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One of the most anticipated blockchain applications of the year is now live.
FOAM, which aims to build a reliable and resilient world map using smart contract technology, has announced that decentralized application (dapp) has launched on the blockchain ethereum and is already "seeing the first users fill out the map" .
Speaking with CoinDesk in June, FOAM co-founder and CEO Ryan John King explained the motivations behind the dapp, saying that "people think position is a problem solved." Rather, King argued, the centralized mapping services such as GPS – owned by the US government and run by the Air Force – are ultimately vulnerable and unreliable.
The FOAM solution is to spread the work of mapping among a widespread network of individual users, which record the positions on the FOAM map using a cryptographic technique called proof of location. FOAM is aimed at different use cases, from games to supply chain management.
Users are encouraged to populate the map with new positions through the use of a token (also called FOAM), which the company has distributed in a $ 16.5 million sale ended in August.
Tokens are also of quality-control mechanism, which allows users to challenge and vote on the accuracy of new registered locations. This mechanism, which has been used in various sectors, is known as a token register.
The blue points, which denote proposed positions but still to be confirmed, have started to appear in areas such as New York and Berlin. According to FOAM, over 500 "points of interest" have been added by users in the first 24 hours after launch.
Screenshot of map.foam.space shows the proposed points of interest
Note that buyers of FOAM tokens must insert tokens placing at least 10 points of interest on the map. Otherwise, they will not be able to transfer their tokens outside the protocol. Even if they meet the requirement, however, token transfers are prohibited for the first 45 days after launch.
The purpose of these restrictions, it seems, is to prevent the FOAM token being the object of pure speculation, rather than to contribute to the cartography project for cryptography.
Image of Cape Town via Marcelo Novais / Unsplash
The leader in blockchain news, CoinDesk is a reference point for journalistic mass media and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in criptovalute and blockchain startups.
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