GIBRALTAR & SAN DIEGO--(BUSINESS WIRE)--XYO (Kucoin: $XYO), the geospatial cryptonetwork, today announced a new partnership with Geon Network, a leader in Augmented Reality (AR)-enhanced location-based services. The partnership will generate and leverage rich location-based data to improve “Geons,” AR objects that can be placed anywhere in the world by consumers, businesses, non-profit organizations and others. The collaboration will leverage XYO’s ability to collect and make geospatial data available, while improving functionality and user verification at Geon Network’s more than 1.5 million existing AR objects around the globe.
Geon Network created the Geon app to enable users to get paid for visiting real-world locations. In the app, users search for nearby Geons, and if there is a Geon nearby, the user can interact with it to earn “Geon Coins” through a process called “Geomining.” The longer the user remains near a Geon, the more coins received. The “geomined” coins may then be exchanged for various types of rewards, in a model that lets organizations and businesses attract and maintain the attention of potential visitors or customers at a specific physical location, such as a store. Accurate proof of location data is essential to the Geons, and the partnership will further improve the accuracy and value of that data.
“We’re excited to join forces with the XYO team, with whom we share a similar data-centric vision of the future,” said Robert Radek, CEO of Geon Network. “Our groundbreaking app is a unique combination of AR, physical location and cryptocurrency, on a blockchain-powered platform. Working closely with XYO and this set of rich geospatial data opens the door to more value-added possibilities in charity, retail, gaming and other industries, with clear benefits to consumers and businesses.”
Initially, the Geon team will augment existing Geons globally by integrating technology from the XYO SDK, to enable rich location-based data sets. Then with the continued rapid growth of the Geon Network, the relationship and integration of data from XYO endpoints is expected to expand accordingly.
“This partnership with GEON is essentially tailor-made for XYO,” said Arie Trouw, CEO and co-founder of XYO. “The technology plays to our strength in making geospatial data available--beginning with proof of location--and that's critical to the augmented reality work Geon is doing globally. We expect to help improve the experience for users interacting with the Geons--’Geomining’--to earn real world rewards. We look forward to seeing what we can do with our new partner Geon Network, and heartily welcome them to the XYO family!”
About Geon Network
Geon Network Ltd., a Gibraltar-based company, is building the Geon App and the ecosystem around it, including the recently announced Geon Store. The app provides location-based incentives. It rewards users for physical presence and other activities at real-world locations — a tool that may be invaluable for businesses aiming to use new technologies to promote their brand and draw more customers to their venues. It reached a major milestone in February 2019 with over 30,000 user downloads, just over three months after the initial alpha release on October 27, 2018.
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Since 2012, we've developed trusted IoT technology that connects the digital world with the physical one. In 2018, we unveiled the XYO Network, the world’s first geospatial blockchain network backed by cryptography. With more than 1 million location-verifying beacons around the planet, our technology rivals the GPS network, and radically transforms the world’s leading industries. Partners include mapping giant Esri, FedEx Research Institute, Re/Max Mexico and Spaceflight Industries. XYO Advisors come from leading organizations including National Geographic and the World Economic Forum. For more information, visit us at www.xy.company and https://xyo.network.