This blockchain network lets users ‘geomine’ crypto rewards from their smartphones

Instead of changing private fiat on an alternate or investing in a cryptocurrency miner, users can construct and develop a crypto portfolio from scratch by turning their smartphones into edge nodes for this blockchain network.

This blockchain network lets users ‘geomine’ crypto rewards from  their smartphones

The XYO Network lets anybody flip their cellphone into an edge node with a proof-of-origin chain and sure witness expertise utilizing their companion app, “COIN”. With COIN, users can ‘geomine’ to earn crypto rewards, in alternate for collaborating in XYO’s decentralized network of gadgets.

XYO describes geomining because the act of exploring and discovering digital gadgets or property from an actual, bodily area whereas sharing related location information and interactions with different geominers. In order to earn cryptocurrency, geominers must geomine sufficient in-app ‘COIN’ tokens after which redeem them for ‘XYO Tokens’ or different cryptocurrencies.

Recently listed on Coinbase, the XYO Token serves as a utility token for the XYO Network. Ultimately, XYO’s objective is to develop their location-based information network that may present and confirm details about the bodily world for blockchain good contracts in addition to different off-chain companies. For instance, firms may use the XYO Network to find out relative visitors to their competitor’s storefronts, location-based sentiment on socio-political points, and even whether or not a real-world interplay occurred between two gadgets. COIN users present the info essential to reply a lot of these questions and get rewarded for doing so.

Their COIN users have already began benefitting. For occasion, a U.S.-based software program developer and one of many network’s most profitable users earned sufficient crypto rewards to repay a 30-year mortgage, in keeping with a case examine on the applying’s web site. Another latest case examine involving 500 COIN Users confirmed extra tales: one consumer was capable of cowl a month’s hire with COIN and one other moved to a brand new metropolis and bought a brand new automotive.

XYO Network Components

Besides the rewards that profit users, XYO envisions a broader objective for its software. The COIN app is actually a “Sentinel” and a “Bridge” for the XYO Network, two of the foremost elements of the network.

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More insights about XYO right here

Sentinels are bodily gadgets, like smartphones or an XYO SentinelX gadget that broadcast indicators with their location and different related information, like velocity and altitude. When the Sentinel is close to one other Sentinel and so they broadcast that they’re close to one another, this serves as proof of the Sentinel’s location. The total interplay is known as a “sure witness.”

Meanwhile, a Bridge additionally makes use of a smartphone or an XYO BridgeX gadget to register these sure witness interactions. Once these interactions are signed, they’re delivered to a core part of the XYO Network known as an Archivist, which processes and shops the info for future use. The closing part of the network, the Diviner, works with this information to find out solutions to queries and delivers these verifiable solutions to requesting blockchain good contracts or off-chain firm API’s.

Expanding the network

With over 2 million downloads, COIN has turn into one of many largest functions within the crypto area. This interprets into numerous nodes actively gathering information for the XYO Network. XYO, in flip, verifies, processes and transforms this information into insights, which it says could be utilized by companies around the globe.

Established COIN users are utilizing the app greater than three hours a day within the foreground, which is extra each day utilization per consumer than all social media apps mixed. “All this information the nodes generate advantages the XYO Network and its clients,” mentioned the challenge.

XYO additionally named an inventory of industries, together with airports, hospitals, e-commerce, insurance coverage, drones, rental vehicles and even nationwide safety, the place its geospatial oracle network could be helpful.

“Blockchain expertise permits information to be everlasting and chained, which ensures high-mobility property, and error-prone processes are tracked, monitored, dependable and immutable,” mentioned XYO.

Learn extra about XYO

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John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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