From videogames to logistics to education, blockchain technology is attempting to disrupt a host of industries and legacy technologies, including some you might not expect. XYO Network, also called the XY Oracle Network, uses blockchain technology to transform how geospatial data is collected and validated.
First developed in 2017 by XY Labs, based in San Diego, California, XYO is a geolocation start-up maintained by the non-profit XYO Foundation. After the network launch in 2018, the token failed to perform well until 2021. So,Is XYO a good coin to buy?
This article will show you about XYO price prediction.
What is XYO Network (XYO)?
Calling itself “a network of the future” on its website, XYO claims to “empower people to participate in the world's data economy through the validation of anonymous and secure geospatial data”.
The network of data is used to answer questions about where an individual or object is. Using “proof of origin”, the network can collect and confirm geospatial data according to “bound witness interactions”. According to the crypto’s whitepaper, bound witness interactions happen when two unrelated devices identify and report the presence of one another.
On the platform, there are four main functions critical to the network receiving this geospatial data: Sentinels, Bridges, Archivists and Diviners.
Sentinels, “the eyes and ears of the XYO Network”, are devices like smartphones, which broadcast a signal with their location. When two sentinels are close to one another they broadcast their proximity to one another. This interaction, also called bound witness, is then used as proof of location.
Bridges are, according to the website, the “link between Bound Witnesses and Archivists”. A node identifies bound witness interactions. Once found, the node sends it to an Archivist, who stores and confirms the “bridge confirmed bound witness interactions”.
Diviners are nodes that answer questions using bound witness data collected by Archivists.
Each node or function within the system is rewarded for participation with XYO tokens.
From the XYO whitepaper
The whitepaper states: “With the growing presence of connected, location-reliant technologies, our privacy and safety rely heavily on the accuracy and validity of location information. Various attempts have been made to eliminate the need for centralised entities controlling the flow of location data, but every attempt has relied on the integrity of the devices collecting this data in the physical world.”
The document goes on to say: “We propose a trustless, cryptographic location network using a novel formulation reliant on a chain of zero-knowledge proofs to establish a high degree of data certainty on location information.”
Coin price performance
The token dropped after release, falling from $0.005634 on 3 June 2018 to $0.001569 on 11 September 2018. It rose to $0.005741 on 7 December 2018 before tumbling to $0.0009471 on 5 June 2019. Despite a dismal performance for the remainder of 2019 and 2020, the token began to rise in 2021. On 4 April 2021, it climbed to $0.007825, dipping on 23 May 2021 to $0.003363.
Later in the year, the token surged to $0.04624 before dropping to $0.02392 on 8 October 2021. It spiked to a record high of $0.07619 on 11 November 2021. The token has since dropped further, hitting $0.01713 on 24 February 2022.
The downtrend continued well into 2022, and on 11 March the SEC filed a suit against Coinbase. The class-action lawsuit alleges Coinbase failed to disclose that 79 crypto tokens bought and sold on the platform, including XYO, are in fact unregistered securities.
In an interview with Crowdfund insider, Markus Levin, co-founder at XYO revealed plans for the metaverse: “This past year, we’ve seen incredible growth. What’s ahead for XYO in 2022 and beyond will continue to build on this momentum.
“On the hiring front, our incredibly talented development team worldwide continues to grow, and we’re continuing to press on with how we express our ideas to a wider range of audiences.
“As for trading, many exchanges have added the XYO token to their platforms. In the near future, shares of XY Labs will launch on the tZERO ATS. This will continue to open up additional options for our shareholders and enable XYO to shape a global, cross-platform Metaverse. Beyond 2022, we have several exciting projects in the pipeline, including new partnerships and more exchange listings.”
XY Labs, the company behind XYO, also released its latest financial report on 29 April. Arie Trouw, co-founder of XYO, stated: “We’re thrilled to announce a record year of financial performance and growth for XYO. After record-breaking results last year and considerable growth of our COIN app, we are reaching a new and exciting phase of our development as an organisation and the expanding universe of solutions we provide or enhance.
“By further focusing on our technology, profitability and development growth, XYO is positioned for continued record success,” Trouw said.
On 21 July, the SEC filed a complaint against Ishan Wahi, an ex-Coinbase employee, and two others alleging insider trading and securities fraud. The SEC alleges that nine of the assets that Wahi and other defendants traded were “securities”, including XYO, LCX, AMP, RLY, DDX, POWR, RGT, DFX and KROM. This has ultimately led to delisting on exchanges, including Binance.
XYO stood at $0.0091 at the time of writing on 3 August 2022. There is a circulating supply of 12.84 billion XYO coins and a total supply of 13.96 billion coins. The platform has a market cap of $117.3m.
XYO price prediction: Is XYO a good coin to buy?
Do remember that predictions can sometimes be completely off the mark. This is because of high volatility in the crypto market and the many variables that could affect future prices.
WalletInvestor, in a bearish forecast, thinks XYO could go down to less than $0.0009 in a year’s time.
Gov.Capital makes an XYO price prediction for 2022 which suggests a value of $0.0252 as December comes to a close. The site also expects decent gains in the coming years, with XYO hitting $0.0344 in August 2023 and $0.2035 in five years’ time.
DigitalCoinPrice suggests XYO could be worth as much as $0.0125 in September and $0.0126 in December. The site forecasts an average price of $0.0134 in 2023 and $0.0138 in 2024. The XYO price prediction for 2025 is an average of $0.0184, down to $0.0165 in 2026 but projects a general year-on-year uptrend to $0.0424 in 2030.
Another site that makes an XYO price prediction for 2030 is PricePrediction.net, suggesting a more optimistic average value of $0.22.
Hope this article can provide you with a better understanding about XYO price prediction.
