So you decided to install the COIN APP and you keep hearing all of the buzz about Sentinels, SentinelX Bluetooth or NFC cards. I want to take a few minutes to discuss what they are, how they work, and are they worth it?
What they are, depends on which one you get! Either way, the purpose of the SentinelX is to verify your exact location via a process referred to as "bound witness". In other words, the devise acts as one node reporting locations while your phone, with the COIN APP, acts as a second devise reporting location data. These two devises act to "bind" or verify the exact location being reported also referred to as a "Proof of Location". Much like two witnesses in a trial reporting the same set of events make for a stronger case in court. So what? Verifying the exact location is one of the key aspects of the XYO network and one of the reasons the data collected is potentially important to users of the network. More on that coming!
There are two different Sentinels available today. The first version is the SentinelX BLE, followed by the second version the SentinelX NFC. The BLE is a battery powered (3V CR3032H) bluetooth devise. The NFC is basically a credit card sized Near Field Communication devise. Both are added to your COIN APP by selecting the "Plus" in the upper right corner of your screen, selecting "EXTENSION DEVISES" from the drop down menu and following the directions to "scan" either devise. Once the BLE devise is scanned, it is bound to your phone and will operate as long as the battery holds and they are in close proximity. The NFC devise has to be periodically scanned to operate, (timing depends on which COIN account your have (Basic, Lite, Pro, Master), it is every 4 hours for the Lite account.
What is the gain you ask, well that depends! The BLE devises are quite expensive (around 50 bucks) and are best used as part of a bound witness/bridge with the XYO Network APP that I will write about in a later post. You will find used ones on Ebay or other online sites but beware. They are likely registered with someone else's account and you are basically helping them receive extra coin on your time and the battery life is likely shortened as well. They can be reset but not worth the effort. Your best bet is the NFC card. I've included a link to allow ordering them for "free" with 12.99 shipping. Don't be fooled by the SentinelX NCFs for sale on eBay for 28.00 to over 50.00, go directly to the linked source if you want to purchase one (thats what the folks did who are reselling them on eBay for profit). The NFC cards can also be registered then passed on so the same issue of sharing the coin applies here as well.
Now both promise 12x rewards and that is true, to some degree! If you have a basic (free) account, these will increase your COIN harvest by 12x from the base amount, and the amount of coin mined in a given area varies and varies each time a tile is "mined". A Lite account will see little gain with the SentinelX so why bother? The short answer is "team lifting" and sharing sentinels. When you have a SentinelX, anyone mining the same time as you will increase the coin reward that you receive. You can also purchase multiple Sentinels (either type), scan them to your devise and share with friends/family. As they mine, they receive a reward for using the Sentinel and you do as well (up to 10% of what they mine). All of this is incentive to bind location data to "prove the location". Again, we are helping to verify the location data for the network and receive a coin reward for those efforts. We are helping to build out the network with hopes of this becoming an adopted technology, propelling the XYO token (which coin can be exchanged for) to a price point worth "cashing in" on.
As always, these are my thoughts/experiences with this particular crypto token and COIN APP devises and in no way am I offering financial advise! Feel free to comment questions/thoughts and I will respond ASAP.
Thanks for your time!