Anyone can use the "COIN" partner app from The XYO Network to turn their smartphone into an edge node with a proof-of-origin chain and bound witness technology. Users can "geomine" for cryptocurrency rewards using COIN by taking part in the decentralized device network of XYO. So, how to mine XYO with ease?
Geomining, according to XYO, is the process of exploring and discovering digital objects or assets from a real, physical environment while collaborating with other geominers and sharing pertinent geographical data. Geominers must geomine enough in-app "COIN" tokens before exchanging them for "XYO Tokens" or other cryptocurrencies in order to earn cryptocurrency.
The XYO Token, a utility token for the XYO Network, was just listed on Coinbase. In the end, XYO wants to expand their location-based data network so that it can supply and validate data about the real world to blockchain smart contracts and other off-chain companies.
Companies might utilize the XYO Network, for instance, to assess the volume of visitation to the shops of their rivals, location-based attitude regarding socio-political concerns, or even whether a physical interaction had place between two devices. Users of COIN are rewarded for providing the information required to offer the answers to these kinds of queries.
Their COIN consumers have already begun to reap the rewards. According to a case study on the application's website, a U.S.-based software developer who was one of the network's most successful users was able to earn enough cryptocurrency incentives to pay off a 30-year mortgage. One user used COIN to pay a month's rent, and another moved to a new city and bought a new automobile, according to a recent case study involving 500 COIN Users.
Network component for XYO
In addition to the prizes that users receive, XYO sees a larger goal for its program. For the XYO Network, the COIN app serves as both a "Sentinel" and a "Bridge," two of the network's key elements.
Sentinels are actual objects, such as cellphones or an XYO SentinelX gadget, that transmit signals containing their location and other pertinent information, such as speed and altitude. This provides evidence of the Sentinel's position when it is close to another Sentinel and they broadcast that they are close by. The entire exchange is known as a "bound witness."
In the meantime, a Bridge records these bound witness exchanges using a smartphone or an XYO BridgeX gadget. Once these interactions are signed, they are sent to an Archivist, a crucial part of the XYO Network, where they are processed and stored in preparation for later use. The network's last element, the Diviner, uses this information to come up with answers to questions and then sends these verifiable responses to any requesting blockchain smart contracts or off-chain business APIs.
Building out the network
COIN has grown to be one of the most popular programs in the cryptocurrency sector with over 2 million downloads. As a result, a significant number of nodes are actively collecting data for the XYO Network. This data is then verified, processed, and turned into insights by XYO, which the company claims may be used by companies all over the world.
Established COIN users spend more time on the app in the forefront than all social media apps put together at over three hours per day. The XYO Network and its customers profit from all the data the nodes produce, according to the initiative.
Additionally, XYO listed a number of sectors where its geospatial oracle network can be helpful, including airports, hospitals, e-commerce, insurance, drones, rental vehicles, and even national security.
In order to ensure that high-mobility assets and error-prone processes are recorded, monitored, reliable, and immutable, XYO explained that blockchain technology allows data to be permanent and chained.
