COIN App looks to ditch XYO mining, promising new native currency will help benefit the flagship token.
COIN App looks to ditch XYO mining, promising new native currency will help benefit the flagship token.

By PeteDell | Blockchain Gaming | 3 weeks ago

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Overview

The default digital currency that has always powered the COIN app has XYO, but the team behind the project is looking to switch over to a different native currency to help bolster the XYO ecosystem. The biggest problem that comes from having XYO as the main currency is the fact that introducing more and more supply to the market inevitably decreases the overall value of the token. Having a native currency for the COIN app should help begin to stabilize the rewards gained for COIN users, by providing a non-fluctuating platform to both obtain and claim rewards. This in-app update should take place sometime within the next week.

 

Big Questions and Answers (directly from the XY team)

What will happen to the current XYO I hold in the COIN app?

Effectively, nothing! After the update, your in-app XYO will be converted to the new native currency (COIN). But you will still be able to redeem it for the same amount of XYO you held.

What does this mean if i'm a Plus user, Pro user, or Master user?

Nothing changes here! Your reward bonuses as a Plus, Pro, or Master user will still apply to the new COIN native currency. 

Does this mean I should expect to earn less now using COIN?

Nope! You will not earn less. And on top of this, your in-app earnings will not be subject to a decrease in value if the price of XYO goes down.

Is COIN a cryptocurrency? Also, how can I look up the value of COIN on sites like CoinMarketCap?

COIN is not a cryptocurrency but rather an in-app digital currency redeemable for cryptocurrency (XYO, BTC and ETH).

What does this mean for XYO?

It's good news for the XYO Network. It's also hopefully good news for the price of XYO! The XYO Network is focused on becoming a people-powered geospatial network. With this change, it will add even more focus for the XYO Network. XYO Tokens will now move back towards being used for their designed purpose. That is, to incentivize use directly within the XYO Network ecosystem.

XYO is a scarce asset and will continue to be scarce. Further, XYO will now potentially be even more scarce. This should hopefully ease a healthier token price economy.



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