In this week many cryptos and altcoins has shown some variations in their price. In such a way, the altcoin XYO also has shown price variation. The coin XYO has jumped by more than 120% in the past week and was up by around 14% on Friday before trimming it’s gains to 7%.
The coin, with market capitalization of USD 27 million, even broke through the top 100 by market cap for a short while, before settling back down. In the past week, XYO Network has completed their gamma stage of the token sale and launched their mainnet, and claim to have received “proposals from 10 leading exchanges thus far.”
XYO Network, dubbed “the people-powered location network” by its team, is looking to solve the problem of trust in location data sharing by using blockchain technology. The XYO Network aims to make it possible for smart contracts to access the real world by using its ecosystem of devices to determine if an object is at a specific coordinate and deploy specific smart contracts accordingly.
The hype surrounding XYO Network started much earlier. In November, the first official full XYO Network transaction went through live on stage when they landed a drone next to their CEO using their own location data technology.