XYO Network aims to be the company that drives location tracking services into a new future (by eventually replacing GPS tracking). Indeed, today’s world would definitely be a lot different if it wasn’t for GPS. In this XYO Network review, we will be analyzing how the technology works, how to mine XYO tokens and what the future holds for the project.
Initially created in the 1970s by the US government (and the US military), common usage of the technology started in the 1980s, way before the smartphone era.
Nowadays, it would be hard to imagine a life without Google Maps, location services, and package tracking for online purchases. All of these services use GPS technology to function correctly.
The XYO Network is a relatively new proposition that aims to create a network of connected devices that will facilitate the tracking and locating of packages and objects through blockchain technology.
Its core mission is to create a network that’s big enough to offer users a different kind of tracking experience for a variety of purposes. In this XYO Network review, we will cover the basic tenets of this project, as well as its current status in the crypto market.
Founded in the last quarter of 2017, the XYO Network released its first whitepaper at the beginning of 2018 and then launched the first sale of their XYO token in the second quarter of that year, which coincided with the launch of their protocol proof of concept and first MVP.
As of 2019, the company has already launched its iOS and Android apps, and they are currently in the process of developing an open-source initiative and an updated version of their core network, which will launch in 2020.
HOW DOES THE XYO NETWORK WORK?
The XYO Oracle Network has four key components: Sentinels, Bridges, Archivists, and Diviners. A Sentinel is a device tethered to the XYO Network, which helps the chain by giving off a signal with its location and other data such as temperature conditions, date, and time.
Sentinels can detect other Sentinels and broadcast a signal that showcases proximity between the two devices, which creates something called a bound witness interaction (BWI). These interactions then go to the Bridges, which are devices responsible for confirming them on the network.
Archivists are devices that store confirmed BWIs, and then provide that data to Diviners, which are devices used by the network to answer questions asked by the users, who must pay using XYO Tokens.
As of today, the XYO Network app only allows its users to become either Sentinels or Bridges: options to become Archivists and Diviners are still in development, and SDKs are currently available if you wish to contribute as a developer.
To make this XYO Network review more comprehensive, let’s pose a real-world example: you want to locate your lost bike, which has an XYO Sentinel tracker attached to it. You would have to send a query to the network to locate it for you.
Using data stored in Diviner devices, the network (in theory) would be able to track down your bike’s location for you to retrieve it. The query is a blockchain transaction that you must pay via XYO Tokens. So, how would people go about doing this?
WHAT IS XYO GEO MINING: IS IT LEGIT?
TThe XYO Network functions with the XYO Utility Token, which users would employ to pay the network to resolve their queries when trying to locate a particular object with data taken from the Diviners.
This brings us to the first question of our XYO Network review: how do I get XYO tokens?
At the moment, there are two ways in which you can get XYO tokens: the first is to buy them through the KuCoin crypto exchange, which is currently handling the largest volume.
The second is to start geomining for its network by downloading their COIN App, which is already available for Android and iOS. A geominer gets paid in XYO tokens when they help create verified ledgers from data gathered by the Sentinels and uploaded to the network.
Geomining is different from regular mining in that, instead of providing your computer’s power, you are providing your location by creating the bound witness interactions that we explained above.
When an XYO Diviner uses the location data you provided to complete a query, you get paid, but since the network is still in its infancy, the best bet for users to earn money right now is to start geomining tokens.
You earn these tokens by downloading the app and sharing your location, which will give you the ability to mine from certain physical spaces, called tiles, which are squares measuring an average of 130 feet.
Not every tile will give you the same amount of XYO tokens: some will pay less than a hundred XYO tokens, while other important locations that you mine could result in ‘big geomines’ that can earn you thousands of XYO tokens in one go.
The system could function in a similar way to, for example, Pokémon GO, where you go around collecting these locations to mine tokens.
Some other XYO Network reviews have found that this type of mining can be useful, providing a quick payment with relative ease and in a short amount of time.
After a few minutes of walking, biking, or driving around and sharing your location data you can easily earn lots of XYO tokens.
HOW DO I GEOMINE TOKENS WITH THE COIN APP?
The COIN App is very easy to use: just download it into your phone and set up an account. You can geomine without an account, but you won’t be able to withdraw your assets later.
The app is best used while walking, biking, or driving around. To mine a given tile, just click the pickaxe icon, and you’ll receive a random amount of XYO tokens.
If a tile is already mined, it will show on the map in a different color, and you won’t get any rewards from it, but they usually reset after a few minutes.
