Ever since XY Labs established XYO in 2018, the XY Oracle Network has deployed its protocol across millions of devices. The XY oracle protocol was engineered for blockchain transactions without relying on a centralized third party. XYO was initially developed as a global consumer Bluetooth and location network. In this piece, we will learn what is XYO and what’s so special about XYO blockchain, what partnerships XYO established and, of course, how to perform a fast and cheap XYO swap.
What is XYO?
XYO is an oracle network developed to function with a blockchain-based Internet of Things that executes smart contracts through geolocation confirmations. XYO offers a people-powered location network created on the blockchain. The deployment of a trustless cryptographic network allows layered location verification across many protocols and devices. XYO Network is powered by its native cryptocurrency, known as XYO.
Virtually anyone can transform his or her mobile device into an XYO node with the bound witness protocol used by the COIN app. COIN is developed by XY Labs, XYO’s parent company, and it allows users to participate in the XYO Network to earn crypto rewards via geomining, its core location-based gameplay function.
According to XY Labs, geomining is the act of discovering and exploring digital assets or items in the real world while interacting with other geominers and earning crypto on the go. Geominers are required to acquire in-app COIN tokens, which must be sufficient to exchange for XYO tokens, or other cryptocurrencies and rewards.
What is XYO Token?
Apart from being a cryptocurrency that operates on the Ethereum network, the XYO token also functions as a utility token for the XY Oracle network. Currently, XYO has a total supply of 13,960,974,963 and a circulating supply of 12,844,821,265.9205.
The price of XYO was last recorded to be $0.0370799 with a 23.63% uptrend over the past 24 hours as of October 17, 2021, according to CoinMarketCap. XYO is presently traded on about 33 active crypto markets. Most ERC20-compatible Ethereum wallets can be used to store XYO tokens.
Around March 2018 to May 2018, XYO’s main token sale recorded about 14,198,847,000 in XYO distribution, and the remainder of the tokens were burned. A cryptoeconomic reserve was allocated to XY Labs, consisting of 2,871,068,696.85 XYO for the purposes of network use, development, and growth.
Meanwhile, about 5 billion XYO tokens were reserved in a Gamma token pool for public sale. The public sale recorded a sale of 659,855,226.56 XYO tokens. That left 4,340,144,773.44 XYO tokens remaining in the Gamma pool.
No XYO tokens have been or will be minted following the end of the main token sale. the Founding HODLer Registry token pool holds about 340,144,733.44 XYO tokens.
The XYO Network is structured around four types of nodes, which are:
- Sentinels (The Data Gatherers)
These produce a type of data interaction known as a “bound witness,” meaning they gather and validate one another’s data.
- Bridges (The Data Relayers)
Meanwhile, bridges are responsible for retrieving data from sentinels and then relaying it to archivists, thus acting as location and heuristic data transcribers.
- Archivists (The Data Storers)
Archivists store data received from bridges for the diviners to analyze.
- Diviners (The Answer Aggregators)
Diviners function as oracles and their role is to examine gathered location heuristics in order to provide solutions to queries and assign accuracy scores. The solution derived is then relayed into a smart contract.
XYO blockchain introduces an algorithm called Proof-of-Origin consensus and combines it with Transient Key Chaining to make sure valid ledgers flow into the blockchain. This makes it impossible to fabricate the chain of origin for any information. The XYO Network is also tasked with storing the information on a public chain known as XYO Main Chain.
XYO aims to grow its location-based data network, which can provide and certify data about the real world for blockchain smart contracts and other off-chain organizations. For instance, organizations can take advantage of XYO’s comprehensive network to determine everything from relative traffic going to their competition’s storefronts, to location-based sentiment on socio-political issues. COIN app users provide the data required to have solutions to questions like this. They are rewarded for their actions in providing this data.
XYO is an ERC20 based token created on the Ethereum blockchain. Here is a list of some of the most popular ERC20 compatible wallets which can be used to hold XYO:
- Atomic Wallet
- Ledger Nano S/X
- Trezor Wallets
- Trust Wallet
XYO has secured many interesting partnerships over the years. You can find a current list of XYO’s official partners here.
Joe Gibbs Racing
One of the exciting sponsorships secured by XYO network was with NASCAR’s Joe Gibbs Racing, where XYO was the main sponsor for their driver, Brandon Jones, over six races. He was competing in the No. 19 XFINITY Series at the time. Brandon secured a top-two podium in what was a fruitful partnership for XYO.
XYO was also the main sponsor of Erik Jones, another member of Joe Gibbs Racing, who competed in the No. 20 Monster Energy NASCAR Cup Series while sponsored by XYO.
Another partnership secured by XYO is with Microsoft. The partnership delivers a future-ready resource for testing, development, and production of DApps. XYO targets providing the network’s developers with tools and libraries, which will work with Microsoft’s diverse range of services like IoT, computing services, etc. The geospatial DApps of the XYO Network are available on Azure’s marketplace, owned by Microsoft. This allows a community of developers worldwide to create and launch their geospatial DApps powered by XYO.
How to perfrom a XYO swap on Swapzone?
No need to worry about XYO swaps with other cryptos! You can easily do it on Swapzone. Here, you can swap BTC to XYO, ETH to XYO or the other way around; XYO to BTC and XYO to ETH. The guide below will help you with whatever XYO swap you want to perform:
- Launch Swapzone in your browser.
- In the “select pair” tab pick the kind of cryptocurrency and amount you wish to exchange.
- In the “get up to” section, pick the XYO token.
- You will see different XYO swap rate offers from different exchanges.
- Filter through the different exchange offers by price or transaction time.
- Once you locate an offer that you want, simply select the offer by clicking on “exchange”.
- Enter your correct wallet details and then click on “proceed to exchange”.
- Wait for the XYO swap to complete.
- Once the transaction finalizes, you will receive the XYO tokens in your wallet. Please, rate the experience and leave behind an honest review!
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