6 Cool Things You Didn’t Know About COIN
We launched our first killer Geodapp yesterday called “COIN”.
You can download it for iOS and Android here: https://coinapp.co
It’s been incredible!
In the past 24 hours, here’s what’s happened:
- There have been 280,000 Geomines of XYO so far today!
- We’re seeing ~200 Geomines per minute.
- And it’s being used in over 65 countries!
Now…
Let’s cover a few things…
1. Are you really “Geomining” in COIN?
COIN enables one to collect digital assets that are dropped (“Geodropped”) at a location.
Right now, technically speaking, when you earn XYO via COIN, you’re “collecting Geodropped XYO”.
Once the XYO SDK is integrated into COIN (see Johnny’s Update from The Dev Cave), one will be BOTH Geomining (meaning doing full, round-trip requests in the XYO Network), as well as collecting the XYO that is Geodropped in that location.
It’s a small subtlety, and won’t really matter in a few weeks once the XYO SDK is fully integrated into COIN, but for the technical, purest die-hards out there, there’s the proper detail for you.
So basically, it’s a parallel process. You’ll be Geomining while you’re using COIN to collect the Geodropped digital asset(s).
Hope you memorized that definition above, it’ll be in the upcoming test ;)
Anyway, we were thinking of ditching the whole “Geomining” term in COIN, since technically it’s Geocollecting. However, once the XYO SDK is integrated, it will actually be Geomining. And since Geomining is so catchy, then, what the hell, we’re gonna continue to own it and call it Geomining!
2. XYO Bound Witness and Proof of Origin Coming Soon!
XYO SDK, once fully integrated, will enable anti-spoofing coming around XYO 2.0 Aristotle Release (beginning of March). Til then, it uses GPS and can be spoofed. We have systems in place to detect spoofing and suspend accounts. Once XYO is enabled, we won’t have to do this. That’s when you will experience the true power of COIN.
3. XYO is just the first Digital Asset to be Geodropped in COIN
In COIN you “Collect” or “Claim” Geodropped Digital Assets.
The first Digital Asset COIN has integrated is XYO (because it’s the best obviously).
In the next big release, you will be able to claim the other Digital Assets (like ETH and ERC-20 Tokens, BNB, etc.)
The purpose of COIN is to Incentivize People to Take Actions in the real world.
It’s already happening. People are driving around because they’re being rewarded.
4. You must have an XYO Geomining Kit or Sentinels nearby to Claim the Geodropped XYO!
Don’t have an XYO Geomining Kit? Get one here.
5. What COIN Stands For
COIN is capitalized for a reason! Here’s what it stands for:
COLLECTIVE (Double meaning: As in “collective” community, and “collective” as in users “collect” digital assets using COIN).
OBSERVATION (This is what happens when the Sentinels “Observe” one another, which will soon mean, creating unspoofable bound-witness interactions)
INCENTIVE (The reward of the digital asset. “Incentives aren’t everything, they’re the only thing.”)
NETWORK (Hooked up to a network, aka XYO Network, that makes the app even stronger).
6. Last, but not least… LET’S TALK REWARDS!
Rewards are Dynamic! Don’t be shocked if you hear about people generating 150,000+ XYO from just one Quadtile!
Enjoy and have fun Geomining using COIN!
Your fellow Geohacker,
Scott Scheper
P.S. “Screw it, let’s do it!”
