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Cryptocurrency Guide | Guides

What Is XYO Network (XYO)? All You Need To Know

Author

Rickie Sanchez

Tags

Tags Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

3 mins
Last update

xyo network

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Key Takeaways

  • XYO Network (XYO) is a decentralized network that uses blockchain technology to collect and validate real-world location data.
  • It utilizes a network of devices to collect data anonymously and employs cryptographic mechanisms to ensure accuracy.
  • The network aims to eliminate centralized control of location data. Through cryptography, it strives to create a tamper-proof system for verifying information.

What Is XYO Network (XYO)?

XYO Network is a decentralized network that uses blockchain technology to collect and validate real-world location data anonymously. It aims to create a trustless system that eliminates the need for centralized control over geospatial data.

How Does XYO Network (XYO) Work?

The XYO Network (XYO) is a decentralized location verification network powered by blockchain technology. Here’s a breakdown of how it works:

Network Participants

XYO Devices

The network utilizes IoT beacons, GPS, and mobile devices to gather and verify location data on the blockchain.

Bridges

These devices verify the data collected by XYO Devices and forward it to the next stage.

Archivists

These store the verified location data on a public blockchain called the XYOMainChain.

Oracles

These act as intermediaries, fetching data from the blockchain and delivering it to applications that require it.

Process

  1. Data Collection – XYO Devices gather location data.
  1. Verification – Bridges verify the data’s authenticity using a cryptographic technique called Proof-of-Origin.
  1. Storage – Verified data is forwarded to Archivists for storage on the XYOMainChain.
  1. Data Retrieval – Oracles can retrieve the location data from the blockchain and deliver it to interested applications.

Use Cases

  • Supply Chain Management – Tracking the location of goods during transport.
  • Insurance – Verifying the location of assets for insurance purposes.
  • Sharing Economy – Ensuring the authenticity of rental services like car-sharing.

XYO Network (XYO) Token And Tokenomics

Tokenomics

The XYO token is XYO Network’s native cryptocurrency. It is used for:

  • Rewarding Network Participants
  • Facilitate Data Access

Token Details

Total Supply 13,931,216,938 XYO

Circulating Supply 13,476,747,692 XYO

Current Price $0.009577

Market Capitalization $129,071,976

This information is current as of April 19th, 2024, and the token’s price, market value, and available supply may fluctuate.

Distribution

The distribution of XYO Network (XYO) tokens can be broken down into a few main parts:

  • Main Sale (March 2018 – May 2018) – This is where the majority of XYO tokens, 14,198,847,000 XYO, were sold to the public.
  • Founding HODL’ers Rewards (FHR) – A portion of tokens was allocated to reward those who participated in the main sale and held onto their XYO tokens (HODL’ers). This distribution happened monthly for five years, starting December 1, 2019.
  • Cryptoeconomic Reserve – Some tokens were set aside in reserve for future use by the XYO Network.

Where Can I Buy XYO Network (XYO)?

Coinbase Coinbase is an American-based cryptocurrency exchange that allows you to buy cryptocurrencies using various payment methods, including bank transfers, debit cards, and wire transfers.

Crypto.com This exchange offers XYO, other cryptocurrencies, and features like staking and earning rewards.

BingX – This exchange offers XYO and various features, including perpetual contracts and margin trading.

Is XYO Network (XYO) A Good Investment?

Pros

  • Unique value proposition – XYO offers a decentralized network for verifying real-world location data.
  • Enhanced security – XYO’s verification system makes it difficult to spoof location data, which can improve security for businesses and users.
  • Open-source – The project’s open-source nature allows for transparency and community involvement, which can foster trust and development.
  • Earning potential: Through smartphones, users can earn XYO tokens by contributing location data to the network.

Cons

  • Privacy Concerns – XYO relies on user data to function, which can raise privacy concerns. Users who are uncomfortable with their location data being collected and used may not want to participate in the network.
  • Complexity – The XYO Network is a complex system with multiple components (Sentinels, Bridges, Archivists, Diviners). This complexity can make it difficult for users to understand how the network works and how their data is used.
  • Technical Hurdles –  Any new technology faces technical challenges, and XYO is no exception. The network must be secure and scalable to handle many users and transactions.

Final Thoughts

XYO Network’s success will depend on its ability to address these concerns and effectively navigate the technical landscape. If they can achieve this, XYO can become a major player in the future of location data verification.