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We all are admitting the fact that we love the concept of smart contracts. It is because they allow use for executing any agreement without the need of a middleman. However, you should know that the one downside of smart contracts is that it doesn’t provide any way for executing the contracts based on location data. It can prove to be a big problem when there is no truth for verifying the specific item was at a place and at a specific time. The solution to this issue is the XYO network and the geomining that comes along with it.
Many people are unaware that this network is an ecosystem of devices that create a history of the locations stored in the blockchain network. Therefore, the person can easily verify that the item was at a specific place and a particular time. You can easily verify the deliveries to the items and locate the place if you have lost that specific item. It is one of the essential concepts, and it focuses on bringing blockchain technology into the real world.
What is geomining?
You need to know that geomining is an act people perform to extract geographical information in real-time space and use it as proof. If we talk in simple language, then it means giving value to the geographical location. In the present times, people can use the COIN app, which works on the XYO network. However, you should know that you can also transfer, withdraw, and store these assets in wallets.
You might not know that you will have to begin mining on the XYO network for starting. The XYO Network is the very first geospatial blockchain network in the world. It is a revolutionary network as anyone can easily tamper with GPS data, making it less safe and secure. For solving this issue, the XYO Network is a savior. It is a network that relies on many individuals with geospatial data and uses it on the platform.
There is no denying that the XYO is the latest buzz in the market regarding geomining, but it doesn’t mean that you can ignore the Geon network. It is a coin value app that makes use of the location data for cashing the geocoins. You can easily trade these coins for various prizes. It is a different concept, and since the recipient doesn’t need the address on the blockchain for receiving the payment, they can provide their location proof. The users can also use the geomine just by collecting the coins when they stay in the particular period for a long time.
What is XYO geomining with COIN?
Geomining is unique and is not similar to regular mining sites because instead of providing the power of your computer, you will provide the location data. It will create the bound witness connections for the network. You will be glad to hear that the COIN app geomining will allow you to travel around the world, and it will help to collect digital crypto assets. The users of the COIN app also get rewards for providing the data of location to this network of XYO. These are the digital coins that you can exchange for bitcoin, Ethereum, or XYO tokens. The fantastic thing is that you can also withdraw and store the cryptocurrency in wallets.
How to make money with the COIN app?
You should know that the potential returns by using COIN are not predictable, but these rewards are generally in the XYO form, which is a kind of ERC20 utility coin. It is used for verifying the location and for bitcoin trading privately on digital currency exchanges. You need to know that you can also trade COIN for bitcoin or Ethereum. When you hold the digital currency, you can sell these tokens for dollars and any preferable currency whenever you want.
Is choosing XYO geomining is a worthwhile option?
You need to know that the geomining XYO is a worthwhile option on a lot of levels. When traveling, you can earn free crypto, learn about crypto, blockchain, decentralized network, and have fun while mining the XYO. The best thing that you should know about COIN is that it also offers free sentinel devices for which you will have to pay for the shipping. If you are looking for an alternative for the sentinel, then the COIN’s paid monthly plans are the right option. Finally, you will be impressed to know that the one most productive way by which you can make sure that geogaming will help you make an immediate return on your investment is by making sure you are driving each day and mining 24 x 7.
What is the geomining kit?
You need to know that geomining is a method in which the XY community members play a vital and active role in the XYO network. If you are a hardcore geohacker, you should use the geomining kit, along with the bridge component and XYO sentinels. The XYO sentinels allow the person to collect and create the location data, then link with the XYO network. On the other hand, the bridge component allows the person to share the locations you collect on the network.
Is mining profitable?
If we see on the absolute return basis and the current price of XYO, the geomining is profitable in a marginal way. The person also accounts for the plan’s expenses, like COIN lite or the COIN pro. If you are a trucker who travels long-distance, you will make good returns out of it. There are no profits in the short term, but there are indeed some significant profits in the long term. For earning XYO digital assets, people must have to download and install this application on their devices. After that, they need to set up an account and then head to the location, and you will be able to geomine by just pushing a button.
Thank you for reading!