XYO (CCC:XYO-USD) could be on the verge of a big change in its cryptocurrency platform. The update was first hinted at in a late July tweet from the XYO Network.
Essentially, the tweet indicated that XYO Network was working on “a big change to improve how minting works.” The minting process is where a user creates a new XYO crypto token.
Meanwhile, XYO-USD has risen from a recent low of 2.31 cents on Oct. 8 to 3.2 cents as of Oct. 19. That represents a gain of 38% from the trough price earlier this month. But the cryptocurrency will likely only keep rising if this “big change” ends up making the minting process easier.
Here’s what you should know about XYO-USD and XYO Network
Where Things Stand with XYO Network
There’s a couple elements readers should understand about this name, so let’s dig in. For starters, XYO Network is directly related to the COIN app. This mobile app allows more than 1 million users to earn digital assets. These participants use the app and contribute to XYO Network by “validating geospatial location data when traveling, commuting, jogging or moving about the real world while interacting with each other.”
As a result, XYO now has over 3 million nodes, making it “one of the largest blockchain networks” in the world. It has users in over 125 countries. What’s more, the network now believes that many corporate third parties will want to use its node information.
This node data has been willingly provided by each COIN app customer. In essence, app participants provide up their location and run both a foreground and background screen to passively earn rewards. That said, the practice is somewhat passive. User locations have to be updated on the app roughly every 90 minutes to continue earning.
In my last article, I pointed out several YouTube videos about geominers earning rewards on the COIN app. My conclusion? It would take a miner about one month to earn 10,000 tokens. At the time, those tokens were worth about $4.78.
However, now comes word that COIN users have earned some huge prizes. One user was able to pay off his 30-year mortgage while another paid for his honeymoon. According to the XYO Network, an analysis of 500 users showed XYO-USD portfolio growth of over $14 million as of August 2021.
So, maybe I have been too pessimistic about the COIN app and XYO.
What to Do with XYO Crypto
As I postulated in my previous piece, I suspect that, as the COIN app gains popularity, so will the XYO-USD token price. As the rate of users grows, so will the cryptocurrency.
That might not make XYO-USD a long-term investment, but rather a speculative one that is likely to continue to have many ups and downs. The fact is this crypto is very volatile. It’s probably only suitable for the most risk-tolerant of investors.
However, now that XYO is listed on Coinbase (NASDAQ:COIN) it is much easier to buy and sell. That will also have a significant impact on prices.
Moreover, Arie Trouw — the CEO, CFO and founder (among other titles) of XYO Network — recently wrote on Sept. 28 that he was planning to announce an XYO 2.0 platform. Trouw indicated that the platform will have two purposes: to increase the network’s partnership with COIN and also to provide key technology for third parties and potential partners. Detailing the platform, Trouw noted:
“Essentially, this means partnerships and 3rd party integrations can become much easier and much faster to implement.”
This means that other companies should begin to announce deals with XYO Network and the COIN app. Once the XYO 2.0 announcement is made, expect to see another pop up in the price of this token.
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Read More: How to Avoid Popular Cryptocurrency Scams
On the date of publication, Mark R. Hake did not hold (either directly or indirectly) any positions in any of the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Mark Hake writes about personal finance on mrhake.medium.com and runs the Total Yield Value Guide which you can review here.
