One exciting project that is gaining a dedicated following in the crypto space right now is XYO. XYO (XYO) is a cryptocurrency token operating on the Ethereum platform. It’s not surprising that XYO is becoming increasingly popular, given that you can mine the tokens free on your smartphone via the COIN app. XYO is currently sitting at around 500 in the rankings of cryptocurrencies by market capitalisation and trades on 6 active markets.
What is the XY Oracle Network?
The XYO Network is a project launched by a company called XY, which has been around since 2012, which gives followers and investors the confidence that this is not a fragile start-up or lightweight project. XY have been building location technology solutions for years for use in autonomous drones, self-driving vehicles, smart cities and space exploration. The first product XY launched was XY Findables, which built a network of over 1 million people connected by Bluetooth and GPS devices which can be attached to and used to locate easily misplaced items such as keys and luggage or even used to track stolen vehicles.
In simple terms, what does XYO do?
XYO operates a decentralised network of devices that anonymously collect and validate geospatial data, i.e. data with a geographic component. This data provides increased certainty of location at a point in time, unlike GPS which can be hacked due to the centralised source the signals come from. Given that we are all so dependent on GPS technology these days in everything from satellite navigation to tracking deliveries, the implications of a hack would be severe. By gathering data across a decentralised network and through the security of the blockchain environment, XYO provides secure and safe location data that can be used to fuel the systems in need of it. This allows XYO Network to conduct trustless and secure transactions using this location-based data. XYO devices are also able to interact with smart contracts to program automated processes.
Imagine for example that in future, you buy a product from an online retailer who use XYO to offer a more sophisticated and reliable delivery service. A smart contract using XYO could track your parcel all the way to delivery and you would only be charged by the retailer once it has actually been delivered.
How Does XYO Network function?
XYO’s trustless cryptographic location network enables layered location verification across many devices and protocols. The chain confirms a location through the collection, confirmation and storage of bound witness interactions. This chain is used to answer questions related to location data certainty. The XYO Network contains four primary pillars:
- XYO Sentinels (Data Gatherers) - Sentinels gather location information through radios, sensors and other methods. These act as the location witness.
- XYO Bridges (Data Relayers) - Bridges take data from Sentinels and relay it over to Archivists. These act as location data transcribers.
- XYO Archivists (Data Storers) - Archivists store the information for Diviners to analyse it.
- XYO Diviners (Answer Aggregators) - Diviners serve as oracles and analyse all the location heuristics to provide answers to queries and assign accuracy scores. Diviners then relay these answers back into a smart contract.
The XYO Network operates a proprietary Proof of Origin consensus algorithm, combined with Transient Key Chaining to ensure that ledgers flowing into the network are valid. This makes it impossible to falsify the chain of origin for the data. The XYO Network stores the information on a public blockchain called the XYO MainChain.
What is the XYO Foundation?
XYO Network is now operated by the non-profit XYO Foundation, established by XY. Its mission is to facilitate and promote the use and continued development of the XYO protocol, brand, tools and documentation. Meanwhile XY are building emerging products around the XYO Network and protocol to drive and support the future of decentralised geospatial data.
What is the XYO token?
At the centre of the system sits an exciting new cryptocurrency that incentivises the ecosystem - the XYO token. XYO is an ERC20 token, based on the Ethereum blockchain, which runs on the XY Oracle Network. XYO promotes data sovereignty and pays network users for their data contributions, using cryptographic technology to keep that data secure and reliable. Ultimately, XYO aims to be the first network that will allow industries to use reliable data from a decentralised and cryptographic source.
XYO is particularly exciting as it can be mined on a smartphone, via the COIN app, enabling users to earn free cryptocurrency. With the COIN App, you can geomine as you go about your day and earn COIN tokens in exchange for providing location-based data to the XYO Network. These digital assets can then be exchanged into XYO once a minimum amount of 10,000 coins is reached. XYO is traded on a number of crypto exchanges, but primarily KuCoin.
What is the COIN app?
Launched in early 2019, COIN is a mobile app currently being used by over half a million people to earn digital assets for validating geospatial location data when travelling, commuting, jogging or moving about the real world, interacting with each other and participating in in-app challenges.
What is XYO geomining with COIN?
Geomining is different from regular mining in that, instead of providing your computer’s power, you are providing location data by creating bound witness interactions for the network. Geomining with the COIN app allows you to travel in the physical world and collect digital crypto-assets. COIN app users are being rewarded for providing location-based data to the XYO Network. These digital coins can then be exchanged for XYO tokens, Bitcoin or Ethereum once a minimum amount is reached. The cryptocurrency can be withdrawn and stored in external wallets.
How much is XYO coin worth?
XYO’s price was dropping steadily since it peaked in December 2018, then flattened at around the $0.0002 USD mark given the low level of liquidity. However there has been a significant uplift in XYO trading volume since mid-April 2020 and we have seen a significant breakout from this level. The XYO price has just experienced a significant run, going on a parabolic rise. In mid-June 2020, XYO was up 380% year to date. For those who have been geomining free XYO, this has proved to be a phenomenal return on investment.
