SAN DIEGO--(BUSINESS WIRE)--XYO, the technology bringing blockchain to the real world, today announced availability of its “COIN” app for global owners of XYO Geomining Kits. With this product release, the company realizes a major technological achievement which represents the industry’s first decentralized blockchain application powered by geospatial technology.
The COIN app will allow users in proximity of any activated Geomining Kit to collect digital assets in exchange for providing location-based data to the XYO network. These digital assets can then be withdrawn as XYO once a minimum amount is reached.
“Today is a huge day for our geomining community, and we couldn’t wait to roll out the first release of our app to our global family of Geominers,” said Scott Scheper, XYO Co-Founder and CMO. “COIN is the official app to earn XYO by geomining. Geominers explore the world around them, ‘mine’ real-world locations on a map, and collect a real bounty – XYO tokens. We know the community will love this – geomining starts now!”
Geomining is the act of excavating valuable digital items or assets from a real, physical space. COIN is one of the first apps that allows an end-user to travel in the physical world and collect digital assets that can then be transferred, withdrawn, or stored.
To earn XYO digital assets, users simply download and install the app, set up an account, and head to an unmined location in the real world, then geomine with the push of a button. If a quadrant on the map has already been mined by someone else, the amount will automatically replenish for all miners again shortly. The new COIN app allows users to geomine from the office, home, or virtually anywhere. Once a user has collected their digital assets, they can choose to keep them in the app, or they can withdraw and store them in an external wallet once the minimum amount is reached.
The current Beta version of the app leverages Global Positioning Service (GPS), and updates will be made over the coming weeks to further fine tune the app, based on user and developer input that will address Proof of Origin and Bound Witness execution.
XYO Geomining Kits are now available on the XYO website.
XYO is an effort to create a vast, geospatial, blockchain-powered location network currently under development with the goal to provide accurate, certainty-driven location data on everything from cars to smartphones. By combining location beacons with IoT and mobile devices, the XYO ecosystem plans to deliver the verified coordinates and data needed to execute smart contracts, run smart cities, foster financial transactions, and power a legion of location-centric applications. For more information, please visit https://xyo.network.