approach to location tracking, which attracted partnerships with various industries, including logistics, e-commerce, and supply chain management.

The consumer-oriented aspect of the XYO Network has led to substantial growth, with more than 1,000,000 devices in circulation globally. These devices, utilizing Bluetooth and GPS technology, enable individuals to track their belongings such as bags, keys, and even pets.

The latest XYO Network price data is available on the chart above. It can help you with composing the XYO technical analysis and making informed decisions regarding your XYO investments or trading strategies.

What Is the XYO Foundation?

The XYO Network is maintained by the XYO Foundation , a nonprofit organization to facilitate education, research and continued development of the XYO protocol. The XYO Foundation helps to develop partnerships for the XYO blockchain, including ones with major companies, such as FedEx, Chainlink, Microsoft, and Cisco. These partnerships aim to integrate the XYO protocol into various industries, such as supply chain logistics, Internet of Things (IoT) applications, and geospatial data services.

What Is the Price of XYO Today?

Changelly offers an interactive chart that reflects the live XYO-USD price with real-time updates and ultimate XYO price market statistics. We provide access to the latest data of the XYO coin performance, including its current market cap (market capitalization), 24 hour trading volume, and recent price change.

Our useful XYO price chart also includes the XYO Network price history that allows users to track the fluctuations and trends in the XYO price over time. Through it, you can easily see the all-time low and all-time high price of the XYO Network coin. For example, XYO’s highest price is $0.08, while its lowest price is $0.00010.

To decide if the XYO token is a good investment for you, do not hesitate to read our XYO price prediction that predicts the future performance of the crypto asset based on various crypto market analysis and indicators.

Our XYO forecast will provide you with valuable insights to make an informed decision about buying XYO coins. However, our XYO crypto price prediction is not guaranteed because the crypto market is subject to high volatility and is influenced by various factors such as economic conditions, regulatory changes, market sentiment, technological advancements, and global events.

Along with offering the live price of XYO today, our platform also allows you to easily swap XYO coins to other cryptocurrencies, like Binance Coin or Bitcoin Cash, at a great exchange rate. More than that, through our crypto exchange platform, you can buy XYO with regular payment methods, benefiting from immediate executions and the ultimate transaction security.

This text is exclusively for informational purposes, and it does not provide any investment or financial advice. To increase the chances of achieving your investment objectives, it is always recommended to conduct a fundamental and technical analysis of the crypto project and consult with a professional financial advisor.