Several apps have been designed to improve the crypto experiences of people. From lending apps to exchanges and portfolio handlers, there are lots of applications every trader has to have on their devices.
If you know of geomining, you’ve probably heard of Coin App. It was created in 2019 and has over a million users today. These users earn digital assets as they perform their daily tasks, like walking, jogging, and traveling.
For those that have no idea, geomining is the act of extracting geographical data in physical space and giving your location a value. Today, geomining is performed through the Coin app on the XYO network.
This is an app designed for geomining that anyone can download from the Google or Apple app stores. It works for anybody that has an internet connection or GPS. Since the app doesn’t use a lot of mobile data, you can use it every day without worrying about your data limit.
The primary reason why users use the Coin app is its earning potential. It is possible to earn the in-app currency, referred to as the Coin. You can exchange these Coins in the future with digital or physical things.
Coin app has been in partnership with XYO foundation to offer the existence of users in their location. As a result, the app stops location spoofing and prevents the Coin currency from getting into the wrong hands — people that fake their locations to earn more coins.
Cryptocurrencies had a slow start, but with time, they grew in popularity. Bitcoin, being the first cryptocurrency was not what the creators had in mind. It was a new virtual currency that a lot of people were scared to use. But as time went by, more people began to understand and see that there may be something to it. This led to an increase in interest.
As soon as Bitcoin became more popular, new blockchain networks and cryptocurrencies were created on the internet. All of them were based on the Bitcoin blockchain until 2014, and in that year, the Ethereum network was formed.
Being a smart-contract-based blockchain network, Ethereum tried to improve the blockchain world and repair some defects that other networks had. It set the ground for creating various networks in the future, among which is XYO.
Also referred to as XY Oracle Network, XYO is a blockchain network verifying locations built on top of the Ethereum protocol. A lot of experts claim that XYO is the future of geo-location because it works like a GPS.
The XYO Network has four segments that work together to provide the full package, they are:
- Sentinels: Responsible for getting location details by using sensors such as Bluetooth, radios, and WiFi.
- Bridges: Have the duty of passing this information over to the next line.
- Archivists: Sort and clean up the data for it to be correctly stored.
- Diviners: They receive the cleaned data from the Archivists and they analyze the data and respond to questions on the network.
XYO has a lot of potential applications; however, the most popular is getting payments for deliveries. Since the main task of the network is to verify locations, a seller would be able to design a smart contract, and the job of XYO would be to follow the package and complete the payment as soon as it arrives at its destination. The ensures that payments will be much faster than traditional methods, sellers would instantly get their funds.
The XYO Network has been in existence for more than three years, and unlike other coins, its price is not spectacular because the ICO didn’t go so well. It only sold 25 percent of the maximum supply during that period. Despite this, the price had a reasonable increase since it arrived on the market.
The price of XYO Network today is $0.00456313 with a 24-hour trading volume of $242,007. This price is down -4.5 percent. There is a circulating supply of 8.3 Billion XYO coins and a total supply of 14 Billion.
Smart contracts can access the real world with the ecosystem of the XYO Network of devices to ascertain if an object is at a particular XY coordinate. If it is, the user can set up applications that carry out transactions in the smart contract. This has created a lot of possibilities. The applications of such a technology are endless.
For instance, an eCommerce business can use the XYO Network to provide their premium customers with payment-on-delivery services. To do this, the eCommerce business has to leverage the XYO Network to create a smart contract.
Once this is done, the XYO Network can track the location of the package sent to the client at every step of fulfillment — from the time it leaves the warehouse shelf to the shipping courier, all the way to the house of the consumer, and every location in between.
This can make it possible for eCommerce businesses to verify that the package not only arrived at the doorstep of the customer but also safely inside their house.
It is pretty easy to get started with the Coin app because the app is readily available for iOS and Android users for free. As of today, more than a million people have downloaded the app. After downloading the app, you’ll have to set it up.
The first time you open the app, it’ll request for your location services to be turned on. It’s vital since the app has to know your location for geomining to be possible.
Even though users can geomine without creating a user account, the developers recommend every user to create an account to keep the assets safe in your email address.
After creating your account, click on the pickaxe button on the screen, you’ll then see a blue ring on the screen when you’re geomining. As you earn coins, enter your account. You can track your Coins from the counter on the top of the screen.
It has been a challenging year for pretty much everyone in the world, particularly due to the Covid-19 pandemic; however, the coin app has survived this ‘crypto winter’ and has witnessed a dramatic increase in the price of XYO.
Originally published at https://sweatcoin.club.
