In the ever-evolving world of cryptocurrencies, XYO (XYO) stands out as a unique player. Operating on the Ethereum platform, XYO is more than just a digital currency; it’s a powerhouse driving advancements in geospatial data accuracy and decentralization. Currently priced at $0.013, XYO is traded across 67 active markets, making waves in the crypto community. The XYO Network's mission is to bridge the physical and digital worlds, providing a trustless, decentralized system for verifying the location of objects and data. With its innovative approach and growing ecosystem, XYO is set to redefine how we think about and use geographic information. Dive in to discover how this groundbreaking technology works and why it's creating such a buzz.
What is XYO?
XYO (XYO) is a cryptocurrency that operates on the Ethereum platform. It has a current supply of 13,931,216,938 tokens, with 13,476,747,692 tokens in circulation. The last known price of XYO is $0.01303783 USD, and it has seen a slight decrease of -1.80% over the last 24 hours. XYO is actively traded on 67 markets, with a trading volume of $7,462,924.64 over the last 24 hours. More information can be found on their official website XYO Network.
Market Data and Performance
Coin Statistics
- Current Price: $0.0130
- Market Cap: $175,655,810.65
- 24h Price Change: -1.78%
- 7d Price Change: 16.06%
- 30d Price Change: 146.77%
- 24h High: $0.0144
- 24h Low: $0.0129
- All-Time High: $0.0820 (2021-11-06)
- All-Time Low: $0.0001 (2020-03-13)
- Circulating Supply: 13,476,747,692
- Total Supply: 13,931,216,938
Purpose and Utility of XYO
Solving Real-World Problems
The XYO crypto token is the native asset of the XYO Network, an Ethereum-based ERC-20 utility token. It is used as a means of rewarding contributors to the ecosystem and as "gas" to interact with real-world data and verify the XY-coordinate of a specified object.
The XYO Network aims to provide decentralization to the location data gathering process. It is a decentralized project that directly connects blockchain and the real physical world, with the goal of creating a trustless, decentralized system of location oracles that is resistant to attack and produces the highest certainty possible when queries for available data are made.
Components of the XYO Network
The XYO Network consists of four major components that maintain the whole network:
- Sentinels: Collect location data and confirm that it is true and correct, then convey information to the Bridges.
- Bridges: Connect sentinels with the next level of the XYO network, Archivists, by transferring data in a secure and transparent manner.
- Archivists: Encrypt and store validated bound witness interactions.
- Diviners: Interact with individuals and applications by providing answers to geo-related questions.
Token Utility
The XYO token is the main utility token of the network and operates as a cryptocurrency as well. Users can send value globally in minutes using the network, and XYO can be used to pay for network fees and earn passive rewards through staking. The XYO Network enables companies to automate their business systems and add an extra layer of security to their practices, providing absolute and verifiable location data certainty using decentralized geospatial sensors called oracles.
Tokenomics and Distribution Model
Total Supply and Circulating Supply
The total supply of XYO tokens is 13,931,216,938, while the circulating supply is 13,476,747,692.
Distribution Mechanism
The XYO tokens were distributed through various mechanisms, such as initial coin offerings (ICOs), airdrops, business partnerships, grants, and direct token purchases. The token's utility is determined by its purpose, such as on-chain payments, access to services, governance, and staking for passive income. The distribution of new tokens is also considered, including processes such as token vesting, liquidity mining, and community rewards for activity.
Inflation Control Mechanisms
To control inflation, XYO may have mechanisms in place such as token burning or staking rewards. Token burning involves removing a certain number of tokens from circulation, reducing the total supply and increasing the value of the remaining tokens. Staking rewards involve distributing additional tokens to users who stake their existing tokens in the network, providing an incentive for users to hold and use the token.
The Team Behind XYO
Core Team Members
- Arie Trouw - Co-founder and CEO of XY Labs. Arie has a background in computer science and has been involved in various technology startups. He is an expert in geospatial data, blockchain technology, and cryptocurrencies.
- Bryce Paul - Co-founder and CTO of XY Labs. Bryce has a strong background in software development and has experience in building large-scale distributed systems. He is an expert in blockchain technology and smart contracts.
- Erik Saberski - Co-founder and CMO of XY Labs. Erik has a background in marketing and has experience in building and scaling consumer brands. He is an expert in digital marketing and growth strategies.
- Nate Brune - Co-founder and COO of XY Labs. Nate has a background in operations and has experience in building and managing high-performing teams. He is an expert in project management and operations strategy.
- Scott Scheper - Co-founder and Vice Chairman of XY Labs. Scott has a background in finance and has experience in building and scaling startups. He is an expert in cryptocurrencies and blockchain technology.
Notable Advisors and Partners
The XYO Network has attracted notable partners and investors, such as NATIX Network, with whom XYO has recently collaborated to create a DePIN-driven geospatial data economy. This collaboration follows XYO's recent investment in NATIX's successful $3.5 million funding round. With over 5 million nodes in their global network, XYO's Proof of Origin and Bound Witness technologies have become essential components for DePIN projects utilizing geospatial data.
The XYO Network has also partnered with Uphold and Kraken, two of the most trusted exchanges in the industry, to make the XYO Network (XYO) token available for trading. Uphold is a top exchange for United States & UK residents, while Kraken is a top exchange for USA residents (excluding New York & Washington state) and offers trading access to over 190 countries including Australia, Canada, and Europe.
Conclusion
The XYO Network is a revolutionary project that aims to bridge the gap between the physical and digital worlds by providing a trustless, decentralized system for verifying the location of objects and data. With its innovative approach, strong team
