Despite the prevailing market downturns, cryptocurrencies and its related virtual innovations have continued to witness unprecedented rise in adoption. Occasioned by this development, the crypto sector has been able to cement its place amidst leading industries across the globe. Interestingly, the persistent rise in adoption of crypto projects, new innovations are greeting the space and existing ones are improving their offerings. This has further aided the expansion of the industry. Today, there are thousands of of cryptocurrencies, serving as native tokens of their respective protocols. These protocols depend solely on their native cryptocurrencies to fuel their networks. More so, the native tokens, in most cases, grants governance rights to their holders, allowing them to contribute to proposals geared towards improving the respective protocol. Notably, XYO crypto (FTM), is the native crypto of XYO protocol, thereby facilitating the operations on the network.
Amidst inherent volatility of cryptocurrencies, readers of this piece need to be critical and look before leaping. Meanwhile, this piece is not a financial advice and thus every financial decision taken after reading it lies on the investor and not the responsibility of the author. But just like other digital assets, the XYO crypto remains one of the available crypto assets available for investors to harness within the industry. Notably, this piece will explain all that is necessary in this project, including its background, protocol, features, potential and many more.
XYO crypto: General Overview
Worth noting, XYO crypto runs as a utility token. As a native crypto of XYO, it helps to run and secure the network. Also, XYO crypto, just like its contemporaries serves as an instrument for sending and receiving payments. It serves as a medium through which users pay transaction or gas fees on the network. It is through the payment of this fees that users can query or verify a transaction. Notably, users need to hold sufficient XYO to query transactions. As an Ethereum based ERC-20 token, XYO coin enables shared incentives in every stage of accurate material collection. Meanwhile, through Geo mining app, users can mine the token seamlessly.
Remarkably, there are 12,844,821,266 XYO crypto in circulation. Notably, it developers allocated 40% for ecosystem growth and marketing. More so, they allocated 35% for engineering and R&D. The developers further allocated 15% for Oracle network platform utilization, 5% overheard, and 5% for supporting Ethereum platform projects. According to findings, the XYO crypto has been listed on numerous notable exchanges.
Worthy of note that the creation of new XYO crypto follows the same approach with its contemporaries. The XYO network usually employ a Proof-of-Work technique in generating new blocks. As designed, diviners on the network usually retrieve information for the Blockchain while answering the query, thereby generating the block. These diviners, therefore gets XYO tokens as rewards.
XYO native platform
As the native platform of XYO crypto, XYO runs as a technology protocol. It is designed to improve the validity, certainty, and value of data. According to its website, the protocol aims to build a data marketplace that gives users a gold-standard for any apps, websites, and blockchain technologies that rely on trusted data. Also, it aims to encourage the education, research, and development of the XYO protocol in order to increase public understanding of the benefits of a geospatial location network that is driven by incentives. Remarkably, XYO manifested and runs on the Ethereum blockchain.
According to its whitepaper, XYO manifested to solve the limitation of smart contracts. Over time, smart contracts have become a veritable tool in the execution of contracts, particularly in a virtual, transparent, and trustless way. Meanwhile, the limitation of smart contracts revolves around its dependency on centralized data sources for data input. Also, smart contracts, in some cases, possesses limited offline application. However, with XYO platform, smart contracts are able to interact with the physical world. It banks on the XYO network’s ecosystem of devices to determine if an object remains at a specified geographical location or otherwise.
Features of XYO (protocol & Crypto)
The XYO protocol as the host ecosystem of XYO crypto champions a proof of location initiative that distinguishes the project from its contemporaries. The XYO Network aids smart contracts to interact with the physical world through some compatible gadgets. These gadgets aid the protocol to determine the exact geographical location of an item. These attributes aid XYO protocol to design applications that execute smart contract transactions that verify locations.
Further, these features aid XYO protocol to determine fraudulent signals that manipulate the location of data. Notably, the protocol of XYO Crypto focuses on proving the origin of physical location signals. Therefore, making XYO crypto an integral component of its ecosystem. XYO comes as an upgrade to the numerous attempts by developers to establish a proper proof of location initiative. It’s imperative to note that numerous projects have attempted to address the manipulation of data location.
