2 years ago
Crypto-enabled mapping startup Hivemapper is trying to springiness Google Maps a tally for its money.
The San Francisco-based institution has raised $18 cardinal successful caller superior successful a backing circular led by Multicoin Capital, with information from large names successful crypto and tech, including the founders of Solana, a erstwhile Apple Maps enforcement and the CEO of Helium.
According to CEO Ariel Seidman, the funds volition beryllium utilized to enactment the mainnet motorboat of Hivemapper’s autochthonal HONEY token, arsenic good arsenic onboard much representation contributors. In speech for HONEY tokens, the representation contributors instal specially-designed dashcams successful their cars that stock footage with Hivemapper, which is past utilized to make maps.
Seidman, who initially started Hivemapper arsenic a non-crypto institution successful 2015, told CoinDesk helium was inspired by the occurrence and accelerated maturation of Helium, a crypto-incentivized web of wireless hotspots, which besides began arsenic a non-crypto institution successful 2013.
Seidman envisions Hivemapper’s superior lawsuit – at slightest for the adjacent 2 oregon 3 years – volition beryllium businesses looking for a cheaper and much up-to-date alternate to Google Maps.
“Google’s maps are precocious prime but besides very, precise expensive,” Seidman said. “The full mapping pipeline is exceptional but its Achilles bottommost is the information that it’s truthful expensive. Your quality to refresh an country is, for places similar Lagos, Nigeria oregon Manila oregon different locations – it becomes cost-prohibitive implicit time.”
Because Hivemapper sells instrumentality to autarkic contributors who person their ain vehicles, their outgo is overmuch lower, Seidman explained.
“If you look successful Palo Alto – Google Streetview for University Avenue, which is successful Google’s backyard – astir apt gets updated each 14 months,” Seidman said. “For the aforesaid price, we could astir apt bash it erstwhile a week.”
Though the maps and information generated by Hivemapper contributors are open-source and community-owned, Seidman says Hivemapper volition make gross by gathering tools that tin past beryllium licensed by companies.
Contributors volition beryllium rewarded with HONEY tokens which, similar Helium’s autochthonal HNT token, could turn successful worth arsenic the web takes off.
Seidman pointed retired that galore existent contributors to representation apps similar Waze enactment for free, simply due to the fact that they emotion the work.
“Even arsenic fantastic arsenic Waze was, determination are present thing similar 25,000 Waze representation editors. These are radical sitting down their machine surface editing maps…on behalf of what is efficaciously a multitrillion-dollar company,” Seidman said.
“And they don’t get paid, there’s thing they get successful instrumentality for that. They get, maybe, a Google T-shirt oregon a Waze hat, but that doesn’t beryllium close with me,” helium added.
Hivemapper volition besides reward representation editors – not conscionable dashcam operators – with HONEY tokens.
The company’s archetypal dashcam, which is presently being manufactured successful Pittsburgh, Pa., is expected to statesman shipping successful July 2022.
DISCLOSURE
The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
Cheyenne Ligon is simply a CoinDesk quality newsman with a absorption connected crypto regularisation and policy. She has nary important crypto holdings.
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