I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank GogolXRT Crypto: Everything You Need To Know
Updated on January 7, 2024
Written by
Written by
Reviewed by
Rohit Mittal
Reviewed by
Rohit Mittal
Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.
See all posts Rohit MittalAt a Glance
- Robonomics.network (XRT) is a crypto token representing the Robonomics Network project.
- Robonomics integrates robots into the blockchain ecosystem, facilitating communication between humans and IoT devices.
- XRT is the token used to pay for robot services and grants access to the blockchain networks where Robonomics operates.
- Real-world applications include launching drones on the blockchain, human-to-robot communication, operating environmental sensors, and offering decentralized hosting services.
By nature, cryptocurrencies are versatile investments–certainly more than any traditional investment like stocks or bonds. Whatever shows the most promise in the real world is more likely to gain value, which is why many creators are determined to make their crypto stand out.
To avoid the risks, you should do your due diligence before investing in any new cryptocurrencies. One example of this is XRT crypto, a new token based on Ethereum (ETH).
In this article, we’re going to discuss XRT, its history, and how you can buy and sell it right now.
What is Robonomics.network (XRT)?
Just like how stocks represent companies, crypto coins usually represent real-world projects. Instead of offering a physical, existing business, crypto tokens promise an improved life and the value that comes from being the first ones to do so. XRT crypto is no different.
To understand the new XRT crypto, we first need to understand the project it’s made for: Robonomics Network.
Robonomics is a project set to revolutionize how people use robots by integrating them seamlessly into the blockchain ecosystem.
First founded in 2017 by a team composed of Russian developers Lonshakov, Kapitonov, Krupenkin, and Starostin, the primary purpose of this project was to provide an integrated way for people to communicate with the IoT or the Internet of Things.
Essentially, the network connects robots to the blockchain using smart contracts. The concept can be likened to a vending machine.
A vending machine starts its operation the moment that it is paid. In the same way, robots can be connected to the blockchain, which people can “pay“ with the network’s token–in this case, XRT. Once individual owners have paid XRT through the blockchain, they can then use the robot until the smart contract is fulfilled.
These robots could range from unique, individual robots, to a fleet of drones, to an entire factory composed of a single AI ecosystem. This way, the Robonomics Network easily integrates the power of cutting-edge machinery and robotics into the real-world economy.
Today, the Robonomics Network team comprises more than 50 people. Their vision includes a future where machine-to-human and machine-to-machine communication becomes mainstream.
To do this, the Robonomics team is working on a couple of main tools:
- Curating an open-source platform to develop apps for the Internet of Things
- Integrating cryptocurrency into the robotic economy
- Creating digital “twins” of IoT devices, and
- Developing software to connect IoT devices to the cloud
Why was XRT Crypto Invented?
While Robonomics expands and develops, the XRT crypto token has become an integral part of its ecosystem.
Like most cryptocurrency platforms, the XRT token is made for the Robonomics network. Since the entire ecosystem runs on the blockchain, it needs other actors to conduct and verify its transactions. This maintains the health, trustworthiness, and decentralization of the network.
More than that, the XRT token will allow individual participants to the network to be able to interact with the IoT.
Simply put, if IoT robots are vending machines, XRT is the only coin that it will accept so that the vending machine will work. This makes the XRT token have an economic incentive in addition to being a network tool.
This token also allows users access to the blockchain networks where the Robonomics platform is built into, like the Ethereum Virtual Machine, the Polkadot Network, as well as system-specific networks such as the AIRA OS and the Robotics Operating System (ROS).
The XRT token became publicly traded on October 7, 2019. As of this writing, the Robonomics.network (XRT) price is at around $18, with a total market capitalization of USD around 19,380,000.
How Does Robonomics.network Work?
So, how exactly does the Robonomics.network concept work?
Currently, there are already some real-world applications of this project. Understanding how it works should also help you understand XRT better.
