XYO (XYO) Price
XYO
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XYO Describes Itself As
The XYO Network, originally a global customer Bluetooth and GPS network, has evolved into a Decentralized Physical Infrastructure Network (DePIN). This shift aims to enhance the accuracy, certainty, and value of geospatial data, which is essential for decentralized applications (dApps) and blockchain-based smart contracts.
Project Utility/Function
The XYO Network operates as a "reality oracle," using a network of "XY oracles" to gather and verify geospatial data. This data supports the operation of dApps that require real-world information to execute smart contracts. Through its ecosystem of devices, XYO can verify the presence of an object at a specific location, enabling precise execution of location-based smart contracts.
Token/Token Utility
The XYO token is an Ethereum-based ERC-20 utility token central to the network's ecosystem. It rewards participants for contributing data and facilitates transactions within the network. The token’s utility has expanded with the introduction of new tools and features in XYO 2.0, aligning with the network's growth.
Technological Advancements: XYO 2.0
The launch of XYO 2.0 introduced new tools to enhance user engagement. The XYO Platform Node for desktop users provides an intuitive interface for interacting with XYO technologies. Native dApps such as Settings, System Visualizer, System Dashboard, and Security streamline user interactions and ensure secure operations.
Network Expansion
XYO’s protocol is deployed across nearly 1 million devices, showcasing its extensive reach and infrastructure robustness. This deployment ensures high data integrity and reliability, crucial for its applications.
About the Founders
XY Labs was founded in 2012 by Arie Trouw. The company initially aimed to create a hyper-location network connecting the real world with virtual realities through IoT devices. Arie Trouw’s vision and experience in consumer hardware and community support have been pivotal in the company’s evolution and expansion.
Risks of XYO
Like an investment in other crypto assets, there are some general risks to investing in XYO. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.
In addition to these general risks, an investment in XYO is subject to the following specific risks:
- Any potential success associated with XYO depends on its rate of adoption by decentralized applications. There are a number of competing oracle platforms such as Chainlink and Band Protocol.
- Any potential success associated with XYO depends on a number of external factors, such as the continued growth of decentralized applications and their need for having data validated by other blockchains.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with XYO. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.
The XYO community and founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of XYO have no recourse to the XYO community, its founding team, or Uphold if XYO declines in value for any reason.
Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.
Uphold’s Evaluation Process
Prior to listing XYO on the Uphold Platform, Uphold performed due diligence on XYO and determined that XYO is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following:
- The creation, governance, usage, and design of XYO, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
- The supply, demand, maturity, utility, and liquidity of XYO.
- Any marketing materials put forward by the XYO social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with XYO, including any code defects, security breaches and other threats concerning XYO and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
- Legal and regulatory risks associated with XYO, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of XYO.
General
Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.
Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.
Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement.
Last updated on July 15, 2024.
How to buy XYO (XYO)
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