Blockchain has many possibilities. It is more than cryptocurrencies like Bitcoin or Dogecoin that use the tech to power transfer of funds.
From gaming to digital collectibles, blockchain is creating a whole new world. XYO or the XY Oracle network is also a part of the blockchain world. Is XYO crypto worth betting on? The answer to this lies in the utility of the project.
Also read: Top 5 blockchain games of 2021 with massive price appreciation
What is XYO crypto project?
The official website of this blockchain-based project mentions a network that collects geospatial data. All data linked to any geographical landscape is picked up and then validated by users in the XYO network.
The website also claims to facilitate ‘trustless’ collection and validation. It means validating a set of data is in the hands of all the parties involved within the network. Decentralization lies at the heart of this, and instead of any centralized authority – like a private company or a government office – stakeholders of the network validate information by reaching consensus.
In a nutshell, XYO project is a geospatial network that is underpinned by blockchain.
What is XYO token?
The native token, XYO coin, of the network is used within the project for multiple purposes including building of smart contracts.
Like other ERC-20 tokens, for example Tether and USDT, XYO token also uses Ethereum’s services to enable crypto staking by users. The XYO project’s website states that more information on the functions that XYO token can perform has yet to be made public.
Also read: Top cryptos by market cap that ruled in 2021
XYO crypto price and market cap
Though XYO crypto may sound new to readers, it ranks highly in terms of market capitalization.
One of the top 150 cryptos on CoinMarketCap, XYO is trading at nearly US$0.04 apiece as of now, with a market cap of over US$550 million. To purchase XYO token, investors can use the services of Gate.io, Coinbase Exchange and multiple other crypto exchange platforms.
Over the last 24 hours, the token has had a trading volume of a whopping US$250 million.
XYO crypto price prediction
XYO cryptocurrency underwent a notable surge in early September 2021. The price rose from US$0.015 to US$0.05 in a matter of a few days. After some bumps, the price shot up to US$0.08 by early November and has been losing value ever since.
Data provided by CoinMarketCap.com
The last 24 hours have been promising, with a nearly 25 per cent rise in value. By the end of 2021, XYO token can likely attain the November level of US$0.08, but only if any major sell-off does not plague the broader crypto market.
Also read: Next cryptocurrency likely to explode in 2022
XYO crypto has unique utility in geospatial data space. By adding decentralized peer-to-peer architecture to collection of data, the project aims to compete with conventional networks. The linked token, XYO coin, has surged over the past 24 hours. The value has yet to achieve the 2021 high of US$0.08.