Here’s a brief list of XRT’s real-world uses:
- Launching the Distributed Sky Project. This project implemented the core vision of Robonomics.network by launching a drone with a transaction on the Ethereum blockchain.
- Commissioning Gaka-Chu. Gaka-Chu is an IoT robot that can create pictures and automatically mint them into an NFT after they’re made, epitomizing the possibilities of direct human-to-robot communication with the blockchain.
- Operating environmental sensors. The Clean Water Program uses smart IoT sensors and the Robonomics network to measure the quality of Europe’s longest river.
- Offering a decentralized hosting service. This decentralized hosting service allows users all around the world to operate ROS-enabled robots.
That said, it has to be mentioned that traders can’t directly buy the XRT token with fiat currency, although you can easily exchange Bitcoin for it using a platform that hosts it. Don’t worry, though, as we’ll discuss the entire process below.
How to Buy XRT Crypto?
As mentioned, XRT can’t be directly bought with fiat money. However, you can easily trade Bitcoin for XRT. Thus, the first thing you need to do to get XRT is buying BTC on a fiat-to-crypto platform.
Buying BTC on fiat-to-crypto platform
There are many exchange platforms out there, but two of the leading fiat-to-crypto exchange platforms are Coinbase and Uphold.
- The first step is to ensure that you have an account for these. You may also need to undergo KYC verification practices.
- Once you have a verified account, you can deposit money to the account through several means, such as direct deposit or wire transfer.
- With the fiat money that you have in your account, buy universally-traded cryptocurrencies, such as Bitcoin (BTC).
Make sure that you factor the transaction fees while calculating how much Bitcoin–and therefore how much XRT–you can buy.
Exchanging BTC for XRT in alt-coin exchanges
Once you have your BTC, you can now buy XRT tokens using an altcoin exchange. Two of the most popular alt-coin exchanges that offer XRT are PancakeSwap and UniSwap.
- Make sure that you have a fully-verified account for these exchanges. You may need to go through another KYC verification process for this.
- Deposit crypto from your fiat-to-crypto exchange to your preferred altcoin exchange.
- Once the transaction is confirmed, you can now buy your desired amount of XRT with the equivalent amount of BTC that you have in your wallet.
How to Sell XRT Crypto?
Once you’ve bought your XRT tokens, you can now buy and sell these tokens on your preferred platform to earn money.
Regardless of what platform you’re using, you should be able to see a Sell button on your dashboard. Just click that, and you can see your XRT tokens.
Investing in XRT Crypto
XRT is a promising cryptocurrency that can truly revolutionize how we conduct business, should its fullest potential ever be realized. Now that you know what this coin is all about, you have everything you need to ascertain whether this is a good investment for you.
Read More
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
Frequently Asked Questions (FAQ)
What is XRT Crypto?
XRT Crypto is a digital currency designed for secure and efficient transactions.
How can I buy XRT Crypto?
You can buy XRT Crypto through various cryptocurrency exchanges.
Is XRT Crypto a decentralized currency?
Yes, XRT Crypto operates on a decentralized blockchain network.
What is the current price of XRT Crypto?
The price of XRT Crypto can vary and is determined by market demand and supply.
Can I mine XRT Crypto?
No, XRT Crypto cannot be mined as the total supply is fixed.
How can I store XRT Crypto?
You can store XRT Crypto in a digital wallet that supports the XRT currency.
Is XRT Crypto secure?
Yes, XRT Crypto uses advanced cryptographic techniques to ensure secure transactions.
Can I use XRT Crypto for everyday purchases?
Yes, XRT Crypto can be used for various online and offline purchases where it is accepted.
Are there any transaction fees for using XRT Crypto?
Yes, there may be transaction fees associated with using XRT Crypto, which can vary based on network congestion.
Is XRT Crypto regulated?
XRT Crypto operates in accordance with applicable laws and regulations in the jurisdictions it operates.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.