XYO blockchain network allows users to earn 'geomine' crypto rewards from their smartphones

The XYO Network allows anyone to use their partner app "COIN" to turn their phone into an edge node with proof-of-origin chain and bonded witness technology. Through COIN, users can earn cryptographic rewards through "geomine" in exchange for participating in XYO's decentralized network of devices.

XYO describes geomining as the act of exploring and discovering digital items or assets from real physical space, while sharing relevant location data and interactions with other geominers. To earn cryptocurrency, miners will have to mine enough "COIN" tokens in the app and then exchange them for "XYO tokens" or other cryptocurrencies.

XYO Token, the utility token of the XYO Network, was recently listed on Coinbase. Ultimately, XYO's goal is to develop their location-based data network that can provide and verify information about the physical world for blockchain smart contracts as well as other off-chain businesses. For example, a company could use the XYO Network to determine the relative traffic to its competitor's storefront, the sentiment of a socio-political issue based on location, or even whether a real-world interaction occurred between two devices. COIN users provide the necessary data to answer these types of questions and are rewarded for doing so.

Their COIN users have already started to benefit. For example, a software developer in the United States and one of the network's most successful users earned enough cryptocurrency rewards to pay off a 30-year mortgage, according to a case study on the app's website. Another recent case study involving 500 COIN users showed more stories: one user was able to pay a month's rent with COIN, another user moved to a new city and bought a new car.

XYO Network Components

Beyond rewards that benefit users, XYO envisions a wider purpose for its application. The COIN application is essentially the "Sentinel" (Sentinel) and "Bridge" (Bridge) of the XYO network, which are the two main components of the network.

A Sentinel is a physical device, such as a smartphone or XYO SentinelX device, that transmits a signal with location and other relevant data, such as speed and altitude. When a Sentinel approaches another Sentinel, they broadcast that they are close to each other, which is evidence of the Sentinel's location. The entire interaction process is called "binding witness".

At the same time, the bridge also uses a smartphone or XYO BridgeX device to register these bonded witness interactions. Once these interactions are signed, they are passed to a core component of the XYO Network called the Archivist, which processes and stores the data for future use. The final component of the network, the Diviner, uses this data to determine answers to queries and provides these verifiable answers to requests from blockchain smart contracts or off-chain company APIs.

expand network

With over 2 million downloads, COIN has become one of the largest applications in the crypto space. This translates into a large number of nodes actively collecting data for the XYO network. In turn, XYO verifies, processes and turns this data into recommendations, which the company says can be leveraged by businesses around the world.

COIN existing users use the app in the foreground for more than 3 hours a day, which is more than the daily usage of all social media apps combined. "The data generated by all these nodes benefits the XYO Network and its customers," the project said.

XYO also has a list of industries, including airports, hospitals, e-commerce, insurance, drones, car rentals, and even national security, where its network of geospatial oracles could play a role.

“Blockchain technology allows for data permanence and chaining, which ensures that highly liquid assets and error-prone processes are tracked, monitored, reliable and immutable,” XYO said.