XYO price 2020
The current price of XYO (XYO) fluctuates around $0.000258; the total market capitalization is $2,140,057, which gives XYO rank 633 in the list of all cryptocurrencies as of December 2019. The all-time high of XYO, $0.005957, was reached in August 2018. The circulating supply is 8,295,439,522 XYO.
XYO tokens have been issued relatively recently and were distributed in March 2018 during the token sale. Recently, XYO has established a number of partnerships that may help boost its development and, accordingly, price in the nearest future. The retailers of eCommerce are now able to track their products in real-time. Everipedia, the Wikipedia of the cryptocurrency world, announced partnering with XYO for verification of crowdsourced contributions on its decentralized encyclopedia page. Another prominent partnership is with Metadium – also for real-time tracking of their products.
XYO has a unique idea and a robust technology behind it. A relatively recent emergence and establishment of multiple partnerships will undoubtedly lead to a higher rate of adoption, which is one of the most important factors influencing the coin price. Some bigger plans in XYO’s roadmap include launching satellite Sentinels SatoshiXYO and VitalikXYO and partnering with Microsoft, which will definitely bring a lot of attention to the token.
According to Walletinvestor, in 2020, the price of XYO may reach $0.00142. Other predictions are even more optimistic: according to Digital Coin Price, in 5 years, XYO may reach as high as $0.01189443, which would yield a considerable return on investment. The forecast from Crypto Ground assumes that it is very likely for XYO to achieve a 200% increase in price by 2025.
What is XYO
XYO (XY Oracle Network) is a blockchain project striving to create a geospatial network that delivers accurate location data for pretty much everything – from smartphones to cars. The goal of the XYO ecosystem is to provide verified data and coordinates, which are needed for the implementation of smart contracts, smart cities, power a series of location-providing applications, and mediate financial transactions. The abovementioned can be done by connecting the location beacons to IoT (internet of things) or mobile devices. With more than 1 million location beacons already in use worldwide, XYO is the first blockchain project dedicated to location prediction. XYO is an Ethereum-based ERC20 token used as a reward to incentivize the network components.
The decentralized nature of XYO strives to eliminate the control of central authorities on the flow of location data. While similar attempts have been made before, they have relied on the integrity of devices that collect the data in the physical world. The cryptographic nature of XYO, on the other hand, relies on a series of zero-knowledge proofs for the verification of data.
XYO runs on a dedicated Proof-of-Origin consensus mechanism. All the data is stored on a specific public blockchain XYOMainChain. The project was launched in 2012 by XY company, which was known for the development of autonomous drones, GPS services, and self-driving vehicles.
The four fundamental components of the XYO network are:
1. Sentinels – geospatial data witnesses. Sentinels serve to record the data about their location and environment, as well as the other XYO devices nearby. This information is stored on a digital ledger;
2. Bridges – retrieve and deliver the information from Sentinels to XYO’s public blockchain, XYOMainChain, which stores it infinitely;
3. Archivists – those serve to index and store the data gathered from Bridges;
4. Diviners – access the information and verify the location; also, answers queries.
To summarize: the interaction between Sentinels and Bridges yields an immutable Proof-of-Origin chain, which is indexed and stored by Archivists. Through examining individual Proof-of-Origin chains and their interactions, Diviners are capable of verifying the location and location history for a specific Sentinel. This is a concept known as Bound Witnesses: it enables data verification and certainty despite the decentralized nature of the network.
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