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.
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.
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:
These produce a type of data interaction known as a “bound witness,” meaning they gather and validate one another’s data.
Meanwhile, bridges are responsible for retrieving data from sentinels and then relaying it to archivists, thus acting as location and heuristic data transcribers.
Archivists store data received from bridges for the diviners to analyze.
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:
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.
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:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.