XYO has garnered a lot of attention with its performance and its potential future outlook. The hype surrounding the cryptocurrency can be attributed to the unique offering of XYO. Many sources list XYO as an interesting coin to watch out for in the coming days. But what actually XYO is and how does it work? In this guide, we delve deeper into the network to give you a clear understanding of its working.
What is XYO?
XYO is a crypto-location and data blockchain network. The network enables users to build their cryptocurrency portfolio from scratch instead of trading fiat currency for cryptocurrencies. XYO users can transform their smartphones into a mining rig through XYO’s proof-of-origin chain and the bound witness technology of the partner application, COIN. Through COIN, users geomine to earn crypto rewards which can be then changed into XYO or other cryptocurrencies.
Geomining is described as the exploration of digital assets from a physical space by sharing relevant location data with other geominers on the application. The aim of the network is to build the location-based network so that it can be utilized by businesses and for smart contracts for the verification of information about the physical world.
Future potential
XYO is a project under development and what is commendable is the interest it has garnered even while still being under development. XYO recently got listed on not just Coinbase but also Coinbase Pro – the largest crypto exchange in the United States. The move has further strengthened the positive sentiment investors have regarding the cryptocurrency.
Both the current performance and the future projections is the source of the bullish sentiment for XYO. The cryptocurrency started off the year with a price level of $0.00022 and is currently standing at $0.032 – an increase of more than 14,000%. While price increases of 1,000% is normal in a bull run, a surge of 14,000% is high even for the volatile cryptocurrency market. XYO had surged even higher with its ATH at $0.046. At the time of writing, the cryptocurrency is bullish with an increase of nearly 10% in the past twenty-four hours.
The future outlook for XYO is bullish due to the strong technical as well as fundamnetals of the network. According to the estimates of Wallet Investor, the cryptocurrency is expected to be trading at a price level of $0.05 in a year’s time and reach towards $0.13 in five years’ time. Digital Coin Price has similar projections for the token. Per their projections, the year-end price of the coin is at $0.05 while the price is expected to be at $0.11 by 2026.
