The XYO Network is attempting to create a geospatial location data network via a decentralized, and trustless, network of community owned witness devices.This geotagged data is useful for certain types of applications, such as courier deliveries or localized weather. By acting as a geo-spatial oracle for the blockchain, it can feed real-world location data into the wider Ethereum ecosystem for smart contracts within it to use.
How does XYO Network Work?
The XYO Network works due to its ‘bound witness’ devices. Participants in the network (which can range from anything to a smartphone to a laptop) ‘see’ each other and by doing so confirm the other is there. Bound witnesses can include information like location and time too and, should the participants agree, they confirm the veracity of each other’s statements. This kind of network is called Proof of Origin, and is a consensus capable of answering questions related to location data certainty.
There are ‘SentinelX’ devices that are built explicitly for the task. These are small devices that can be attached to or hidden in a wallet, phone or keys (for example) and their location can be accurately tracked as it moves through the network and tags other bound witnesses within it. Users can also use their phones as devices to geomine for rewards, which is discussed later.
Why is XYO useful?
The XYO network creates trustless, verifiable location data for any device or tagged item within it – with a greater degree of trust and accuracy than standard GPS. 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 that 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 if they use the XYO network.
These use cases are still being built out as the network is created. Yet 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.
Users can become ‘Sentinels’ through connecting to the network with their own devices by using the XYO app. The app also helps you keep track of all the devices both in your personal network, and get general geospatial information from the wider XYO data ocean.
They also allow users to geomine. By turning their smartphones into sentinels, users are awarded COIN. These COINs can then be exchanged for XYO tokens that power the network. The more devices tagged in a wider arc, the higher the possible earnings – so it may suit frequent travellers. The earnings are fairly low when using the free version, but you can increase your rewards substantially through a subscription in the app.
The XYO token, an ERC-20 token, 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 non-fungible geo-tokens that conform 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 ambitious plans to map the world through a mixture of institutional adoption and by rewarding participants in the network through its COIN app. Having trustless, verifiable location data ensures the operation of a safer, smoother world – with the participants rewarded for making it happen.
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 it for other ERC-20 tokens (up to 100x cheaper than other wallets), and you can send or receive it as a 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