Currently, XYO is making rave due to its strong background with blockchain. In the real world, XYO has numerous use cases that has contributed to its growth and popularity. The protocol is a useful solution for eCommerce, Hotel, Logistics and security firms. Aiding them to track relevant data effectively without giving room for manipulation due to its blockchain-oriented initiative. This case uses has contributed massively to the market performance of XYO crypto.
Components of XYO protocol
It’s imperative to establish that XYO protocol has four major components that are connected through smart contracts. These components interact with one another to ensure that the platform discharges its duties efficiently. These components are Sentinels, Bridges, Diviners and Archivists.
Sentinels are gadgets that function as location witnesses, they monitor data heuristics and design temporary records. The observation and records help Sentinels to assure bridges, archivists and diviners of the Genuity of the location. Sentinels integrate proof of origin and a chain of cryptographic proofs to discharge their functions. On XYO protocol, Bridges are the interpreter of data for the location. They protect the transmission of heuristics ledgers from sentinels to archivists, therefore, providing extra proof of origin.
Diviners are gadgets that study historical data input by archivists, which help to answer certain questions. In the XYO protocol, Diviners through proof of work, provide answers to the blockchain and queries by users. Archivists are devices that store information about locations generated through the bridges. They store information in a decentralized pattern thus, eliminating a central body and shunning manipulation.
How XYO and its native protocol emerged?
XYO crypto and its native platform manifested in 2017. It was founded by Scott Scheper, Arie Trouw and Markus Levin. The trio started XY Findables, a firm behind the XYO network in 2012. Interestingly, Trouw remains the current CEO of the project. The co-founder, in the distant past, worked as a software engineer for numerous IT firms. Later, he developed Yontoo, an IT services company.
As for Levin, he started his engagement in blockchain and crypto mining in 2013. He specializes on entrepreneurship technology, leading a host of ventures, like Novacore, Koiyo and others. Scheper, on the other hand, is the current CMO of XYO. Before co-founding XYO, he founded Greenlamp, a firm which specializes in automated media buying.
Impact of the token on it’s ecosystem
As a native token of the protocol, XYO crypto plays a prominent role in aiding users to interact with the platform. To a reasonable extent, the token is the bedrock of the project as all plans evolve around it. Worth noting, that it’s mandatory for every user of the platform to hold XYO crypto. Therefore, contributing to the increasing amount of holders of the token.
Beyond doubts, every investor of XYO crypto is hopeful that the project grows in prominence. The more people use the XYO platform, the more they acquire the token, and the more the coin enjoys a good market posture. Also, the project uses XYO crypto to incentivize users who help to verify the actual location of data. This helps the token to get more use cases. However, the use case of the XYO crypto on the platform goes beyond that.
The cryptoeconomics of XYO crypto can be described as a gas that empowers users to push their queries on the platform. For instance, if a holder of XYO crypto intends to find the exact location of their goods using the platform, such a user sends a query. This query is backed by XYO crypto as the gas price, therefore making the coin a recognize means of settling payment on the platform. However, the importance and usage of XYO crypto are limited to the platform, forcing the coin to rely on the growth and popularity of the platform for utility.
Final Thoughts on XYO crypto
On a fair note, XYO crypto hasn’t soared well enough in regards with the expectation of holders. The return on investment (ROI) of the coin has been poor and negatively posited. Despite the cryptocurrency boom of 2021, the coin failed to hit the mark unlike most of its contemporaries.
Nonetheless, investors can remain optimistic as the XYO project is still growing and gradually attracting attention. There are promising pointers that things might change soon regarding the market posture of XYO crypto. If that must happen, an influx of funds and users into the project would take place first. So, investors must do well to research and consult reliable market data to decide on whether to entrust their funds with XYO crypto or not.
The decision for investors to either hold or dump the token should be a reflection of their research. Since the coin hasn’t shown much reactive stance to any prevailing general market conditions, investors can rely on internal micro and macro factors for the XYO crypto to rally.