The XYO token is the native and utility token that facilitates transactions on the XYO ecosystem. Built on the Ethereum blockchain, the XYO ecosystem, now called XY labs, Inc., is the hub for geotokens and location data. The price of the XYO token is partial to the sentiments of the market along with the underlying utility.
The ERC-20 token could be exchanged for other currency or used to purchase the ERC-721 tokens—non-fungible tokens—whereby their value is tied to how much the community values the utility the unique token (NFT) can potentially unlock. Just as credits in an arcade allow you to play games, XYO tokens enable users to transact to either buy, sell, or trade their unique geospatial data tokens that can provide more utility and function to the XYO token.
XYO token is for those interested in investing in geographical data
The XYO network focuses on all the elements of location data. The network is mainly focusing on details and locations in a map-based setting but hopes that the technological developments will allow for more attributes of the location to be depicted. The XYO protocol is considered to be an oracle network, which means that it's designed to answer questions.
Its decentralized nature enables the answers to any specific question to be more "true" since there are a lot more sources relaying location data to the network. In this way, the answer that appears most frequently is more likely to be the correct one.
How the XYO network works and its value
Using four distinct types of nodes consisting of "Sentinels, Bridges, Archivists, and Diviners," the XYO network works in tandem to bring together the fully-functioning oracle network to retrieve location-based data. The XYO token is used to receive location-based data when users ask a location-based question like "Has my packaged been delivered?" Then, the XYO tokens used to ask the question are subsequently rewarded to the "XYO Geominer" who helped answer the questions through the network's ledgers.
Whether interested in owning a specific, unique, geographical region via geotokens or intrigued by potential developments towards the XYO network's use-cases, geospatial data could have large implications for various industries like digital merchants and shipment tracking, airline baggage tracking, inventory verification, and anything that involves geographical data.
XYO token's overall performance and price prediction
According to CoinMarketCap, XYO token has a circulating supply of 12.87 billion tokens, achieved a 24-hour volume of $36,834,123, and a market cap of $721,940,254—all of which are down. Down by 62 percent at the time of writing, XYO's 24-hour trading volume is signaling the coin volatility and many people seem to be selling the token.
Despite the downward pressure in price, the XYO token has seen significant price surges since its inception. Those who held the XYO token since its launch could have seen a return of investment of over 650 percent, according to CoinMarketCap's data.
Only 30 percent down from its all-time high of $0.08203, the XYO token doesn't have a reason not to surpass its all-time high given the network's products and features. Touting staking of the ERC-21 geotokens and allowing them to freely be traded and sold, the XYO network innovates the utility of location-based data.