XYO

Halal Rating :
Questionable
Last Price $0.02 Last updated:
Rank 285
1D Change 114.31 %
Market Cap $247.63m
Circulating supply 13,476,747,692
Maximum supply 13,931,216,938

Crypto Overview

Categories
  • Logistics
  • Oracles
  • Ethereum Ecosystem
  • Metaverse
  • Play To Earn
  • Web3

Understanding XYO Network

XYO Network is a decentralized location-data oracle network that aims to create a trustless system for recording and verifying geographic data. The project leverages blockchain technology to provide location-based services through a network of devices called 'sentinels' that collect and validate geographic data.

Intended Utility

The XYO token serves as the native cryptocurrency of the XYO Network, used for:

  1. Incentivizing node operators who validate and provide location data
  2. Paying for location verification services within the network
  3. Governance participation in the XYO ecosystem

Actual Implementation and Usage

The project has evolved significantly since its inception in 2018. While the original vision focused on physical location-tracking devices, the current implementation has shifted more towards software-based solutions and API integrations. The network has established partnerships with companies like Microsoft and has developed applications in supply chain tracking and e-commerce delivery verification.

Token Distribution and Governance

The project maintains relatively transparent token economics with detailed documentation of token allocation. According to recent data, approximately 30% of tokens were allocated to the founding team and advisors with multi-year vesting schedules. The remaining distribution includes public sale participants, ecosystem development, and network rewards.

Development Activity

The project shows consistent development activity on GitHub, with regular updates to core protocols and applications. The team maintains active communication through official channels and provides detailed technical documentation.

Crypto Impact

To assign a comfort level investing in XYO from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to XYO.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

You only have one vote per asset so use it wisely.

You can change your vote if you change your mind.

Justification for our Halal Rating