XYO Mining APP Review, Pros And Cons By Rakyatnesia

Tuesday, 30 November 2021 (10 months ago) 326 views

The community surrounding XYO has grown and matured since our inception at the close of 2017. The technology that drives the XY Oracle Network has been created and expanded by the XY Labs team. It’s time for a new vision making available the technology to developers around the world to increase understanding of the massive benefits of a scaleable, incentivized location data protocol.

Facilitate education, research, and continued development of the XYO Protocol to increase understanding of the public benefit of an incentive driven geospatial location network.

About XYO Network

A real world example of this might be proof of location for a fleet of vehicles.
Given a fleet of trucks that are moving cargo from a vendor to a customer. Typically you would get confirmation that the truck arrived at its destination from the signature or other form of confirmation from the customer.

With a sentinel placed in each of the trucks it will be able to interact and bound witness with other sentinels (smartphone sentinels and/or other sentinel devices) as it travels along its route to the customer. These bound witness interactions signed off by bridges and then sent to an archivist create an origin chain of bound witness interactions that can store relative distance, temperature, time, and other heuristics that the sentinels provide.

This contributes to a story of how the truck left the vendor and arrived at the customer without a need for a confirmation, or better, an automated confirmation upon arrival at the customer location.

So What Is Sentinel From XYO ?

A node in the XYO network that broadcasts a signal with its location and any other requested data (such as time of day, temperature, etc). When this node is near another node and they broadcast that they are near each other, this is an interaction referred to as a bound witness. This interaction serves as a certain proof of the node’s location.

How Does MIning XYO APP Work ?

If you’re interested in mining to earn XYO, mining XYO tokens works in much the same way as mining cryptocurrency, but instead of your mining equipment performing calculations for transactions, your mining equipment performs bound witnesses. People who want to use that data then pay XYO tokens to get them.

– You own devices which can be used as nodes (network components). There are two different “edge” nodes, which are called sentinels and bridges. Sentinels create bound witnesses, bridges collect and upload bound witnesses to XYO Network. A lot of devices can work as both kinds of edge node, meaning that they can create bound witnesses and then upload them.

Technically, the nodes of XYO Network run on devices and are not the devices, themselves. They’re either software or firmware which makes the device run as a node, for example an app that uses your phone to be a bridge. For our purposes, we’re going to refer to nodes as devices, because they’ll usually be the only node running on a dedicated device.

– The bound witnesses are stored by a third kind of node, called an archivist, which will usually run on a server or computer that can keep the data safe long-term.

– The last node is called a diviner. The diviner is capable of complex functions which allow it to search through archivists connected to XYO Network and find specific bound witness data.

– A party interested in collecting data for their purposes uses a diviner to search the archivists on XYO Network. They pay XYO tokens through the diviner to get back the data they’re looking for.

– The bound witnesses stored on the archivists have the payment keys (an I.D. number) of the users who own the nodes that made the data. If the diviner winds up using the data, a portion of the XYO tokens that the diviner was paid is doled out to every payment key associated with a bound witness that was used by the diviner. (And the owner of each node that was used gets a portion of the XYO tokens used for the transaction.)

– If your bound witnesses are used, your payment key is paid in XYO tokens.

– XYO tokens are an ERC20 token, which can be sold and traded on Ethereum-based cryptocurrency exchanges and whose value can be tracked on those exchanges. You can see the value of XYO tokens right now on Coinbase and other popular exchanges.

How To Mining XYO Using App Or ?

– Using Geomining Equipment

SentinelX and BridgeX are XYO’s own branded versions of the sentinel and bridge nodes. SentinelX is a Bluetooth beacon with a long-life battery, capable of detecting data like its proximity to another Bluetooth device. BridgeX is a small computer (a Raspberry Pi) with bridge firmware which is capable of connecting to Bluetooth and WiFi devices to collect and produce bound witnesses.

– XYO Network App Android iOS

Allows your phone to become an edge node, working as both a sentinel and a bridge and capable of connecting to other sentinels. The app, itself, is your bridge and will display your bound witnesses.

SDKs are the XYO plugin that allows parties developing apps to make those apps XYO-enabled. They are open source and free to use, but very advanced and designed for software developers.

XYO Short Review

SAN DIEGO–(BUSINESS WIRE)–XYO, the technology bringing blockchain to the real world, today announced availability of its “COIN” app for global owners of XYO Geomining Kits. With this product release, the company realizes a major technological achievement which represents the industry’s first decentralized blockchain application powered by geospatial technology.

The COIN app will allow users in proximity of any activated Geomining Kit to collect digital assets in exchange for providing location-based data to the XYO network. These digital assets can then be withdrawn as XYO once a minimum amount is reached.

“Today is a huge day for our geomining community, and we couldn’t wait to roll out the first release of our app to our global family of Geominers,” said Scott Scheper, XYO Co-Founder and CMO. “COIN is the official app to earn XYO by geomining. Geominers explore the world around them, ‘mine’ real-world locations on a map, and collect a real bounty – XYO tokens. We know the community will love this – geomining starts now!”

Geomining is the act of excavating valuable digital items or assets from a real, physical space. COIN is one of the first apps that allows an end-user to travel in the physical world and collect digital assets that can then be transferred, withdrawn, or stored.

To earn XYO digital assets, users simply download and install the app, set up an account, and head to an unmined location in the real world, then geomine with the push of a button. If a quadrant on the map has already been mined by someone else, the amount will automatically replenish for all miners again shortly. The new COIN app allows users to geomine from the office, home, or virtually anywhere. Once a user has collected their digital assets, they can choose to keep them in the app, or they can withdraw and store them in an external wallet once the minimum amount is reached.

The current Beta version of the app leverages Global Positioning Service (GPS), and updates will be made over the coming weeks to further fine tune the app, based on user and developer input that will address Proof of Origin and Bound Witness execution.

The COIN app is available for Geomining Kit owners on Google Play and in the iOS App Store.


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