March 19, 2019 – Geospatial cryptonetwork, XYO, has announced a new partnership with Geon Network, an Augmented Reality (AR) enhanced location-based service provider. The partnership will generate and leverage location-based data to improve ‘Geons’, AR objects that can be placed anywhere in the world by users and businesses through the use of the Geon app.
The collaboration will leverage XYO’s ability to collect and make geospatial data available, while improving functionality and user verification at Geon Network’s existing AR objects around the globe, of which the company states there are more than 1.5 million of in existence.
Geon Network created the Geon app to enable users to get paid for visiting real-world locations. In the app, users search for nearby Geons, and if there is a Geon nearby, the user can interact with it to earn ‘Geon Coins’ through a process called Geomining. The longer the user remains near a Geon, the more coins received. The mined coins may then be exchanged for rewards.
The model is designed to enable organizations and businesses to attract and maintain the attention of potential visitors or customers at a specific physical location, such as a store, by placing a Geon loaded with Geon coins (which can be purchased) at a desired location.
“We’re excited to join forces with the XYO team, with whom we share a similar data-centric vision of the future,” said Robert Radek, CEO of Geon Network. “Our groundbreaking app is a unique combination of AR, physical location and cryptocurrency, on a blockchain-powered platform. Working closely with XYO and this set of rich geospatial data opens the door to more value-added possibilities in charity, retail, gaming and other industries, with clear benefits to consumers and businesses.”
Initially, the Geon team will augment existing Geons globally by integrating technology from the XYO SDK, to enable rich location-based data sets. The company then anticipates that the relationship and integration of data from XYO endpoints will grow with the Geon Network accordingly.
“This partnership with Geon is essentially tailor-made for XYO,” said Arie Trouw, CEO and Co-Founder of XYO. “The technology plays to our strength in making geospatial data available – beginning with proof of location – and that’s critical to the augmented reality work Geon is doing globally. We expect to help improve the experience for users interacting with the Geons (Geomining) to earn real world rewards. We look forward to seeing what we can do with our new partner Geon Network, and heartily welcome them to the XYO family!”
Image credit: Geon Network/Medium
About the author
Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past five years.