AMA with XYO | Notum
Jul 13, 20226 min read
XYO is a protocol designed to improve data validity, certainty, and value. The project aims to build a data marketplace that gives users a gold standard for apps, websites, and blockchain technologies based on trusted data.
They are also working on the world's first Reality Oracle. It's a bridge between secure blockchain data and the physical world. XYO improves the certainty and trust for data and ensures people rightfully own the data they create. It's a necessary technology for an entirely data-driven world. A decentralized device network that anonymously collects and validates geospatial data.
$XYO is an Ethereum token that powers XYO Network. On the XYO World platform, XYO tokens can be traded for and staked against unique ERC-721 tokens representing real-world locations.
Q & A
1. When will #XYOW 4.0 be released? How is the (Proof of Time) concept working out, and will this include #CoinApp?
A: Great to hear from one of XYO’s biggest fans!
The way XYO has evolved, we can now reasonably provide proof of virtually any heuristic that can be obtained through consumer technology. Time is included in the data we’re now capable of gathering and analyzing.
Our partner, Analog, a participant in the XYO Ecosystem Fund, is working to develop a proof-of-time consensus mechanism, recording time on the blockchain for verification purposes. This will be a fantastic resource for accessing decentralized XYO data.
Anything XYO can do can be enabled in COIN.
2. When almost 3/4 of investors now focused on the price of a token in the short-term instead of understanding the project's real value and use cases. Could you tell us on motivations and benefits for investors to hold the $XYO token in the long run?
A: Are they, though?
Your question begins with a presupposition. XYO is first and foremost a data company. A core belief of XYO is that statements of fact must be backed by proof. It’s unlikely there’s reliable data showing that three-quarters of XYO token holders are focused on short-term price increases.
We take measures to ensure XYO token holders are aware that we’re constantly working to improve the value of the XYO token. Our dynamic, multi-faceted approach to long-term token health focuses on steady growth over time. Our intention is for the price of XYO to improve as more use cases for the token are implemented. Additionally, XY Labs Inc. is the largest long-term holder of XYO, our staking and NFT system constantly burns XYO tokens, and we engage in regular open-market buybacks of XYO.
Better yet, XYO holders who use the COIN app can actually earn interest on their XYO, and we’ve made it easier than ever in partnership with Coinbase. The HODL Rewards feature makes it incredibly easy to put your XYO to work. (You can learn more at coinapp.co.)
3. I'm curious why it's called XYO token? Is there a background story to the naming??
A: XYO stands for XY Oracle. The parent company of XYO is XY Labs Inc., representing the X and Y axes of the Cartesian coordinate system. Oracle, in this case, means technology capable of analyzing raw data and turning it into usable, actionable information. So XYO is descriptive; it’s short for a network that gathers geospatial data and analyzes it to make it useful.
4. Do the token holders have the right to participate in the governance of the project?
A: No, XYO is fully controlled by XYO at this time. We are very open to constructive token holder suggestions which align with our goals, but governance is in our hands and we feel this is best for the health of the XYO ecosystem.
XYO, being a utility token, is tied to technology that has been developed, that is being developed, and that will be developed. We can’t announce everything we’re working on with all the partners we’re working with, and even if we could, the public wouldn’t have the optics and understanding that we do internally. XY Labs Inc. also answers to shareholders, not all of whom are token holders.
But since we do have full control, that means we have to answer for our choices to XYO token holders and XY Labs Inc. shareholders. It’s our responsibility to make sure we remain transparent so that people who own tokens and shares tied to this project have all the information they need to make the best decisions for their financial needs.
We make regular financial reports available publicly, share detailed news whenever anything significant occurs or can be announced, and engage almost constantly with our online community to ensure fresh information is always available.
5. What are the most important and immediate goals for XYO in 2022? If you had a list of the top three key performance metrics, what would they be?
A: Great question! So in 2022, the three things we’ve focussed on most and hope to get the most benefit from are teambuilding, liquidity for both XY Labs shareholders and XYO token holders, and software infrastructure building.
Of course, the XYO token has been added to numerous new cryptocurrency exchanges this year, and we have a few lined up that we can hardly wait to discuss with our fans. And the move everyone’s holding their breath for, the listing of XY Labs shares on tZERO Markets, the biggest ATS of its kind in the world, is getting nearer to completion.
The XYO team has grown a little bit. Notably, we’ve added three amazing software developers - Matt, Joel, and Donald, who were on the OG XYO team and returned to us recently. Systems whiz Miranda has also joined our team to develop and lead the support operations for XY Labs.
And the fruits of the combined labors of all of our developers are being seen in the new partnerships we’ve acquired this year and the astonishing integrations we’ve proven possible. Achieving a node network of over 4 million, partnering with HERE, Chainlink, tZERO, and Analog, and releasing not only XYO 2.0 and the new XYO SDKs, but new software such as Explore should give fans an idea of what they can expect to see during Q3 and Q4.
Thank you all for such interesting questions and for being that active and engaged! Hope, you've enjoyed our AMA with the fantastic XYO project! thanks to such sessions, we explore the massive crypto universe together! See you around 👋🏻