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Coming soon: Earn crypto from your dashcam!

by , 28 April 2022
Coming soon: Earn crypto from your dashcam!
There's no doubt about it…

“Map apps” have revolutionised the way people travel.

In less than a minute, you can open an app on your phone, type an address and voila…

You're ready to go.

It's no wonder why “map apps” like Google, Waze (owned by Google) and
Apple boast hundreds of millions of users - even BILLIONS!

But one day that could change.

You see, a new crypto start-up is aiming to take on Google and Apple Maps at its own game…
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Introducing Hivemapper…
Hivemapper, whose upcoming crypto token will use the ticker HONEY, just completed an $18 million Series A fundraising round.

The cash will help Hivemapper roll out its first device: the Hivemapper Dashcam, which is built on another crypto, Solana (SOL-USD).

Just attach it to the windshield, dashboard, or exterior of your car… and the Dashcam “automatically transfers collected imagery to the Hivemapper Network” through an app on your phone.

As soon as people hook them up to the Hivemapper Network, their devices will start mining the HONEY token.

How much HONEY token one can receive will depend on how much map imagery (and GPS metadata) they contribute to the project.

That’s what sets it apart from other “map apps” – Google, Apple, Waze.

Hivemapper founder Ariel Seidman told CoinDesk, “There are now something like 25,000 Waze map editors. These are people sitting behind their computer screen editing maps … on behalf of what is effectively a multitrillion-dollar company. They don’t get paid, there’s nothing they get in return for that. They get, maybe, a Google T-shirt or a Waze hat, but that doesn’t sit right with me.”

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So how can Hivemapper steal market share from the giants?
Simply…Keep the map up-to-date.

Ariel Seidman explains…“Street level imagery in many parts of the world is only updated once every two years. This causes cascading logistical, municipal, and political problems. However, maps have the potential to be near real time. An open source, community-owned map is the only way to continuously construct a living, breathing, ever-updating view of our world.”

Hivemapper is just getting started – with the first Dashcams scheduled to ship in July.

What’s next for the project?
According to its whitepaper:
•    Contributors who sign up to review, annotate, and execute quality assurance on the map imagery will earn HONEY crypto, too.

•    Any developer can build apps that provide driving directions, traffic warnings, or custom maps (geocoding).

•    To use Hivemapper’s APIs, developers will need to “burn” HONEY to receive Map Credits. “These burned tokens then increase the number of tokens available to mint and to pay to map contributors,” capped at 10 billion.

•    Manufacturers can “seek approval” to make new hardware for Hivemapper, like cams for drones, scooters and bikes, and add features like air-quality sensors or 3D.

In short, Hivemapper is an exciting project and one I’ll continue to follow.

But let’s be clear…

It’ll take years to grow Hivemapper into a true rival of Google or Apple Maps.

But there are enormous opportunities ahead.

After all, the global market for geospatial data & analytics is expected to grow to $256 billion by 2028, according to Meticulous Research.

Just grabbing 1%, 2%, even 5% market share could see HONEY token soar rapidly.

It’s definitely one to watch out for.

See you next week.

Josh Benton, The South African Investor

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Coming soon: Earn crypto from your dashcam!
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