XYO (CCC:XYO-USD), a cryptocurrency expanding partnerships and announcing an upgrade to its network, is skyrocketing.
In 2017, XY Labs created a new protocol for location-based data and shared incentives called the XYO Network.
The first ERC20 tokens were minted in 2018 to build blockchain applications using this oracle network, enabling developers to use smart contracts powered by geospatial information and user incentive structures within these applications based on their current geographical locations.
XYO has developed a geo mining Coin App. It enables users to quickly and easily mine the XYO cryptocurrency on their mobile devices.
The app uses XYO crypto protocols so that it can verify you’re at home or in another location, preventing hackers from using fake GPS coordinates for a fraudulent activity like IP theft.
Once your verified data is contributed anonymously into an open-source network, safety becomes more protected than ever before as developers help build out this secure ecosystem together.
What Is Geomining and How Is It Different?
XYO will revolutionize our lives. It has countless use cases in everything from supply chain tracking to recovering lost items and even insured vehicles.
Investors are paying attention because these practical applications seem very promising. Upgrades and partnerships are also cause for celebration.
Many companies have started geo mining to foster a symbiotic relationship between data use and the need for information.
On one side, you have enterprises that seek to make data-driven insights to boost their product/service marketing initiatives. At the same time, on another end, everyday individuals can exploit personal info by earning crypto rewards through the XYO network.
Josh Enomoto makes a great point that fears regarding data privacy may weigh down the coin. Undoubtedly, a certain section of investors will remain skeptical. However, there will still be a large section of the population that will still want to pick this one up, regardless of the privacy issues.
Geomining is a different kind of mining that allows mobile devices to earn coins as they go. Geomines have been popping up all over the place. And they are very easy to use.
You can use any phone or tablet with GPS sensors to generate these coins. It is very simple. You just need to move around in various locations with an active internet connection and make money.
In the cryptocurrency world, solving complicated equations and getting awarded credits on blockchain networks is long-established. However, this new system relying on geospatial data changes the game.
XYO is a geo mining company that uses location data in smart contracts. XYOMining has many applications, such as e-commerce, to verify the location of an item’s supply chain, and suppliers can use their coins or convert them into physical goods. The operating model, sans the privacy concerns, is enticing.
Upgrades and Partnerships
XYO Network announced their upcoming release of XYO 2.0, which will enable third parties to more easily integrate with and develop on the network while providing real-world functionality.
In XYO Data Protocol 2.0, developers use a modified JSON model for payloads to store and process data easily. XYO’s high volume XYO token transactions, whether in the core data exchange protocol or on an individual level, take a lot of time to process.
Using Payment Channels will solve the problem. It will allow for more cost-effective transactions while still providing the needed security.
Meanwhile, XY Labs is partnering with tZERO, a blockchain company that provides technology for capital markets. They will be using their smart contract system and Algorand Blockchain to digitize XYL’s securities and help them trade on tZERO’s Regulated Alternative Trading System (ATS).
Real Utility Means the Future Is Bright for XYO Network
Cryptocurrencies are a hot commodity right now. And there’s no sign of them slowing down.
However, it does not mean there aren’t altcoins out there available at a discount that you should know about. Considering the use cases and innovative operating model, XYO has all the makings of a top altcoin.
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Read More: How to Avoid Popular Cryptocurrency Scams
On the publication date, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio. Faizan does not directly own the securities mentioned above.