Does XYO Coin Have It To Beat IOTA And Grow By 1000%?

What Is XYO Network?

XYO Network is an oracle network for the Internet of Things, based on blockchain for implementing smart contracts via geo-location verifications.

XYO was developed for worldwide customer Global Positioning System (GPS) and Bluetooth network, and to bring about an oracle protocol for transactions based on blockchain which does not depend on centralized 3rd party.

XY Oracle Network (XYO Network) has stationed this protocol across around a Million devices dispersed by XY since it was discovered in 2012.

XYO provides resources for educating folks, enterprises, and developers who are exhilarated about the probabilities of a location-based data network developed on divided incentives.

What Is The Technology Behind Xyo Network?

XYO Network utilizes a couple of methods and validating the data on blockchain: Bound Witness and Proof of Origin.

Proof of Origin is a cluster of zk-Proofs (Zero-Knowledge Proofs), utilized to determine information’s accuracy served via network’s oracles and are provided with a score, known as Origin Chain Score.

Bound Witness is the heart of the Proof of Concept notion, which targets to successively escalate the certainty that an oracle’s data is verified by utilizing the proximity of a couple of participatory nodes to verify an occurrence.

It is an ERC-20 compliant token.

XYO is dependent on 4 major forms of participants: Diviners (data aggregators), Archivists (data storers), Bridges (data relayers), and Sentinels (data gatherers).

What Vision Does XYO Hold?

The XYO community has developed astoundingly since its commencement at the end of 2017. The tech that fuels the XY oracle network were developed and extended by the XY Labs team.

XYO holds the latest vision to make technology accessible to devs across the globe to escalate understanding of the tasty perks of an incentivized, scalable location data protocol.

XYO team’s mission is to offer constant development, research, and education of XY Oracle network protocol for more understanding of open perks of incentive fueled geospatial location network.

Who Are The Brains Behind XYO Network?

XYO Network was founded by Arie Trouw, who serves as Chief Executive Officer and Chief Technology Officer of the project, Markus Levin, who acts as Operations Head, and Scott Scheper, who serves as CMO.

Other team members include Lead Android Engineer Bob Nies, Business Development Head Bryce Paul, Backend Blockchain Engineer CJ Mcgregor, Analytics Head Chris Peterson.

There are still a plethora of individuals who are in the team of XYO network, serving the project to proliferate and at a large scale.

XYO Coin Tokenomics

The Major XYO token sale held between March to May in 2018, dispersed 14,198,847,000 XYO coins, and the rest of the tokens got burned.

Of that sum, 2,871,068,696.85 XYO coins were assigned to Crypto Economic reserve motivated towards incentivizing the growth, utilization, and development of the network.

5 Billion tokens were assigned to the Gamma token pool to be sold openly, out of which, 659,855,226.56 got sold. The remaining tokens are still in the pool.

340,144,773.44 are held by a Founding HODL Registry token pool for staking them for 5 years.

Digging Deep Into XYO Network

As mentioned above, the XYO network consists of 4 participants: Sentinel, Diviner, Archivist, Bridge.

The Sentinel

To put it simply, a tangible device such as a smartphone in the XYO network that transmits signals with data such as temperature or time and location is a Sentinel here.

When a couple of Sentinels are near each other, this will be an interaction that is the Sentinel location’s proof.

Taking it to another real-world example, consider a line of trucks transferring the cargo from vendor to client, usually, the confirmation is made through signature or another kind of verification.

The Diviner

It is an XYO network node that answers the questions utilizing bound witness data. This is a question associated with the location and might be asked by either a person or a program.

This question might be like — “Did any event occur at _ _ _ _ location?”

It can ask Bridge or Archivist directly for data required for an answer.

The Archivist

It is a database holding bridge verified bound witness interactions. All the verified bound witness interactions are recorded by this node.

The Bridge

It is a tangible device such as a smartphone in XYO network, which discovers bound witness interactions as the same as the Sentinel. Upon finding an interaction, it puts a signature for the verification of interaction.

Understanding XYO Network Protocol

The protocol consists of three pillars: Relative vs Absolute data, Proof of Origin, Bound Witness.

Bound Witness

When a couple of devices are not associated, each detects one another, and then openly reports that they witnessed each other. Each device demonstrates that they both were in the same place at that moment.

For instance, if anyone is seeking info regarding a couple of devices crossed paths, if they detected each other and expressed that they detected each other, report similar approximate location, and expresses that A and B occurred at the similar approximate time.

This proves that the interaction did occur at a specific time and place.

Proof Of Origin

It is a chain that verifies a location via the collection, storage, and verification of bound witness interactions. The chain is utilized to answer questions associated with location data certainty.

Relative Vs Absolute Data

It can be understood by the statement that, nothing is absolutely true and everything is relative.

IOTA Vs XYO Coin

XYO Network has the same notion as MIOTA, and both are serving the Internet of Things.

IOTA network is a dispersed ledger with a twist. It is not a blockchain, but a tech called Tangle, a mechanism of nodes that verifies transactions.

On the other hand, XYO is a blockchain-based network motivated towards making the tech accessible for developers across the globe for escalating understanding huge perks of scalability.

Also Read: Can WETH Crypto Price Witness $25k by the year 2030?

How To Buy XYO Coin?

XYO Coin is available in various prominent markets. If folks want to get their hands on cryptocurrency, they can access the exchanges like MEXC, HitBTC, Gate.io, Huobi Global, KuCoin, and many more.

XYO Coin Price Live Data

As this article was being written, XYO Network’s indigenous token was trading at a market value of $0.01845. This indicates that it has returned a whopping return of 19158.62% since its all-time low of $0.00009607.

XYO Coin Price Prediction

XYO coin is an astounding project serving the notion of the Internet of Things, which is important as today, each individual is somehow associated with a device, and those devices are linked with each other.

A crypto forecasting organization Wallet investor has made predictions regarding the XYO network that it has the potential to grow by more than 1010% in the future, which means, a simple investment of $100 may lead your investment to transform into a whopping $1110 in 2027.

Disclaimer

All the details offered in this article are purely for informational purposes and do not want to induce any investment interest among readers. Readers are advised to do their own crypto research before making investments.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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