XY/XYO/COIN Q1-2020 Update
I started writing this update a few weeks ago, but had to keep restarting it as the world keeps on changing. Fortunately, our main Q1 updates have stayed very positive, but we are also cognizant that a lot of businesses have been and continue to be hit hard by this global situation. Our thoughts go out to the businesses, employees, families, and others negatively affected by COVID-19.
Please remember to continue practicing social distancing, even if you are low-risk or asymptomatic. This will help prevent the spread of the virus to other high-risk or immunocompromised people.
Wow! All I can say is wow! The COIN App is on fire and has been growing very fast. The COIN team continues to deliver on exciting new features, impress us with statistics, and has improved the user experience with every release. COIN Boss has launched and we are excited to see it progress into Q2.
New Feature — “Home Base”
A natural challenge for COIN is that it promotes travel and interacting with the real world. With concerns that we will be contributing to the spread of the SARS-CoV-2 virus that causes COVID-19, we have added a new feature called Home Base that encourages users to remain home by offering bonuses for doing so.
COIN Statistics — Foundational
- ~2 Billion Geomines to date
- ~8 Million Geomines per day
- ~25k Geodrops per day
- ~225k Geoclaims per day
- ~$250k in XYO redeemed to date
- ~500k App Installs to date
COIN Statistics — Additional
- Users prove they are human and have fun doing it by playing ~350k mini games per day to clear already geomined tiles.
- Users actively witness each others Big Geomines ~750k times per day and as a result they can earn extra rewards and a shot at the daily prize.
- Users share various features of COIN with their friends and family over ~2k times per day.
With our closed beta there have been over 45k sponsored drops and over all we’ve seen a 22% click through rate! This establishes that sponsored drops are both viable for partners and desirable for our users.
We expect to expand our closed beta program during Q2 as we progress towards an open beta and eventually a full public release.
XYO Network has had some incredible updates during Q1. As you may have learned from last quarter’s update, XYO is transforming into a non-profit. The team continues to actively develop the XYO App and the Open Source Initiative.
In addition, the XYO Buyback is continuing, and we are excited to announce the “XYO World”.
I am very excited to tell you about XYO World which is something I have been working on continuously since we acquired LayerOne.
XYO World is an NFT (non-fungible Token) system that allows for interaction with the world in absolute terms. Having an Absolute Location system is the perfect counterpart for the XYO Protocol’s Relative Location System.
The goal is to establish the 3rd component that we feel is needed for the XYO Network to thrive. While the first two components of XYO Network are the XYO Protocol (Relative Location) and the XYO Token (System Currency), the third (provided by XYO World) is an Absolute Location System. This system is the perfect counterpart for the XYO Protocol’s Relative Location System.
In a nutshell, the XYO World Token (XYOW) is an NFT system that keys off of a quadkey for locations in the world, just like COIN. Each of these NFTs will be able to contain ERC20 Tokens like XYO and also a custom URI for the owner of the NFT. The details of this system will be published in Q2.
“Another token for me to buy?” — No! The structure of the XYOW NFT token is such that it is a closed smart contract system that has no outside beneficiaries. There are no fees or initial sale that anyone benefits from.
“How do get these XYOW NFTs?” — Once the smart contract goes live, the initial four tokens go on sale in an auction (using XYO Tokens) with the purchase price being stored in those NFTs, to be released later, back to the original purchaser, but with 10% of it burned.
“What does an owner of a Quad Tile get?” — Our first use of the XYOW Tokens is a higher-level, more permanent type of Geoclaiming where benefits aren’t just based on COIN app activity, but also overall XYO Network activity. Also, having the right to set the URI in the tile, the owner can configure massaging and other Geodapp meta data.
Important: Please note, that the rules and smart contract for XYO World are not finalized and the above answers are based on the current paper describing the token. A few things that are certain is that XYO Tokens will have to be used to participate in the auctions and a hierarchical system will provide for a waterfall approach to functionality.
We have now established the XYO Foundation and are waiting for our approval from the IRS as a non-profit and hope to have it fully approved in Q2. Once this is approved, it will allow us accept donations and start our grant program.
Active development on the XYO continues under the XYO Foundation. The focus is currently on making the fundamental functionality bulletproof.
Thank you to those who have tested and provided us feedback on the XYO App. Through this, we uncovered quite a few limitations and issues in the process and have been working to fully launch the completed, new version of the XYO App.
Once we have completed the following stages, the new XYO App will be available on both the App and Play Stores, currently targeting Q2.
Validate iOS and Android SDKs Interoperability — Even though both SDKs work very well in certain situations, we have found that Bound Witness generation in all four scenarios are not functioning equally well. To complete this phase, we use the SDK sample apps, we will establish that using iOS and Android in Client only mode, Server Only Mode and in Client/Server Mode works with every other configuration.
Validate Flutter SDK Interoperability — We will use the Flutter SDK Sample App on iOS and Android to establish the same interoperability requirements as the native SDKs.
Validate Flutter App Interoperability — We will run the same interoperability tests as the Flutter SDK, but using the XYO iOS and Android Flutter builds. This should be a quick confirmation since given a SDK that passed the previous phase, the app should pass also.
Launch iOS and Android Apps — We will be comfortable at this point that the apps are fully functional and will move the apps past Beta in the App and Play Stores.
The buyback of XYO Tokens on the market started a while ago and continues as planned. We hope to grow the amount of XYO bought on a daily basis to increase over the next few quarters.
XYO Open Source Initiative
Phil continues to perfect the XYO Foundation GitHub and has moved all the CI/CD to Github Actions from Travis-CI. We have improved the iOS and Android SDKs by merging some of the smaller repos into them to make a more complete solution. Along with this, we have fixed bugs and improved the functioning of these SDKs.
Please start reporting issues, bugs, and feature requests in GitHub Issues for the appropriate repository, where we have created templates to help you format the report for consistency.
Two new applications are in the works from the team that brought you COIN that will further support and utilize the XYO Network and are both expected to be released in Q2 2020.
We have been actively working on our audited financials for our 2019 SEC filings and expect to have those completed and submitted very soon.
With COVID-19, most of our employees are working from home for at least the next two weeks. We are fortunate that most of what we do can be done remotely. Depending on the developments of the pandemic, this may be extended as needed. I am happy to announce that to-date, we have had no cases of COVID-19 (confirmed or suspected) at the company.
As many of you know, Scott Scheper is no longer with the company or actively involved with XYO. We have been getting a lot of questions around this and I just wanted to clarify that the decision was mutual and I believe the best for XY/XYO/COIN and for Scott. We appreciate all that he did for XYO and wish him the best in his future endeavors.
I have taken over the marketing efforts over the last few months and there has been a gradual, but noticeable shift in approach and style. We have built out dozens of detailed data reporting and analysis systems to provide further visibility into the business.
As a result, this gives us much better insight into our marketing, and allows our team and company to be significantly more nimble (and persistent!) when changes or hurdles arrive, just like COVID-19.
While we definitely are “quieter”, it does not mean we are getting less done; it is just the contrary: The XY team is working harder than ever and the results show.
Even with the current world events, we look forward to a stable 2020 focusing on growth for COIN, XYO and XY.
Our amazing team works day and night to provide the best outcome for all of our stakeholders and to make our company and products the best that they can be.
Thank you again for being a part of this exciting company and for your support.
CEO/Founder of XY/XYO, and President of COIN