With the rapid increase in blockchain adoption, location-reliant technologies are beginning to leverage the technology even more to protect user data and validate the accuracy of location information. The XYO Network is a critical player in adopting blockchain technology for geospatial services.
This guide will provide background information about the XYO Network, its components, key features, and XYO exchanges. You will also know where to buy XYO and how to buy XYO.
Let’s get straight in.
What is XYO Network?
The XY Oracle or XYO Network is a decentralized blockchain-based ecosystem consisting of devices that anonymously collect and validate interactions and geospatial data using cryptographic protocols. The XYO Network allows users to track and verify the geolocation of items linked to the Network at any specific time. This concept can be likened to a decentralized Global Positioning System (GPS).
The XYO Network is built on the ETH blockchain. It utilizes a proof-of-location technology known as GEO to ascertain the safety of collected data and ensure that it is only available to permissioned users. The primary goal of this project is to facilitate the development and popularization of the XYO protocol towards increasing public awareness about the benefits of incentive-driven location technologies or geospatial DApps.
History of XY Oracle Network
The XYO Network was founded by Scott Scheper, Arie Trouw, and Markus Levin and launched in 2017 by XY Labs, a blockchain-based platform for geospatial services. Several top developers, marketers, and blockchain experts are working on it. Since its inception, XY Findables has deployed over one million devices powered by cellular services & GPS. These devices are now interlinked via several Ethereum–based smart contracts.
In 2018, XY minted its first token, “XYO,” and completed the development of the XYO Testnet. XY also launched the XYO MainNet and issued a comprehensive version of the XYO Network to its existing sentinel beacons and new IoT companies & app developers (for testing purposes). Another milestone achieved by XY in 2018 was the commencement and completion of XYO Network APIs for developers. Additionally, sticker-based trackers were rolled out for eCommerce retailers to enable them to track their products in real-time.
By 2019, XY had begun improving several components of the Network, onboarding large corporations and retail businesses, with the need for decentralized and trustless geospatial verification. In 2020, XY embarked on a mission to expand the global reach of the XYO Network and has continued to roll out several updates to improve its tracking capabilities.
Components of the XYO network
The XYO blockchain network features four components all linked together via smart contracts.
- Bridges: They are location data relayers that help secure geospatial data transmission from sentinel components to archivists. Bridges provide an additional proof-of-origin, and they also ensure the integrity of the data transfer between components.
- Sentinels: A sentinel is a data gatherer or location witness. The standout feature of sentinels is their ability to generate records that others components of the XYO Network can be certain originated from the same source. A sentinel functions by integrating cryptographic proofs with Proof-of-Origin. Also, data gatherers require incentivization to provide accurate location data, and when they help answer a query, they are rewarded with XYO tokens.
- Archivists: Archivists are data storers, and they make the data received from bridges available to diviners in a decentralized and trustless manner. They are known to index data ledgers to easily retrieve any string if necessary. Archivists’ data storage is absolutely free, but they are incentivized only when such data is retrieved.
- Diviners: Diviners are answer aggregators and are the most complex component of the XYO Network. They analyze the historical data stored by archivists to obtain answers to specific queries. Diviners receive rewards when an answer is provided. Unlike bridges and sentinels, they perform their functions via Proof-of-Work (PoW).
Key features of XYO
Here are some of the key features that make the XYO Network standout:
- Complete Decentralization: The XY Origin Network is free-to-use (open-source), self-contained, and completely transparent. It does not require the intervention of fee-based institutions in its verification process. Also, the XYO Network leaves room for fair competition among developers by exempting entry requirements.
- Trustless Network: The governance of the XYO ecosystem is not concentrated on an entity; instead, it is shared among the participants on the network. Transactions of the XYO Network are secure, transparent, and decentralized, making it a trustless blockchain innovation.
- Anonymity: The geolocation data collected by the XYO Network are stored anonymously to protect the security and privacy of users. The proof-of-origin cryptographic technique facilitates XYO’s anonymity.
What problem does the XYO network solve?
The development of smart contracts brought about a paradigm shift in how contracts are executed. Instead of the typical escrow or middlemen situation, contract executions are now transparent, trustless, and automated. Despite the positivity surrounding the introduction of smart contracts, it suffers some limitations, such as limited offline/real-world use cases and an overreliance on data input from centralized sources.
The XYO Network provides a solution to the limitation of smart contracts by allowing them to interact with offline applications through its ecosystem of physical devices to determine the specific geolocation of an object. Basically,
The use cases of the XYO network span several industries, of which a notable example is e-Commerce. Merchants who utilize the XYO Network can offer top-quality services to their customers. All that is required is a smart contract to execute payment upon delivery. As a package is being shipped to a buyer, XYO tracks its location until fulfillment and pays the vendor only when the buyer receives it.
