One of many yr’s most hotly anticipated blockchain purposes is now reside.
FOAM, which goals to construct a dependable, resilient world map utilizing sensible contract know-how, introduced that the decentralized utility (dapp) has launched on the ethereum blockchain and is already “seeing the primary customers populate the map.”
Talking to CoinDesk in June, FOAM co-founder and CEO Ryan John King explained the motivation behind the dapp, saying “individuals assume location is a solved drawback.” Quite, King argued, centralized mapping companies like GPS – which is owned by the U.S. authorities and operated by the Air Drive – are in the end weak and unreliable.
FOAM’s resolution is to unfold the work of cartography amongst a diffuse community of particular person customers, who register areas on the FOAM map utilizing a cryptographic method referred to as proof of location. FOAM is concentrating on a number of use circumstances, from video games to produce chain administration.
Customers are incentivized to populate the map with new areas by using a token (additionally referred to as FOAM), which the corporate distributed in a $16.5 million sale that resulted in August.
The tokens additionally function a quality-control mechanism, enabling customers to problem and vote on the accuracy of newly registered areas. This mechanism, which has been employed in a number of dapps, is called a token-curated registry.
Blue dots, denoting proposed however yet-to-be-confirmed areas, have begun popping up in areas corresponding to New York and Berlin. And based on FOAM, over 500 “factors of curiosity” had been added by customers within the first 24 hours following the launch.
Screenshot of map.foam.space exhibiting proposed factors of curiosity
Of observe, FOAM token consumers are required to place the tokens to make use of by putting a minimum of 10 factors of curiosity on the map. In any other case, they will be unable to switch their tokens exterior of the protocol. Even when they do fulfill the requirement, nevertheless, token transfers are prohibited for the primary 45 days after launch.
The purpose of those restrictions, it appears, is to forestall FOAM tokens from being objects of pure hypothesis, fairly than contributing to the challenge of cartography by cryptography.
Capetown picture by way of Marcelo Novais/Unsplash
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