We are happy to announce the addition of a new shiny coin to our roster of cryptocurrencies. Today it is XYO, an ERC-20 token for the XYO network – a project collecting geospatial data working on the Ethereum blockchain. In honor of our new coin, let’s take a look at what Geomining is and how you can earn crypto while commuting to work.
What is XYO cryptocurrency
XYO is a geolocation technology that works in conjunction with blockchain. They aim to create a people-powered network of devices to gather and analyse geo-data — from tracking the location of an e-commerce package to measuring the humidity of the most remote places on earth.
How you can use the XYO Network
The technology behind XYO has a vast potential for usage, from tracking package deliveries to finding lost baggage in the airport. Let’s take a look at a simple example.
Car rental companies always have to deal with small problems like their customers losing car keys. While an individual occurrence of lost keys not much more than an inconvenience, when it happens on a large scale it can add up to millions of dollars. Using XYO Network, rental companies can cut down the number of lost keys and decrease their expenditures.
How does XYO work
The XYO Network consists of four parties: Sentinels (The Data Gatherers), Bridges (The Data Relayers), Archivists (The Data Storers), and Diviners (The Answer Aggregators).
- Sentinels are special sensors which gather location information
- Bridges receive data from Sentinels and send them to Archivists.
- Archivists store the information for Diviners to analyze it.
- Diviners analyze all the data and give answers to queries and assign accuracy scores.
The network features an original Proof of Origin consensus algorithm which is combined with Transient Key Changing. Each Sentinel in range acts as a witness to the location data being sent up, which helps validate that the data is real. All the data is stored on a public blockchain called the XYOMainChain.
A new way to mine crypto
Usually, when we talk about mining, people start thinking about some mining gear like ASICs or mining pools. But XYO lets you mine cryptocurrency literally on your way to work.
Today you can mine XYO with an app called COIN which shares location-based information in exchange for XYO. All you need is your mobile phone with the app and a special beacon – Sentinel.
With Sentinel you become the one who collects all geospatial data during your regular walk to a shop or to work. The COIN app collects latitude/longitude, speed, altitude and determines what other Sentinels are in range.
Why I might be interested in XYO
Today XYO is a great way to earn cryptocurrency by just exploring the world. If you like travelling or visiting new places in your town or just jogging new routes from time to time it can be a fun crypto experience.
Their COIN app was released this February, just check out these amazing stats below.
- Over 60000 COIN downloads
- More than 58000 XYO earned
- Over 120 people are geo mining
- 1000 new miners join the community each day
Where to store XYO
The token is available on Freewallet Crypto Wallet for the web and Android where you can:
- Deposit and store XYO along with hundreds of other cryptocurrencies.
- Monitor up-to-date price charts of XYO right in the app.
- Send XYO for free within the Freewallet eco-system.
- Protect your XYO with top-grade security features including 2FA, multi-sig and transaction limits. The majority of assets are kept in cold storage. This guarantees that your coins won’t be lost or stolen.
Feel free to sign-up with your Facebook, Gmail, email or mobile number and try our service.