XYO Network Token
The native token of the XY Oracle Network is XYO and ERC-20 token on the Ethereum platform. It can be utilized as transaction fees on the Network and an incentive for participating components. XYO tokens have 13,960,974,963 XYO and a current circulating supply of about 12.84 billion XYO.
The live XYO market price is $0.01653, and its 24-hour trading range is $0.01589 – $0.01665. XYO’s market cap is $212,296,769, and it is ranked #191 in the crypto market.
Token Address: 0x55296f69f40Ea6d20E478533C15A6B08B654E758
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Why choose the XYO Network?
The XYO Network stands out among several Ethereum-based projects because of the distinct solution it offers. It wants to decentralize the geolocation-based services sector while ensuring the safety and integrity of user data. Here are some of the reasons to choose the XYO network over conventional location-based service providers:
- Complete decentralization
- Smart contract-based functionality
- Based on the Ethereum blockchain
- Zero costs on middlemen
Where to buy XYO
XYO cryptocurrency is listed on various top exchanges where you can trade XYO using fiat money, BTC, ETH, or USDT. These exchanges include Coinbase, Gate.io, MEXC, KuCoin, Huobi Global, ProBit Global, Crypto.com, ZB Global, Bitrue, HitBTC, Sushi Swap, Uniswap (V3). The available XYO trading pairs on these platforms include XYO/USD, XYO/ETH, XYO/EUR, XYO/BTC, and XYO/USDT.
Before choosing your preferred exchange, always ensure that it has significant XYO liquidity.
How to buy XYO
To buy XYO, you could use any exchange that supports purchasing the coin using fiat money or cryptocurrency. Here are the steps to take to simplify your buying experience.
Compare crypto exchanges
Usually, cryptocurrency exchanges offering XYO will differ by features, payment method, fee structure, liquidity volume, and security architecture. Before using any, ensure that you critically evaluate each exchange to know which suits your needs. Also, it is best to use renowned platforms to prevent getting into scam deals. If you are a newbie crypto trader, an exchange with a simple-to-use interface and standard trading features will do.
Open an account
Set up an account on any crypto exchange of your choice by filling in your full name email address and completing KYC (if necessary).
Fund your account
Depending on the cryptocurrency exchange you have decided to use, you could be able to fund your account with USD or EUR via your bank account or a debit/credit card. You may also deposit crypto to purchase XYO Network, depending on the available market pair on the trading platform.
Purchase XYO
After funding your account with crypto or fiat, initiate your XYO crypto purchase using an equivalent amount of the USD, EUR, USDT, ETH, or BTC you own.
How to sell on the XYO Network
To simplify the process, you can also sell your XYO on the same exchange you purchased it. To sell your XYO tokens, follow these steps:
- Log in to the exchange where you have your XYO.
- If your XYO tokens are stored on a different digital wallet or cold wallet, juxtapose the available exchanges and send the coins to the built-in wallet of your preferred platform.
- Open a sell order for the desired volume.
- Confirm the fees and sell price, then complete the transaction. If you wish to sell at a particular price, use an exchange with the limit order feature.
How to securely store on the XYO network
If you are buying XYO to hodl for extended periods, you should also worry about the safety of your digital asset. Due to the vulnerability of hot wallets and exchange wallets (always online wallets), such as Coinbase Wallet, Trust Wallet, and MetaMask, you might want to consider other ways to safeguard your XYO tokens.
Hardware wallets are the safest means to store your XYO Network tokens securely. They hold assets offline, and such assets can only be sent when they go online, reducing the chances of hacks. These wallets are typically USB-based devices with military-grade encryption and manufacturer-managed firmware. The most popular hardware wallet options for XYO tokens are Trezor Wallet, Ledger Nano X, and Ledger Nano S. Both Ledger Nano wallets are affordable, lightweight, portable, and support ERC-20 & BEP-20 tokens.
The Trezor wallet is another hardware wallet with top-tier security features to ensure the safety of assets. It offers offline accessibility, backup options, and an intuitive UI.
Final thoughts
The XYO Network is growing in popularity, and its application in geolocation has continued to garner significant attention. Network’s expansion and upgrades will undoubtedly affect the value of its token. If the XYO token sees significant upsides, it will surely capture the attention of investors. If you are an experienced or newbie trading looking to buy XYO tokens, follow the steps above to add the coin to your portfolio.
FAQs about XYO
Can you buy XYO Network on Crypto.com?
Yes, XYO is available on Crypto.com with the XYO/USDT and XYO/USDC trading pairs.
Can I buy XYO with fiat currency?
Yes, it is possible to buy XYO with fiat money, especially on Coinbase Exchange.
How many XYO tokens are there?
The total supply of XYO is 13,960,974,963 XYO, and there are about 12.84B XYO in public hands.
Source: https://www.cryptopolitan.com/how-to-buy-xyo/