The XYO ICO recently started with 38 days remaining.The product that is being offered by XYO is certainly rather intriguing, but it does require some explaining for anybody that is considering investing in their ICO. Their entire product is focused on the use of location based devices, which have seen a significant increase in their usage in recent years.
What is XYO?
XYO has been created with the intention of delivering a platform that brings the concept of Proof of Location to the real world. In turn, this is hopefully going to introduce the idea of the blockchain at the same time with the company believing that this will open up a plethora of opportunities for them to explore.Their aim is to decentralize those location dependant trade markets by using the blockchain technology to circumvent those restrictions. It is a rather bold claim to make, but if they are able to achieve their aims then there is certainly a market out there for them to go ahead and exploit.The reason for it existing is due to the increase in technologies that use locations as part of what they offer. It can then be claimed by some that the security and even privacy of individuals is going to be based on their location with various discrepancies being seen. The company also states that there have been previous attempts to eradicate the central approach to location based data without there being much success, but they are going to be significantly different with their services.
The Technical Aspect of XYO.
XYO is built on the Ethereum platform which is common thanks to the number of different advantages associated with using their technology. However, after that they are different in the approach that they take when creating and developing their product.Their intention is to take advantage of location based beacons that are in a wide range of locations around the world. It is their theory that these beacons can be leveraged to then operate as a decentralized base for the location based data. They claim that it will allow individuals to sell location-data to those companies that are seeking it without it going through the centralized channels that were previously in existence.Their approach is as a trustless location based data service with there being a claim that over 1 million location beacons are already being used in their network. They state how everything can be tracked according to the coordinates, so the theory is that a company can discover if something, or someone, is at a key location by creating a Smart Contract in accordance with their coordinates. They have given an example of an e-commerce company that deals in a payment on delivery option as they can track their delivery and can then have the payment sent as soon as the coordinates show that it has been delivered.This is all achieved via the blockchain and thanks to the Smart Contracts, it provides both parties with some security since it is transparent and cannot be altered after it has been created.
The Advantages of XYO.
The idea of being able to create a proof of location system is interesting, and the example of an e-commerce company is certainly a good way of explaining how this product can work and how it can surpass pre-existing options. Also, the speed at which transactions can be completed and verified on the blockchain is another important point as this too increases confidence in the product.The importance of being able to track things cannot be under-estimated which is why the company believes that a range of businesses are interested in what they have to offer. By linking in with those beacons, it is undoubtedly easier to track items than before, so if something does go wrong, then the company knows the stage it got to before a mishap occurred.
The Financial Aspect and ICO.
For the ICO, the company has stated that they are only willing to accept ETH as the currency at this moment in time. This is in itself not an issue since their token is an ERC-20 token, so switching between wallets in order to purchase this cryptocurrency is very straightforward.They have not listed any clear soft or hard cap, and nor is there the idea of a minimum investment which may very well draw in more potential investors that wish to go in small just to test the water. However, during the ICO, the exchange rate has been set at 1ETH equating to 100,000XYO. They note that this also translates to a total of 1XYO equating to $0.0236 which may be easier to comprehend.Finally, they also state that the tokens will be capped in number after the ICO has ended, with no additional tokens being created further down the line. The idea is that this gives it a finite amount so the potential value will only increase.
Overall Conclusion About XYO and the ICO.
The project on offer by XYO is interesting, and there is clearly potential in what they are offering. They do already have a pre-existing network of location beacons that they can use for this product, so that in itself is interesting as it means they have a head-start when it comes to an actual service that is available. Also, with the increase in e-commerce traffic and purchases, it stands to reason that being able to track packages so easily can also be of use to a number of companies.So, should you consider investing in this particular ICO? Well, it certainly has an interesting concept and they do have a product that is going to prove to be rather useful in the future, so from that perspective, this can certainly be something that can give you a return on your investment. When you compare it to other ICO options that are out there, then this may very well be one of the more stable investments although this clearly does depend on their ability to get people to switch over to their pre-existing system.
Telegram group: https://t.me/xyonetwork
ANN Thread: https://bitcointalk.org/index.php?topic=3040825.0
Bounty thread: https://bitcointalk.org/index.php?topic=3053801.0
My Profile link: https://bitcointalk.org/index.php?action=profile;u=1706807