What is XYO?
XYO is the ERC-20 token for the XYO network. XYO, also known as XY Oracle Network, focuses on collecting external geospatial data, and sharing and validating it on the blockchain. The XYO token is the payment tool for the network.
Oracles are tools that allow smart contracts to access information that isn’t stored inside the blockchain. XYO is decentralized and offers cryptographic security and reliable data validation. You can see what the current XYO price is by exploring the chart above.
Who Developed XYO?
XYO was co-founded by Arie Trouw and Markus Levin. Trouw is an entrepreneur who has worked on numerous projects in the tech sector. He serves as the CEO and CTO at XYO and focuses on the decentralization and open-source development of the project.
Levin is an entrepreneur with a keen interest in data-driven systems and blockchain technology. He has been involved in the crypto sphere since 2013 and acts as the Head of Operation at XYO.
The goal of the platform is to facilitate secure location data transmission from external sources to the smart contracts, which are locked within the blockchain. Geospatial data is becoming increasingly important in tech development. However, it comes with certain security risks that decentralized blockchain networks like XYO can patch.
XY Oracle Network officially launched in 2017. The platform held an initial token offering in March 2018. As of June 2022, the highest-recorded XYO price was $0.08 in November 2021, around the same time as Bitcoin’s (BTC) all-time high.
What Are the Features of XYO?
The maximum amount of XYO tokens is capped at over 13.9 billion. It’s not pegged to the value of any other asset, therefore, the XYO price can change based on the market conditions.
Users that require external location data use XYO as the payment for information transfer and validation. The XYO network has four core components – Archivists, Bridges, Diviners, and Sentinels.
Sentinels are Internet of Things (IoT) devices that are used to collect relevant location data. Any device capable of transmitting geospatial data can be used as a sentinel. Bridges are the IoT devices used to capture the sentinels’ signals and transfer them to archivists.
Archivists are responsible for storing the data of confirmed bound witness interactions. Diviners take the stored data and answer the user queries. You can earn tokens as a reward for participating in the XYO crypto network in any of the four roles.
Since the launch, the XYO price has been volatile and has generally followed the wider crypto market trends.
