The XYO Network is the world’s first geospatial blockchain network. Basically, the network will provide geospatial data that it secures through blockchain. GPS data is easily spoofed and hard to secure. The XYO Network is one solution. Obviously, this technology has use in the e-commerce world. The XYO network utilizes smart contracts to implement a “payment upon delivery” system for e-commerce orders. Currently, XYO is working on strengthening the XYO network and updating apps and network portals. In addition, the company plans to unveil its own products to work with the XYO Network in Q1 of 2020.
How Does it Work?
A network of individuals gathering geospatial data builds the XYO Network. These individuals use the COIN app to geomine and receive XYO tokens in return for their data. After mining, COIN users upload the ledger from the Sentinel to a Bridge using the XYO network app. The Bridge (likely stored on a phone) sends its data to an Archivist. These nodes hold data from all users. When someone asks the XYO network a question, a Diviner will ask an Archivist or Bridge and return the result. Basically, these steps ensure the Diviner has the correct information when someone asks for data.
A unique feature of the XYO network is the use of Bound Witnesses. Essentially, a Bound Witness confirms data from another source. Two devices co-sign a piece of data, in this case, geospatial data. Therefore, a Bound Witness is a bi-directional location heuristic. So, when someone makes an inquiry of the XYO network, they can be sure the geospatial data is correct.
Geomining with XYO
I ordered a Sentinel for free ($12.95 for shipping and handling). Then, I downloaded the COIN and XYO app and started mining. The app itself does have some issues with freezing. Additionally, some features do not work all the time. Hopefully, new versions of the app will solve these problems. In the beginning, I tried to use COIN everywhere I went. My Sentinel was buggy and would often make loud noises. Eventually, I had to pry the case open and take the battery out whenever I was not using it. This seems to be a common problem. Fortunately, after I updated the Sentinel’s software, the problem occurred less. Bugs aside, the app was relatively easy to use.
Unfortunately, the more I used COIN and read XYO forums, the more discouraged I became. To make money on the app, you need to use it 24/7. Many COIN users suggest leaving a spare phone mining at home on wifi all day and night. I attempted to do this with an old phone for a day and made about 200 coins. Since July 27th I have earned 833.32 XYO on my main phone. That converts to about 42 cents in USD. Right now, geomining on the app isn’t very profitable, unless you are constantly moving or devoted to keeing the app open constantly. People in professions like truck or Uber driving will make money geomining. For the rest of us, it’s best to hold onto the coins generated. Essentially, geomining for XYO is like investing in the company. If they make it big, the value of XYO will go up. The more inquiries your data answers, the more XYO coin you make. Right now, no inquiries are being made of the network. Therefore, current users can only make money by generating data.
Overall, this business shows promise. The XYO Network has real potential to create positive change. Unfortunately, many COIN users are becoming frustrated with the company. Hopefully, this mindset will change as XYO unveils new products for the XYO network and geominers start seeing returns on their investment.
Post a Comment