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Geo mining provides the method to become a part of the XYO community.
It allows the XYO Sentinels to collect and create location data associated with a specific network.
It provides the Bridge which can be used to share the verified locations that are stored for future queries.
It is like attaching a piece of information with the main package that helps to validate the delivery of information to the right location.
Geo mining apps make use of the COIN to track location.
Apps like COIN enable over 500,000 users to earn digital assets for validating geospatial location data at the time of traveling, moving, or jogging in the real world, while, interacting with others.
The technology is decentralized unlike other apps as it is based on a mesh of networks of the IoT devices.
People who are anonymously verifying the data for various activities like e-commerce deliveries to “my location address” are paid by the company as the information helps to build the next major geospatial location network.
Such apps track GPS coordinates and not the wi-fi or cell signals to get cues about the location.
For sharing, the users get XYO tokens. It can happen that a part of the map has already been mined by another user, and then the amount provided by the firm gets replenished automatically.
It is like bitcoin mining or earning where you earn for informing about the GPS location of your device.
Basics related to bitcoin mining - It is like grid computing projects. Bitcoin functions as a currency and mining can be operated as a business process.
There are a large number of miners who do it for profit but the price of such digital coins fluctuates every day.
One can operate it to obtain bitcoins without using money exchanges.
One of the key motivations to invest with anonymity where one can carefully connect to the networks to conduct monetary transactions anonymously.
In a bitcoin bank account network, thousands of machines run the software where they try to ensure the same bitcoins are not spent twice across the globe.
These methods are based on sharing data and the nodes operate across the globe.
Mining refers to the method implemented in software used for managing network information related to the transactions involving monetary units.
It is the method that can be used for verifying transactions.
The system takes transaction fees for conducting the function of creating a money supply.
It protects the network by pooling tons of processing power on the base of past transactions.
It has a system to verify and evaluate dealings and bitcoin capital entries prevent double-spending.
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