We’ll admit we love smart contracts, since they give us the ability to execute just about any kind of agreement without the middleman. The only downside is that there is no way to execute a contract based on location data. This can prove problematic when there is no single point of truth to verify a certain item was somewhere at a certain time such as in ecommerce orders and supply chaines. The proposed solution? The XYO network and the geomining that comes with it.
This network is defined as an ecosystem of devices that create a history of locations that is stored on the blockchain; hence, x and y to represent the coordinates and o for the oracle linking real world data back to the blockchain. Individuals can verify something was in a certain place at a certain time. This means verifying if a package has been delivered or even locating if you lost an item. This concept is an important one to consider since this is the beginning of the concept of bringing blockchain to the real world. Since we know what the XYO network is, where does geomining fit in?
Geomining is a term used to describe the act of extracting geographical information in real, physical space and using it as a proof of value. In simpler terms, this means putting a value to your geographical location. Right now, this is done on the XYO network with an app called COIN. Using these apps, you can travel the real world and collect digital assets as you go. These assets can then be transferred, withdrawn, and stored in external wallets.
To start, you will likely begin mining on the XYO network, which is the world’s first geospatial blockchain network. This in itself is revolutionary since GPS data can be easily tampered with, making it less secure. To solve this, the XYO network was introduced. This network relies on many individuals gathering geospatial data and using it on the platform.
While XYO has most of the buzz when it comes to geomining, Geon Network should not be discounted completely. Geon is a coin value app that uses location data to cash in for geocoins. These coins can then be traded in for prizes like steam gift cards or cash on PayPal. The concept is slightly different, however, since recipients do not require an address on the blockchain to receive a payment. Rather, they can provide a proof-of-location. This is considered a validation of the blockchain. Users could also geomine by collecting coins when they stayed in a specific area for a period of time. However, their specialty was really in Augmented Reality. This is what led to the Geon Network and XYO partnership.
How To us the Geomine Coin App on XYO
First things first you will need a sentinel. You can do this by signing up your own device as one or getting one for free if you are willing to pay the shipping. This is necessary so you can begin verifying locations. Once you receive your device, you can download the COIN app from the Apple App Store or Google Play Store. From there, you are good to go and start earning COIN.
Users then mine data, by using the pickaxe button in the app. This will confirm your location and share it with the XYO Network. Afterward, your account will get rewarded with XYO tokens. After mining, COIN users upload the ledger from the Sentinel to a Bridge using the XYO network app. The Bridge then sends the data to someone known as the archivist.
Keep in mind, each node holds data from all users. Then when someone asks the XYO network a question. Such as, “is Papa John’s pizza open?”, The Diviner can go back and ask the Archivist or Bridge for the answer. If an answer is available, the result will be shared back with the user (for a small fee).
To ensure the answer is correct, the XYO network also uses something called a “Bound Witnesses”. These Witnesses confirm data from another source. Both devices can then co-sign a piece of data to ensure it is correct. This means when someone asks a question, users can be confident in the answer presented. This can later be converted into different products of cryptocurrencies such as XYO, ETH, or BTC.
XYO Terms Defined
While these terms might sound foreign to you, here is a brief overview:
Sentinel: “a physical device (like a smartphone or a SentinelX device) that broadcasts a signal with its location and other data (like time, or the temperature).” When one device is near another, there is proof of the sentinel’s location. This is what the XYO community calls abound witness.
Archivist: The database that holds all of the bound witness interactions.
Diviner: The node on the network that answers questions based on the data in the archivist. The answer that will be based on something location related.
Bridge: A device that bridges bound witness interactions together. A bridge finds an interaction and confirms that it occurred with a signature.
Bound witness: An independent report that two devices (sentinels) detected each other. This proves that both devices were in the same place at the same time.
Tips To Optimize Your Geomining
First, you need to keep moving. If you stay in the same spot a warning will come up that will restrict your mining to squares that haven’t been mined for a whole hour. You can move by walking, running, biking, or driving. However, walking and running will not earn you nearly as much as the other two options. Additionally, it is known that having a sentinel will result in significantly more earnings (12x more than using your own device). Keep in mind your data being used to answer questions will also generate COIN. However, as of right now there aren’t questions being asked so this is not possible (yet).
The final word of advice is don’t sell yet. If you believe in the coin wait it out. It might go up. Just like bitcoin. Since XYO is still a startup we have yet to see it reach its full potential, which means you are yet to see the coins reach its full profit.
Should I Start Geomining Today?
There is lots of promise in this concept. However, many have yet to see fair returns on their investment. This is because geomining currently is not very profitable since the only geo coins you can generate are based on you moving frequently. For some, this is very doable, since your job might require you to do a lot of driving already. That said, the use cases do show promise, especially in certain industries. Upon more use and once more data is built up, we could see greater returns on investment. This is because discussions have included paying guards like national park patrols or technical support controls through a geomining device. Payments could then be awarded automatically after workers complete their shift. As more use cases continue to grow in popularity, we suggest advances will be made to the faulty platform as it is.
That’s why we encourage you not to discount this platform altogether. Instead, add this as one of your many opportunities to earn crypto in a side hustle. This can be great accompanied with a platform like our own Hedgetrade. To get started, we recommend checking out app.hedgetrade.com/signup.