As technology advances, the world is becoming more reliant on data. While there are available technologies that help innovations that require data to function effectively and efficiently, they still call for a more modernized approach. The XYO Network offers a new solution to this problem by providing trustless location data using an ecosystem of crypto-location technologies and protocols.
As technology advances, the world is becoming more reliant on data. For example, smart cities, IoT devices, delivery drones, and autonomous vehicles require location data to function effectively and efficiently. While there are available technologies that help these innovations, they still call for a more modernized approach, such as a decentralized platform that can collect location information from several different location-tracking devices.
Thankfully, the XYO Network offers a new solution to this problem by providing trustless location data using an ecosystem of crypto-location technologies and protocols.
The XYO Network is a secure decentralized, and trusted proof of location system. This network bridges the gap between the digital world and the actual world through its infrastructure, allowing smart contracts to access the physical world. Through this, the network’s ecosystem of devices will verify a node’s specific XY coordinate, allowing users to use apps that execute transactions using smart contracts.
Anything that requires location data can benefit from the XYO Network. This blockchain-based platform is designed to ensure the accuracy and validity of location-related data. To support the network in providing accurate locations, XYO Network launched the COIN app, which allows regular users to take part in this innovation.
COIN is a mobile application that allows users to earn “COIN” for validating geospatial location data when commuting, running, jogging, traveling, or simply just by moving in the real world. Basically, the app asks the users to complete specific tasks or micro-gigs, and these tasks are a way for the XYO Network to validate certain locations in the physical world.
“So, for example, if you want to walk around more, this app lets you walk around more and compensates you for that. Some of the data that we gather as examples for value is our stores open or closed or is a certain product in a store where it's supposed to be. So okay, you’re in Target; find a barcode of this specific product. And then in some cases, you ask the person to take a picture of it because we want to know which shelf is on, how high or low it is,” explains Arie Trouw, CEO and Founder of XYO Network.
For every successful micro-gig, users are given COINs that they can use to redeem merchandise or tradable digital assets.
“In the Coin app, you earn this coin as you do different things. And then, you can redeem that coin for XYO tokens. We do the incetivization in virtual currency as opposed to cryptocurrency because we have to do KYC when a person redeems and some regulatory aspects of it. So letting a person do it with the virtual currency, and converting the virtual currency later on to actual cryptocurrency is a much better path,” explains Trouw.
XYO Network provides a new way of collecting location data while ensuring that users are fully incentivized. Through the COIN app, anyone can participate in this innovation that the company is doing and help people be more aware of the crypto space. “The COIN app lets people who aren't really familiar with cryptocurrency get into cryptocurrency without having to buy cryptocurrency or commit too much risk to it,” concludes Trouw.