XYO Network, is a device collecting and validating geospatial data or information that has geographical components.
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What is XYO Network (XYO)?
XYO Network’s goal is to create a trustless, decentralized system of location oracles that is resistant to attack and produces the highest certainty possible when queried for available data. They accomplish this through a set of abstractions that greatly reduces the risk of location spoofing through a chain of zero-knowledge proofs along the components of the system.
XYO is the native cryptocurrency of the XYO (XY Oracle) Network.
How Does XYO Network Work?
The XYO Network has four primary components: Sentinels (The Data Gatherers), Bridges (The Data Relayers), Archivists (The Data Storers), and Diviners (The Answer Aggregators). Sentinels gather location information via sensors, radios, and other means. Bridges take this data from Sentinels and provide them to Archivists. Archivists store this information for Diviners to analyze. Diviners analyze location heuristics from Archivists in order to generate answers to queries and assign accuracy scores to them. Diviners then relay these answers back into a smart contract (thusly, Diviners serve as oracles). The accuracy score, named the Origin Chain Score, is determined through a set of zero-knowledge proofs known as a Proof of Origin Chain.
The History Of XYO Network
The XYO Network was founded by Scheper, Arie Trouw, and Markus Levin while their geolocation startup XY Labs was in development. XY Labs continues to create products with the XYO Network, including its geospatial technologies and applications.
The XYO Network went live in December 2018, in correlation with the Spaceflight contract which would allow the data exchange of satellite positioning data.
Is XYO Network (XYO) A Good Investment?
XYO Network is looking to shape the future of global data as a whole. Between collaborations and innovations, XYO Network can continue to grow in users and adoption, making it an attractive incentive to hold the coin for the long run.
As you can see on the graph below, the XYO coin launched in May 2018 with a price value below $0.01 and stayed dormant for the whole of 2019 & 2020, before shooting up to $0.07 in November 2021. The momentum faded with the recent crypto crash and it is now trading below $0.01 again. XYO is still at its infancy but a project you want to keep an eye on, as it could reach another all-time high in the future.
To stay up to date with the current XYO price data, click here.
Should You Buy XYO Network (XYO)?
If you have done research on the team, vision, whitepaper and you are satisfied with what XYO Network has accomplished so far, then potentially it could be a great investment for the long term. Perhaps invest small, and wait for market direction before buying more.
Cryptocurrencies can be risky, so invest wisely and be careful with your hard earned money. As a rule of thumb, never invest money you can’t afford to lose.
The XYO Whitepaper
XYO Network released a whitepaper that describes the solutions that it is trying to solve, as well as proposed adoption dates for it.
If you want to read the XYO Network whitepaper click on the button below.
How Many XYO Network (XYO) Coins Are There in Circulation?
XYO has a total supply of 13.96 billion coins, all of which were sold during an initial public sale. This means no more XYO will ever be created.
How Can You Buy XYO Network (XYO)?
It’s actually quite easy to buy XYO coins. All you need to do is follow these four basic steps:
- Create an account on a cryptocurrency exchange that lists XYO. Below we share some of these exchanges.
- Complete the identity verification process. Some exchanges require a scan of an identity document such as a passport or driver’s license.
- Transfer money from your bank account to the crypto exchange. The exchange may accept other payment methods, but bank account transfers typically have the lowest fees.
- Once the money is available in your account with the exchange, select the “buy” option to purchase XYO.
Where Can You Buy XYO Network (XYO)?
If you would like to purchase some XYO coins, below are a handful of cryptocurrency exchanges which list them.