This is my first blog on any Crypto subject so please be patient as I'm learning "Every day is a School day" (Gene Winfield). I wanted to write an introductory blog on the XYO Foundation and the XYO token. Many are familiar with the Coin APP, so I will save that for later posts. I want to talk a little about the token behind the APP.
The XYO Foundation has been around a while, since 2017 with the inception of the XYO protocol. What is the XYO protocol you ask? Basically it is a network of anonymous devises collecting and validating geospatial data. There are two important aspects to this, anonymous and validating data. How does this work, individuals tracking their data through the COIN APP is the short answer! I may go into detail of Bound Witness, Proof of origin, and Data categories if there is interest. These go beyond the standard COIN APP and include the sentinels/bridge configuration, which is much easier now that in the past if you are interested.
I stumbled on the XYO a couple of years ago and starting "mining" coins on the COIN APP for fun. I figured there are already multiple entities tracking my data so what the hell, I might as well get paid to track it myself! IF you are not familiar with the COIN APP, please check out the referral link and sign up:
Now back to the XYO token! XYO is an ERC20 token based on the Ethereum blockchain. It is a utility token, not a cryptocurrency that us used to pay for goods and services. The utility is tracking and verifying location data, again verifying the location data is key. Yes, I know XYO is not the only way to do this but their model is one that could be widely adopted and if so, would be a very lucrative investment if you are willing to HODL. Sure, I did take profit during the initial run up but did hodl a large amount of tokens for the future. Utility tokens are the backbone of the blockchain as they finance the products the networks have to offer investors. Validated geospatial data is and will be a very important part of the blockchain, thus XYO just might be worth a second, and third look as an investment token for the future. It has seen a major increase in value with nothing notable in the news so I think it is one to watch grow in the coming years. Then again, it might be worthless, like many others in the crypto world but I see it as one worth the bet.
I am in no way trying to give any type of financial advise, this is just a blog about a utility token that I see value in. It is up to you to decide what it is worth to you. I would be happy to blog further with more details on XYO if there is interest and I appreciate the read.