In mid-June 2020, XYO was up 380% year to date
If this project continues to develop at its current pace and really takes off in future, then a lot of crypto followers are going to wish they’d grabbed the chance to mine the tokens earlier. XYO has a current supply of approximately 13.9 billion tokens with 12.8 billion in circulation. Another interesting development in early 2020 has seen the XY company start to buy XYO tokens on the open market as supply for the COIN application and to hold, believing that the XYO Token is very undervalued. XY are dedicating a portion of revenue on an ongoing basis to purchase this supply and as COIN grows, they expect that purchasing process to accelerate.
XYO COIN app hacks: how do I get more XYO coins?
There are a few ways you can boost your mining in the COIN app. The first is to take advantage of XYO’s offer to get a free XYO Sentinel device. You can currently get the SentinelX BLE but XYO are now launching the slick SentinelX NFT, which is a credit card style device without the need for a battery. By pairing a Sentinel with the COIN app you will get a 12x boost to your geomining. This makes huge difference! Another important XYO COIN app hack is to ensure you utilise the opportunity of referrals. If you refer via the invite link, your newly signed up geominer will receive 1000 coin and you will receive 10% of what they collect - for life!
Is XYO geomining worthwhile?
With a Sentinel and especially with a paid subscription plan, geomining XYO is definitely worthwhile on a number of levels: earning free crypto while you travel around; learning about crypto, decentralised networks and the blockchain; and having a bit of fun whilst you mine your XYO. COIN is also currently offering free SentinelX devices - you just have to cover the cost of shipping.
The alternatives to a Sentinel are COIN’s paid monthly plans. I have to be honest, I used to think that these plans were looking a little pricey, but I have since reviewed my opinion having tried 2 different plans. Pricing comes in at $24.95 per month for COIN Plus and $34.95 per month for COIN Pro, but beware that for those of us outside the US (e.g. in the UK), Apple's app store charges in local currency at the same rate.
The most productive way to ensure that geomining is going to make an immediate return on the investment is to ensure you drive each day and mine 24/7. If you have a plan such as COIN Pro and you drive a bit, it is definitely better than just buying XYO on an exchange like KuCoin for the same level of investment.
What is XYO COIN Lite?
I was previously running the invitation only COIN Lite plan, which is on offer at $7.99 per month. This offer includes the 3x geomining speed and 3x geomining recharge rate of the Pro subscription, and the SentinelX detection bonus, multiplying your rewards by 12x anywhere you go, whether you have a SentinelX or not. After a couple of months initially without a plan, I have to say it turbo boosted my geomining, so for all aspiring geo-hackers out there, the COIN Lite option looks like a good value plan. Having tracked my metrics, I was mining around 780 coins per day breaking even at around day 25 of the month despite the fact that Apple charge me the dollar price in pounds sterling! Lite is definitely profitable.
What is XYO COIN Pro?
I have recently upgraded from Lite to Pro and I can't believe I waited this long. It's a game changer! COIN Pro is priced at $34.95 per month but it is well worth it. I'm now getting 36x geomining rewards, 3x background rewards, maximum bonus drops every week and now for the first time I've started hitting Big Geomines. Even with minimal driving in lockdown I am now geomining around 2,500 coins per day but I've noticed that when driving and using my sentinel for an extra 10% boost, the Pro returns are significantly better. If you make the most of referral rewards as well, it generates a pretty decent return on investment.
What is a geomining kit?
Geomining is the way XY community members play an active role in the XYO Network. For hard core geohackers, there is an option to upgrade to a geomining kit, which comes with XYO Sentinels and a Bridge component. XYO Sentinels allow you to collect and create location data that is related to the XYO Network. The Bridge component allows you to share those collected and verified locations to the XYO Network’s Archivists, so they can be stored later for queries. When that information and the verified location data is used in a query in the XYO Network, XYO tokens are earned.
What is the best way to geomine?
For those who are more interested in geomining and earning XYO Tokens on their smartphone, then stick with the COIN app and Sentinels. If however you have a genuine interest in building out a strong network of data-collecting devices for the XYO Network, then you may want to build or purchase a geomining kit, consisting of multiple Sentinels and a Bridge.
How much can you make with XYO?
I’ve tracked my mining rates since I started geomining a couple of months ago, but it has to be noted that this period of time has coincided with the Covid19 lockdown, which is not good for geomining! If you’re driving reasonable mileage each day, you’ll mine a lot more. On a basic plan with no Sentinel, I was mining about 80 coins a day on average. Definitely not a great return. With a Sentinel, this jumped to over 300 coins a day, which equates at current prices to just over USD 1 a week. The switch to Lite saw my rate jump to around 780 coins a day, but the big shift came when I upgraded to COIN Pro, generating around 2,500 coins per day. At the current COIN/XYO redemption rate of about 1.2, this means I'm mining around 21,000 XYO per week. That's about USD 10 per week.
So does COIN app make money?
On an absolute return basis (excluding capital gain) and at the current price of XYO, geomining XYO is marginally profitable after you account for the cost of a plan such as COIN Lite or COIN pro. However, if you're a long distance trucker or Uber driver, the returns would be much greater. However that’s not my rationale for mining free crypto. I see this as a long shot for the long term, preferring to look at the 2,500+ XYO tokens a day being mined. In mid-June this year my XYO bag was up 462% - not to be sniffed at! Imagine if the price of XYO breaks out from its current levels and starts heading towards a dollar in the future! We can but hope. As with many other altcoins, it’s a case of looking optimistically ahead to the future, hoping for the best, riding the waves of volatility and HODLing!