XYO (CCC:XYO-USD) crypto is a decentralized crypto-location and data blockchain network that is likely to do quite well this year. The protocol was written on top of Ethereum (CCC:ETH-USD), making it usable in smart contracts, NFTs (non-fungible tokens) and Dapps(decentralized apps). Simply put, XYO crypto protocols can provide location data from cars to smartphones.
The crypto price immediately shot up to a price of 6 cents per XYO token. Since then it has floated down to a price of 2.93 cents, as of Sept. 20. That gave it a market capitalization of $375 million, according to Coinmarketcap.com and ranked it as number 142 of the largest cryptos.
One of the unique features ab0ut the XYO Network, which is promoted by the XYO Foundation, is that users can have their smartphones become part of an XYO network node. As a result, they can now “geomine” location-based crypto rewards from their smartphones.
According to Cointelegraph, an online crypto magazine, users can explore and discover digital items or assets. They can find these from a real, physical space while sharing relevant location data and interactions with other geominers. Once users earn enough COIN tokens (used in the app), they can exchange them for XYO tokens.
The article in Cointelegraph also shows how businesses can use the XYO Network. They could determine the traffic count of their retail competitors, determine the location of users with certain socio-economic-political viewpoints, or track two or more phones interactions based on location.
How Does It Work?
All the geomining rewards work off of the COIN app (not the same as the Coinbase app), which you download onto your smartphone. In essence, you give up your location and run both a foreground and background screen to somewhat passively earn rewards. It is somewhat passive since you have to update your location every 90 minutes or so to continue earning rewards.
If you are constantly on the move the COIN app is probably a good way to make some extra small amount of cash, especially in XYO tokens.
For example, I reviewed several YouTube channels to see how much you can earn. This channel indicated that for about every 10,000 COIN tokens earned the geominer earned about $5 in XYO tokens. A year ago, another easier-to-understand video showed that it took the geominer one month to earn 10,000 COIN tokens that were eventually worth about $4.78 at that time.
That’s not much money, you say. Google sells the same location data to advertisers without your knowledge and earnings. So you might as well get something for the privacy give up. In addition, the COIN app sells additional “sentinels” and NFC cards to help you earn more.
What To Do With XYO Crypto
At this point it is probably best unless you like working with small cash earning apps like the COIN app, to stick with investing in XYO crypto to make money.
I suspect that as the COIN app gains in popularity or allows people to start to make real money, it will only slowly build in popularity. That also implies that despite XYO’s recent dramatic pop upwards, it will slowly percolate higher over time.
The price of XYO is likely to rise along with the growth in the user population of the COIN app, presently “tens of thousands” per day. So expect to see XYO crypto consolidate from its recent highs and then slowly appreciate. If that kind of somewhat volatile experience seems worthwhile then XYO crypto could be a good long-term investment.
On the date of publication, Mark R. Hake held a long position in Ethereum but not in any other security (directly or indirectly) mentioned in the article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.