Guide on Mining XYO Cryptocurrency
In the ever-evolving world of cryptocurrencies, a new method of mining has emerged, offering a unique twist on the traditional approach. This innovation is known as Geomining, a concept developed by the XYO Network, founded in 2017.
Geomining, unlike its predecessors, is based on geospatial technology. This technology collects data about various locations worldwide, providing a basis for the change in XYO's mining process. The data collected is of interest in specific locations and forms the core of this innovative mining method.
To participate in Geomining, one needs a Geomining Kit, consisting of a computer and/or Bluetooth beacons. The Geomining Kit detects similar beacons nearby, gathers information, and reports it if connected to the Internet.
In Geomining, most of the work is done by the software, while the mining hardware acts as a relay between the software and the blockchain. The software performs 'bound witnesses', a system that allows two unrelated nodes to detect and report each other. Payment keys determine which nodes are associated with a bound witness.
The collected data is then safely kept by an archivist until a fourth node, diviner, finds it for interested buyers. If the same data is shared by multiple nodes, the payment is divided between every node associated with the bound witness.
Buyers pay for the data in XYO tokens, a part of which is paid to the nodes who shared the data. XYO tokens, based on ERC-20 tokens, can be swapped on many exchanges. XYO powers XYO smart contracts.
Geomining offers several advantages over traditional mining. It requires less investment in a powerful mining rig and electricity bills, making it more accessible to a wider audience. Furthermore, it supports crypto miners to travel and explore new locations, adding an adventurous twist to the mining process.
In conclusion, Geomining presents a novel approach to crypto mining, leveraging geospatial technology to collect and share data in a trustless system. This innovative method offers a more accessible and adventurous way to earn XYO tokens, contributing to the growing cryptocurrency landscape.
Read also:
- Electric-powered vessels take to the waters of Maine
- Elon Musk accused by Sam Altman of exploiting X for personal gain
- Comparing the value of top electric scooters: Kinetic DX versus Bajaj Chetak versus TVS iQube - Which one offers the best bang for the buck?
- American Eagle's risque promotional effort featuring Sydney Sweeney leads to the brand being categorized as a 'trendy stock' among teenagers.
