XYO: Everything you need to know

Source: CoinGecko

Looking around today, we see that the world is progressing towards digitalization at a speed that was never anticipated, where everything is being digitalized into a virtual form. However, have you ever thought of currencies being in a virtual form? Cryptocurrency is one such industry that makes it possible. Crypto as the name suggests is a form of virtual or online currency which is very well capable of being used to buy and sell goods and services as well as for the purpose of trade and exchange.

The cryptocurrency industry has been booming for quite some time now and has been able to make a name for itself on a global level. Crypto was introduced a couple of years back and since then the graph of its growth has been upward moving and the rate at which the industry is witnessing growth and popularity is absolutely stellar.

When the industry was first launched, there were not many people that were interested to be a part of it as not many of us knew its working and overall capabilities and also there were not many currencies to choose from. But on the contrary, if you look around today, you will be astonished to know that, currently, with each passing day, there are numerous currencies being introduced and thousands of people joining in and investing in virtual assets.

Cryptocurrency has been a medium for people to earn huge profits, sitting at home through trading on online crypto exchanges globally. For many people, crypto provides a source of passive income, especially for those who have excess money lying around and are looking for a place to invest in and earn good returns.

Apart from this, it is very important for you to understand the fact that as appealing as all of this must sound to you, crypto is known to be an extremely uncertain and volatile marketplace, meaning that the prices changes are almost immediate and really difficult to predict. As a result, if not done right, you could even end up having significantly huge losses as well, so it is always advised to be vigilant of the market trends.

Source: CryptoNinjas

Some other things that are vital for you to know before we move on further are that some of the major factors that contribute to the popularity of the industry include the convenience it offers, portability, ease of use, high-profit margins as well as user-friendly experience offered. Also, cryptocurrency uses decentralized blockchain technology in order to function which means that, apart from just preventing double-spending ad counterfeiting, crypto has the ability to function outside the control and supervision of central authorities and work freely.

Speaking of a lot of currencies available today in the marketplace, it is worth mentioning that, some of the most popular virtual currencies to choose from in the marketplace include Ethereum, Bitcoin, Cardano, Baby Doge, Dogecoin, Binance Coin, and a lot more.

Now that you have the much-needed basic facts about cryptocurrencies, I believe that you will be able to have a much better understanding of what we have with us today, XYO. To know more, I suggest you read further!

Everything to know about XYO (XYO)

Source: Changelly

XYO is one such project that has been gaining quite a lot of attention lately and has been the most popular virtual currency out there. The currency has been able to receive so much attention lately merely because the users witnessed a significant spike in its prices. To begin with, XYO is nothing but an Ethereum token that is known to power the XYO Network.

For those of you wondering what that is? Let me help you with that. XYO Network is a decentralized network of several devices that is said to anonymously validate and collect geospatial data. Through the XYO World platform, XYO tokens can easily be traded for and can even be staked against unique ERC-721 tokens that too representing current real-world locations.

 XYO Network is one such platform that is said to be the very first decentralized project that connects the real physical world directly with blockchains. In addition to this, you should probably be aware of the fact that the XYO project was initially introduced about three years ago, back in 2018 by XY company with an aim to promote and facilitate the use as well as the development of the XYO protocol, tools, documentation, and brand.

On a similar note, the XYO whitepaper clearly states that the main focus of the XYO Network is to build a decentralized and trustless system of location oracles that is resistant to attacks and is known to produce the highest certainty possible for available data. If there is still some confusion with respect to the basics of XYO.

Source: LeapRate

Allow me a chance to explain it to you in much simpler words. The simplest explanation for all of this mentioned above is that the XYO Network is a project that is trying to develop a worldwide network for developers and users to validate events that occur in specific geospatial locations as well as record the associated data to respective ledgers.

As per a report from InvestorPlace, one of the most interesting and eye-catching features of the XYO Network is said to be the Sentinel. Wondering what is a Sentinel? The Sentinel allows the devices on the network to record their locations to the blockchains, as and when they come close to one another.

As mentioned previously, XYO Network is a project started by a company known as XY, which has been around since 2012, this gives global potential investors and followers the confidence that the project is not just merely a fragile start-up or a lightweight project. Talking more about XY, it is vital for you to know that, XY has been developing solutions for location technologies for years now and the technology has been made use of in several self-driving vehicles, autonomous drones, space explorations as well as smart cities.  

Coming back to XYO, we know that it autonomously collects and validates data with a geospatial component. What we don’t know is that this data is majorly helpful in providing increased certainty of the location at a point in time, unlike GPS systems which can easily be hacked, manipulating the exact data. By just gathering data in a decentralized network as well as using the security of the blockchain environment, XYO is often successful in providing safe and secure location data that can be made use of in order to fuel the systems in need of it.

Source: Business Wire

As a result, all of this allows the XYO Network to conduct secure and trustless transactions with the help of the data collected. Furthermore, XYO devices are also capable of interacting with smart contracts in order to program automated processes. Not just that, XYO’s trustless cryptographic location network enables layered verification of locations across several protocols and devices. The blockchains help in confirming the location through the confirmation, collection as well as storage of bound witness interactions.

Other than this, it is worth mentioning that, the main four pillars of the XYO Network include Sentinel, Bridges, Archivists as well as Diviners. First off we have Sentinel, which is supposed to act as location witnesses while collecting information through sensors, radios, and other mediums.

Secondly, we have Bridges that act as transcribers for location data along with relay the data collected from Sentinels over to Archivists. Thirdly, Archivists are known to store information in order for Diviners to analyze it and lastly, Diviners assign accuracy scores while providing answers to queries by serving as oracles and analyze the data collected from Archivists. All of this data is then sent into a smart contract.  

Also, the XYO Network is known to operate as an independent Proof-of-Origin consensus algorithm, combined with something known as Transient Key Chaining in order to ensure that ledges in the network are valid. Not just that, the XYO Network stores the information on XYO MainChain, which is a public blockchain.

Investing in XYO

Source: Coindoo

As of today, the price of XYO is about 0.035338 US dollars with a twenty-four-hour trading volume of 173,565,204 dollars. Not just that, in just the past twenty-four hours, the value of the XYO has gone up by 42.34 percent, and with a market cap of 453,906,175 US dollars, the platform is currently placed at 144th position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of XYO is nearly 12,844,821,266 XYO coins but unfortunately, the maximum lifetime supply of the currency is not yet available. In just the past week alone, the price of XYO has gone uphill by 14.90 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in XYO is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that XYO can prove to be a worthy investment in the near future and can provide you with good returns but again, nothing can be said for sure!

If still not convinced, see it this way that, if say you buy XYO worth a hundred dollars today, you will receive nearly 2750.426 XYO. According to the analysis done by experts on the field, after five years of your investment, the return is expected to be about +325.82 percent and thus, your current hundred dollar investment will be nearly 425.82 US dollars in 2026.

Source: Nomics

But again, as mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is extremely important for you to understand the fact that just like any other currency in the crypto marketplace, XYO does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy XYO? Let me help you with that. Currently, XYO is available on all major crypto exchanges but some of the popular exchanges that have XYO listed on them include Coinbase Exchange, Gate.io, ZT, KuCoin as well as HitBTC to name a few. 

In conclusion, What are your thoughts on XYO? Do let us know in the comments below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: USD Coin: Everything you need to know