The COIN App works in conjunction with a SentinelX physical Bluetooth device, which you can get for free: sign up, download the app and pay for shipping cost at the COIN App website.
Once you receive it, you need to pair it with your phone and you will receive 12x the rewards when geomining tiles.
The app also gives users the option to subscribe to plans that allow for better mining. The COIN Plus subscription grants the user two times the geomining speed, recharge rate (ability to mine again in previously mined spots), and two times the opportunity to find big geomines.
There’s also a COIN Pro subscription that offers three times the geomining rate, rewards, and all of the features available in the COIN Plus plan. The COIN Plus membership is $24.95/mo and the COIN Pro membership is $34.95/mo.
You can also purchase a BridgeX device ($200) that can help you earn up to 10% in rewards from other user’s earnings when they receive data from a SentinelX device. However, this function is currently not available, as the XYO Network is not active yet.
The official XYO website’s shop also sells SentinelX devices for $50, but an extra SentinelX will not affect your earnings, as you can only pair one device with the app.
Giving them out to friends and family might increase your earning chances in the future when the Network of Sentinels and Bridges is fully operational.
Having more than one Sentinel right now increases bound witness interactions, which help build the network, but not XYO token rewards.
WHAT’S THE FUTURE OF THE XYO NETWORK?
Since its inception, the value of the XYO coin has decreased steadily, losing about 85% of its value in the last year alone. Currently, the price of one XYO token is $0.00042, which means that users would have to mine about 2,300 XYO tokens to get 1$ in return.
The random nature of the tile rewards might make it difficult for users to mine tokens in a sensible amount of time (say, one month), which has led to some speculation in recent XYO Network reviews that actually purchasing tokens on the KuCoin exchange might be more of a sound investment.
Some users have shown concerns as to whether the XYO Network is a real or fake project, how much does XYO actually pay, and whether XYO is a good investment or not.
These concerns arise mainly due to the fact that geomining is all that users can currently do around the network: their real-world applications are not yet functional, and even though users can (and do) create bound witness interactions: the actual network is not live as of today.
In addition to this issue, the company itself has had some setbacks, as well as some weird occurrences. We will list them below for your consideration:
- In June of this year, they laid off half of their total staff, exactly 40 employees, citing a need to refocus their efforts. According to some news sources, the layoff primarily focused on Marketing employees.
- The company has been under fire for some controversial Marketing decisions regarding some of their previously offered products, including geomining kits and previous product packages that the company no longer offers or supports, even after considerable user spending.
- These product packages, which included offers like exclusive masterclasses on ‘geo hacking,’ swag, company stock, and XYO devices, went through a process of arbitrary rebrandings and cancellations that left many customers dissatisfied and suspicious.
- The user has posted many complaints about company censorship. Users having issues with geomining, lost tokens, investments, and faulty devices usually have their comments (and accounts) deleted or blocked, and the company fails to respond to complaints in public forums.
XYO NETWORK REVIEW CONCLUSION
Many users believe that the XYO Network is a ticking bomb and that the company might just be a scam that is looking to profit from the users’ hard work on the network.
However, there is no clear evidence of this as of this moment, and given that their Sentinel devices still go out for free (with only the shipping cost to consider), new users stand to lose an arguably small amount of money if they decide to invest.
To talk about the future of the XYO Network, however, we have to wait until the network becomes operational in its entirety, including Archivists and Diviners.
There is currently no fixed timetable that users can trust (aside from the company’s Roadmap), and the current state of affairs points to many of its sub-projects changing in the future.
To end this XYO Network review, we would suggest for interested users to keep an eye on XYO announcements. The company is in the process of developing new apps that have real-world applications and that will allow them to actually make use of their hard-earned XYO tokens.
Right now, all they can do is geomine them and make money by selling them or exchanging them for other stable cryptocurrencies or cash.
This is not a very appealing landscape, but there is still some hope for the XYO Network, so the best bet is to start geomining as much as possible with as little investment as possible to counter the uncertainty surrounding the company’s future.
XYO Network Review Summary
In terms of their technology and real-world use case for their platform, XYO Network is one of the purest blockchain applications that could potentially disrupt GPS as we know it. However, as with any crypto investment, be sure to follow the project closely in case things don’t go as planned.
- Mining Support
- They provide free Sentinel devices
- One of the few projects with a real-world application
- No fixed timetable for milestones
- Complaints of company censorship
- Discontinued mining support
- Big staff layoffs