Based on the provided information, XYO coin (XYO) is the native cryptocurrency of the XYO Network, a decentralized physical infrastructure network (DePIN) that aims to bridge the gap between the physical and digital worlds by collecting and validating real-world data.
Here’s a breakdown of what XYO coin is and its role within the XYO Network:
- XYO is a pioneer in the DePIN space, leveraging a global network of nodes (including mobile devices running the COIN app) to gather and validate a wide range of real-world data.
- DePINs utilize blockchain technology to create a more transparent and secure way of collecting and verifying data from the physical world, [according to Bitunix Blog].
- The XYO Network allows smart contracts on the blockchain to interact with real-world information by providing a trustless source of verified data.
- This enables applications that can respond to real-world events, such as smart contracts for payment upon delivery of a package.
- XYO emphasizes digital sovereignty, empowering users to control their data and be rewarded for contributing it to the network.
- The XYO Network utilizes a Proof of Origin protocol, combined with Transient Key Chaining, to ensure the validity and immutability of data on the network, making it impossible to falsify the chain of origin.
- This also ensures the trustworthiness of data used by AI systems.
- XYO coin (an Ethereum token) serves as the primary currency within the XYO ecosystem, used to reward users for contributing data and access network services.
- XYO tokens can be locked through staking, which increases scarcity and helps secure the XYO Layer One blockchain.
- Stakers earn XL1 Tokens in return, a utility token that fuels transactions, smart contracts, and real-time rewards within the XYO Layer One blockchain, [according to XYO].
- XYO has potential use cases in various industries, including logistics, supply chain management, and location-based services.
- For example, XYO can be used to track the location of a package or asset in real time, enabling smart contracts to execute actions based on location verification.
- XYO is also exploring applications in the Internet of Things (IoT) and Web5, aiming to integrate its technology with autonomous devices and create a more user-controlled and secure internet experience.
In essence, XYO coin is the fuel that powers the XYO Network, a decentralized system dedicated to collecting, validating, and managing real-world and digital data in a secure, transparent, and user-controlled manner.
Is XYO coin worth anything?
Great question! Right now, 1 XYO is worth about $0.0106.
What is XYO crypto used for?
XYO is an Ethereum token that powers XYO Network, a decentralized network of devices that anonymously collect and validate geospatial data. On the XYO World platform, XYO tokens can be traded for and staked against unique ERC-721 tokens representing real-world locations. Restrictions apply. See full terms.
What companies use XYO?
Thanks for asking. With more than 1 million location-verifying beacons around the planet, XYO technology rivals the GPS network, and radically transforms the world’s leading industries. Partners include mapping giant Esri, FedEx Research Institute, Re/Max Mexico and Spaceflight Industries.
What is the purpose of Kusama coin?
It’s a space where developers can experiment and test new blockchains or applications before launching them on the Polkadot network. You could compare Kusama to a sandbox for developers wishing to test early versions of Polkadot projects, but with a real cryptocurrency traded on an open market.