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XYO Coin – What is it?

XYO Coin
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Have you heard of XYO coin?

It was one of the more popular altcoins in the altcoin surge that took place in late 2018 and early 2019. But the price has not really recovered since that surge in December 2018. 

However, the XYO protocol project is still chugging along and the coin still exists on the Ethereum blockchain. This article will explain the project, how the coin works, and our predictions for the future of the coin.

What is XYO?

First, XYO coin is not technically a cryptocurrency in the sense that it’s meant to be used as a currency or store of value. 

We admit that it is used that way, but that is not the purpose of the coin. Instead, XYO is what many would call a crypto-asset. It’s better to view it as a utility token. 

This raises the question, what is XYO coin a utility token for?

In simple terms, the XYO protocol is attempting to build a geospatial network. For those that do not know, a geospatial network is a network that allows the tracking of users. Think of it as a “people powered GPS.”

This works by XYO’s plan to release an app that rewards users XYO for downloading it and contributing to it. The data can then be used for all kinds of cool initiatives like smart cities, pay on delivery, and so on. 

The best part of XYO compared to a competitor like Google?

XYO is decentralized, which means that the user has more privacy and the data is much more freely available by the use of data oracles.

It really is a great project in the decentralized blockchain industry.

Who founded XYO?

Unlike many of these smaller cryptocurrency projects, XYO actually has public founders. The three founders of XYO are Arie Trouw, Markus Levin, and Scott Scheper. The project was funded by an ICO that raised approximately $13 million in 2017, so it does have some support behind it. 

The point we’re getting at with this is simple, XYO is not one of those fly-by-night ICO’s that became a problem in 2017. It’s 2021 and the project is still going strong, so we consider it one of the more successful ICO’s just because of that one aspect.

XYO Coin – Current Price and Historical Prices

The part everyone wants to know, how much does XYO Coin cost?

The current price of XYO coin is $0.0003557 at the time of writing, which obviously is not the most promising price. However, the XYO does have a market cap of $4,568,505, which ranks it just outside the top 1000 cryptocurrencies at 1006 when ranked by market cap.

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Again, not bad for a project with seven employees and still in its early phases. 

Now, the historical price of XYO Coin has been a little higher in the past as mentioned previously. The all-time high was $0.005 per coin, and that was achieved on December 20th, 2018.

The price then slowly fell to its current price over the next two years. This was mostly spurned by setbacks in project development and user adoption of the app. Fortunately, the development team has been working hard on the project with big plans for 2021.

Where can I buy XYO Coin?

XYO is an ERC-20 token, which means it is built on the Ethereum blockchain. This is convenient because it means that the coin can be purchased on Uniswap and other decentralized exchanges. 

Most XYO trading occurs on Uniswap, so Uniswap is our recommendation on where to buy or sell XYO coin. Uniswap is also easy to use, but the Ethereum gas fees can sometimes be high.

Our Prediction for XYO Coin

Our prediction for XYO coin hinges on the success of the project. Scott Scheper wrote a comprehensive article on Medium that outlines a roadmap of XYO

The aspects of the roadmap Schepper mentioned in the article have actually come along quite nicely, but the market has not responded to the news – the price is still $0.0003 per coin.

With that in mind, XYO has set itself up as a coin that has big potential to increase in price. The project will not likely fail in our opinion, so the price can only go up. 

Do we recommend putting your life savings in XYO coin?

No, but if you’re searching for an altcoin that has the chance to greatly increase in value over the next year or two, then this is a good candidate.  

Final Thoughts

All in all, XYO coin started as an ambitious project that did not live up to the hype it used to generate ICO funds. However, unlike many in the space, XYO has continued trudging forward and is making progress in developing the project. User adoption has increased and a solid use case has emerged for the cryptocurrency.

Due to all of this, XYO has set itself up as one of the better altcoin bets of 2021. 

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