The XYO Network we could all of us flip their cellular phone into an part node with a evidence-of-beginning chain and certain witness generation the use of their accomplice app, “COIN”. With COIN, customers can ‘geomine’ to earn crypto rewards, in trade for collaborating in XYO’s decentralized community of devices.

XYO describes geomining because the act of exploring and coming across virtual objects or property from a real, bodily area at the same time as sharing applicable area statistics and interactions with different geominers. In order to earn cryptocurrency, geominers will must geomine sufficient in-app ‘COIN’ tokens after which redeem them for ‘XYO Tokens’ or different cryptocurrencies.

Recently indexed on Coinbase, the XYO Token serves as a software token for the XYO Network. Ultimately, XYO’s purpose is to develop their area-primarily based totally statistics community which can offer and confirm facts approximately the bodily global for blockchain clever contracts in addition to different off-chain corporations. For example, businesses may want to use the XYO Network to decide relative site visitors to their competitor’s storefronts, area-primarily based totally sentiment on socio-political issues, or maybe whether or not a real-global interplay took place among devices. COIN customers offer the statistics vital to reply those sorts of questions and get rewarded for doing so.

Their COIN customers have already commenced benefitting. For instance, a U.S.-primarily based totally software program developer and one of the community’s maximum a hit customers earned sufficient crypto rewards to repay a 30-12 months mortgage, in step with a case examine at the application’s website. Another latest case examine related to 500 COIN Users confirmed extra stories: one consumer become capable of cowl a month’s lease with COIN and any other moved to a brand new town and bought a brand new car.
XYO Network Components

Besides the rewards that gain customers, XYO envisions a broader motive for its application. The COIN app is largely a “Sentinel” and a “Bridge” for the XYO Network, of the most important additives of the community.
More insights approximately XYO here

Sentinels are bodily devices, like smartphones or an XYO SentinelX tool that broadcast indicators with their area and different applicable statistics, like pace and altitude. When the Sentinel is close to any other Sentinel and that they broadcast that they may be close to every different, this serves as evidence of the Sentinel’s area. The whole interplay is called a “certain witness.”

Meanwhile, a Bridge additionally makes use of a telephone or an XYO BridgeX tool to sign up those certain witness interactions. Once those interactions are signed, they may be brought to a middle aspect of the XYO Network referred to as an Archivist, which approaches and shops the statistics for destiny use. The very last aspect of the community, the Diviner, works with this statistics to decide solutions to queries and provides those verifiable solutions to inquiring for blockchain clever contracts or off-chain organisation API’s.
Expanding the community

With over 2 million downloads, COIN has turn out to be one in every of the most important packages withinside the crypto area. This interprets right into a huge variety of nodes actively collecting statistics for the XYO Network. XYO, in flip, verifies, approaches and transforms this statistics into insights, which it says may be used by corporations across the global.

Established COIN customers are the use of the app extra than 3 hours an afternoon withinside the foreground, that’s extra every day utilization consistent with consumer than all social media apps combined. “All this statistics the nodes generate blessings the XYO Network and its customers,” stated the project.

XYO additionally named a listing of industries, which include airports, hospitals, e-commerce, insurance, drones, condo vehicles or even country wide security, in which its geospatial oracle community may be useful.

“Blockchain generation lets in statistics to be everlasting and chained, which guarantees high-mobility property, and error-susceptible approaches are tracked, monitored, dependable and immutable,” stated XYO.