Numerous cryptocurrencies and tokens appear every day. Some of them are of a practical nature, which means they perform some sort of function. Others, on the contrary, have a purely entertainment purpose and may be in demand only due to the strong buzz around the project. RevenueBot has highlighted a few coins to watch out for.
XYO Network (XYO)
XYO is an ERC-20 token used to incentivize desirable behavior on the eponymous network. They can be thought of as “gas” needed to interface with the real world in order to verify the XY-coordinate of a specified object.
The XY Oracle Network is an abstraction that enables layered, location verification across many device classes and protocols. At its core sits a set of novel cryptographic mechanisms known as Proof of Origin & Bound Witness that tie together the power of blockchain technology and real world data collection into a system with direct applications today.
In simple terms, XYO is the world’s first reality oracle to empower people to participate in the world’s data economy through the validation of anonymous and secure geospatial data.
With the growing presence of connected, location-reliant technologies, our privacy and safety rely heavily on the accuracy and validity of location information. Various attempts have been made to eliminate the need for centralized entities controlling the flow of location data, but every attempt has relied on the integrity of the devices collecting this data in the physical world.
Biconomy (BICO)
BICO is a Biconomy network’s native token designed to pay for actions on the network, reward users, protect and manage the network. The node operators pay a transaction fee in BICO to add any information on the chain. Token holders can earn rewards through securing the network and staking.
Biconomy is an infrastructure that allows transactions between chains, which is necessary for the transition of the entire Internet to Web 3.0. The Plug & Play API solution makes it possible to connect decentralized applications (dApps), regardless of the way they are hosted on blockchains.
Biconomy enables gasless transactions by providing a software development kit that developers can add to their DApp with a few lines of code. The platform is by no means a custodian of funds, since users who have the relevant private keys sign all transitions themselves. Once signed, the data is transmitted to Biconomy and is immutable by the network.
DeFiChain (DFI)
DFI is a single cryptocurrency on the DeFiChain network that is used to pay for token transfers, token generation, voting, lending, providing collateral for loans, and staking.
DeFiChain itself is a decentralized blockchain platform working towards enabling fast, intelligent, and transparent decentralized financial services. Unlike most of the other DeFi projects that are built on the Ethereum network, DeFiChain is built on bitcoin.
The software platform is supported by a distributed network of computers and is designed to facilitate fast and transparent transactions. The development team positions DeFiChain as an innovative blockchain project and offers solutions to problems like scalability, security and decentralization.
Conclusion
When investing in new coins, you keep an open mind on all the risks, because the chances of a coin remaining at the same price brackets or depreciating are sky-high.
This material is not a piece of financial advice and is for informational purposes only.
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