What is the COIN App?
The COIN app, launched in early 2019, is a mobile app enabling over 750,000 users to earn rewards for validating geospatial location data when traveling, commuting, jogging or moving about the real world.
Users mine COINs (the in-app currency) by geomining tiles as they travel. COINs can then be traded in for various rewards, such as Bitcoin, Ethereum, Xbox One S, PlayStation 4, Apple Watch, and XYO (an ERC-20 token). XYO is a cryptocurrency founded by the XY Company, which specializes in location-based data services and is the developer behind the COIN app.
How to Get Started
The COIN app is available on the App Store and Google Play and by using this referral link you will start with 1,000 COINs. The only information that you'll need to create an account, and eventually withdraw crypto, is an email.
To geomine your first tile, click the pickaxe button at the bottom of the screen. A small amount of COIN will be mined and credited to your account. You will also be able to select the Auto Collect button below and the app will automatically geomine new tiles as you travel. Tiles require a cool down period before they can be mined again.
Although you will earn COIN quicker by traveling across unmined tiles, the app has the concept of home basing. When you mine a tile more than 3 times in a row (for example, the app is mining at your home or office for an extended period of time), you will earn home basing rewards equivalent to an extra 10% every hour up to a 100% bonus. This allows users to be a part of the COIN community even if they do not travel often.
Earning and Redeeming COINs for Rewards
You can increase your rewards in two ways. The first way is to buy a Sentinel X. An account linked to a Sentinel receives 12x rewards which helps quickly cover the cost of the one-time purchase. The Sentinel acts as a hardware component to verify the location data you send to the network. It also verifies that you are not using an emulator or spoofing your location. Since the network benefits from more Sentinels sending data, you can receive a Sentinel X for the cost of shipping through the COIN app website.
The second way is to subscribe to a COIN Plus or COIN Pro Plan. These subscriptions come with additional perks such as 2x and 3x rewards on top of the Sentinel rewards. Since these plans require a monthly subscription, verify you are earning enough to cover the cost before subscribing.
Redeeming your COINs for rewards is a simple process. You can redeem your COINs for XYO when you have over 10,000 COINs, or you can redeem for 0.025 Bitcoin, 1 Ethereum, or other physical rewards at a conversion rate of around 10,000 COINs to $5 USD. Depending on how often you travel, this can take a few days or a few weeks to reach.
Conclusion and Recommendations
The COIN app can be a fun introduction to cryptocurrency, or a way to earn extra coins, just for leaving your phone on. Outside of my recommendation to get a Sentinel, there is very little investment to get started earning and redeeming COINs. This isn't an app that requires you to get referrals to make any real money (although there are referral bonuses), you are more in control of how much or little you earn just by how often you use the app. Users range from truck drivers to those who work-from-home and everyone in the middle. Redeeming XYO looks to be the fairest value, and exchanges like KuCoin can convert your XYO into other coins as needed.