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The XYO Network is creating a geospatial location data network via a decentralized, and trustless, network of community owned witness devices. This geotagged data is useful for different applications, such as courier deliveries or localized weather. Additionally, through blockchain, XYO can feed real-world location data into the wider Ethereum ecosystem.

How does XYO Network Work?

The XYO Network uses a ‘bound witness’ device methodology, where participants in the network ‘see’ each other and by doing so confirm the other is there. They can achieve this through a variety of devices, which are most often smartphones and computers, but can be anything from a tiny Bluetooth beacon to a server farm. Bound witnesses also typically include information such as location and time, which can then be verified by other participants in the XYO Network. This system can provide “Proof of Origin” consensus, where location data for real-world items can be provided with certainty.

XYO has also built consumer devices designed to participate in their network. For example, SentinelXs are small devices that can function as edge nodes for the network; users can store them in or on wallets, phones, or a keyring, for example. Their newest designs of the SentinelXs, often called Sentinel eXtension devices, utilize a free mobile app called COIN to speed up development and features for edge nodes of the network. These SentinelXs can be used in bound witnesses, helping to add an additional layer of validity to both the geospatial data being provided, as well as the individual providing that data. As a reward for participating in the network and providing data, users earn digital rewards, which are discussed later in this article.

Why is XYO useful?

The XYO Network creates trustless, verifiable location data for any device or tagged item within it. Because geospatial data can be used in a variety of industries, there are many possible applications for XYO’s technology. The company has created papers explaining how XYO could affect the insurance, transportation, and firearm industries, as well as national security. There are multiple possible useful applications, including the insurance, transport, and firearm industries, as well as supporting national security. 

For example, a XYO-fitted truck making courier deliveries could have its location tracked as it makes its rounds. A rental car could be fitted with a device so a company could ensure it is being used within the correct bounds. The insurance industry could stop false reporting, whilst simultaneously giving policyholders watertight backing for their claim. Airports could also track lost luggage extremely efficiently within their systems by using the XYO Network.

Today, the XYO network is fully live and in use. In the first half of the 2021 year, the company responsible for the XYO Network made a profit thanks to new partnerships and products. Blockchain-enabled geospatial data opens up an important cache of possibilities that could ensure better organization, more safety-adherence, and less likelihood of corrupted or missing location data resulting in negative or avoidable outcomes.

Geomining, Staking and the XYO token.

XYO allows users to turn their smartphones into Sentinels with the COIN mobile app. With the app, users can share location data, time, and opinions and be rewarded for doing so. The more data that is provided, the higher the possible earnings. Users earn a digital “COIN” token in the app, which is redeemable for different items, included the XYO Network native token, XYO Token. 

XYO Token is a ERC-20 Token, which can also be staked on various pieces of real world land as represented by quadtiles in the XYO world. These quadriles at first encompass the whole world, subdivided in four, and so on and so forth all the way down – each parent quadtile has four children. 

These quadtiles are represented by geotokens, a non-fungible token (NFT) that conforms to the ERC-721 standard. Users earn rewards when the children of each parent quartile are sold. It’s an innovative and more gamified way to approach staking, but one where the choices of the stakers contribute to a more useful and rich data stream, as it highlights important locations in the network and augments network security and participation within it.

The XYO Network has plans to map the world through a mixture of institutional adoption and global use of the COIN app. So far, the COIN app has over 3 million downloads, and the network is continually developed both by the team and through partnerships they establish. With XYO, verified and trusted location data can ensure the operation of a safer, smoother world – and those who are a part of it can earn along the way.

Is XYO Hard to Get?

If you are new to the world of digital assets then getting cryptocurrencies can be a confusing prospect. It may be a bit simpler with the top two Bitcoin or Ethereum, but what about that lesser known Ethereum token, such as XYO, that you have heard so much about?

Numio is a great choice for XYO. With Numio you can send and receive your stored XYO instantly and at the touch of a button. If you want to try something a bit more advanced you can use Numio to trade and swap XYO.

Download Numio to get XYO

How can I get XYO?

Getting XYO is easy on Numio. You can use your credit or debit card to purchase ETH or USDC, which can then be exchanged for XYO. You can swap or trade for other ERC-20 tokens* (up to 100x cheaper than other wallets on L2), and you can send or receive it as payment. Whatever way you choose you can be sure that you are always in full control of your XYO.

*L2 trades for other tokens coming soon.

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