Hivemapper

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Discover Hivemapper's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Hivemapper?

Hivemapper (HONEY) is a decentralized global mapping network that leverages blockchain technology to create a detailed, dynamic, and accessible map of the world. It rewards contributors with HONEY tokens for collecting high-quality imagery and data using devices like 4k dashcams and smartphones. The network aims to provide an open, transparent, and inclusive mapping platform, ensuring the privacy and security of data and promoting community participation.

How is Hivemapper used?

Hivemapper (HONEY) is a blockchain-powered mapping network that rewards users with HONEY tokens for contributing to the creation and maintenance of detailed, dynamic, and accessible maps of the world. Here are the key ways HONEY is used:

  1. Rewards for Contributions: Users who contribute to the map by providing high-quality data, such as 4K street-level images, are rewarded with HONEY tokens. This incentivizes continuous updates and maintenance of the map data.

  2. Governance: HONEY token holders can participate in the decision-making process regarding the development and governance of the Hivemapper Network, including voting on proposals related to software updates, policy changes, and resource allocation.

  3. Transactions: The token is used for transactions within the platform, such as purchasing map data, accessing advanced mapping features, and other services offered by Hivemapper.

  1. Compensation for Dashcam Owners: HONEY tokens are used to compensate the owners of dashcams that are used for mapping, making it easier to reward contributors for their efforts.

  2. Map Data Purchases: Developers can purchase map data produced by Hivemapper using HONEY tokens, similar to how developers use Google Maps data. The value of HONEY is tied to the utility of the map itself, and as more developers use Hivemapper, the value of HONEY is expected to increase.

  3. Burn and Mint System: Hivemapper has a burn and mint system with a net emissions model, which affects the token's value over time.

Overall, HONEY tokens are the backbone of the Hivemapper ecosystem, facilitating rewards, governance, and transactions within the platform.

How do I store Hivemapper?

To store Hivemapper (HONEY) tokens, you have several options based on your needs and preferences:

  1. Store on an Exchange:

    • Hold your HONEY tokens on a centralized exchange (CEX) like KuCoin. This provides easy access to various investment products and features, such as spot and futures trading, staking, and lending. Ensure the exchange has robust security measures to protect your assets.
  2. Non-Custodial Wallets:

    • Withdraw your HONEY tokens to a non-custodial wallet, which grants you full control over your private keys. This includes hardware wallets, Web3 wallets, or paper wallets. Be cautious not to lose your private keys, as this could result in permanent loss of your tokens.
  3. Crypto Wallets:

  • Use a crypto wallet that supports HONEY tokens. You can buy HONEY directly through the wallet if it allows fiat-to-crypto purchases. If not, you can buy a popular cryptocurrency like USDT and then exchange it for HONEY. Make sure to check fees and ensure the wallet is reputable.
  1. Ledger Wallet:
    • You can also store HONEY tokens on a Ledger wallet. Since HONEY is an SPL Solana token, you need to use Solflare's interface connected to your Ledger device to manage your tokens securely.

Each method has its pros and cons, so choose the one that best fits your needs and security concerns.

How to buy Hivemapper?

To buy Hivemapper (HONEY) tokens, you can follow these steps:

  1. Create a Coinbase Account: Download the Coinbase app and sign up with a valid ID. You may need to provide proof of address for verification, which can take some time depending on your location.

  2. Add a Payment Method: Connect a payment method such as a bank account, debit card, or initiate a wire transfer.

  3. Start a Trade: On Coinbase.com, select "Buy & Sell" or on the Coinbase mobile app, tap the "+" button to buy on the Home tab.

  1. Select Hivemapper: Search for Hivemapper in the list of assets and select it.

  2. Enter the Amount: Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert it to HONEY tokens.

  3. Finalize the Purchase: Tap "Preview buy" and confirm the details. Once everything looks good, click "Buy now" to complete the purchase.

Alternatively, you can also use a decentralized exchange (DEX) like Jupiter or Raydium. For this, you need to:

  1. Buy Solana (SOL): Purchase SOL from a centralized exchange like Binance.

  2. Set Up a Wallet: Download a wallet like Trust Wallet or Phantom Wallet and set it up.

  3. Send SOL to Your Wallet: Transfer the SOL from the exchange to your wallet.

  1. Connect to a DEX: Connect your wallet to a DEX like Jupiter or Raydium.

  2. Swap SOL for HONEY: Use the DEX to swap your SOL for HONEY tokens.

Remember to always follow security guidelines and be cautious of scams when using decentralized exchanges.

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History of Hivemapper

Hivemapper (HONEY) is a decentralized global mapping network that rewards its contributors for collecting high-quality street-level imagery with dashcams. The network was launched in November 2022 and uses AI to build a map from the driving data collected every day. The HONEY token is the native cryptocurrency of the network, which is built on the Solana blockchain.

The Hivemapper Network is designed to be decentralized, permissionless, and rewards-based. Contributors can help build the map by collecting imagery with dashcams and playing AI Trainer games to edit the map and improve machine learning models. In return, they are rewarded with HONEY tokens, which can be redeemed to access map data. The network aims to address several problems in traditional mapmaking, including uneven coverage, lack of freshness, and the absence of rewards for contributors.

The HONEY token was first minted on November 1, 2022, as part of block 158569587. The tokenomics are designed to ensure a known maximum supply of 10 billion HONEY tokens, with allocations to contributors, investors, employees, Hivemapper Inc., and the Hivemapper Foundation. The token is used to create economic incentives across the network, balancing the needs of contributors and enterprises that consume map data.

The network operates on a "Burn and Mint" structure, where HONEY tokens are burned whenever enterprises consume map data and re-minted to contributors. This system is based on a Net Emissions Model, ensuring that the token supply is managed sustainably. Map credits, a USD-pegged utility token, are used by customers to access map data, and the demand for these credits drives the value of HONEY.

As of June 11, 2024, the current price of Hivemapper (HONEY) is $0.0751 per token, with a market capitalization of $131,897,635 and a 24-hour trading volume of $1,994,610.

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How Hivemapper works

Hivemapper is a decentralized global mapping network that leverages blockchain technology to create a detailed, dynamic, and accessible map of the world. The project is designed to be community-driven, where contributors are rewarded with HONEY tokens for their efforts in collecting and updating map data.

Data Collection

Hivemapper uses various devices to collect geographic data, including:

  1. 4K Dashcams: These are mounted on vehicles and capture street-level imagery while driving. The dashcams are equipped with blockchain mining devices, allowing users to mine and earn HONEY tokens.
  2. Smartphones: Users can contribute by reporting real-time issues using the Hivemapper App on their phones.
  3. Drones: These are used to capture aerial imagery, adding to the overall map data.
AI Training

Contributors can also help by training the Map AI system. This involves labeling and editing data to teach the AI what humans know about the world. This process helps improve the accuracy and detail of the map.

HONEY Token

The HONEY token is the native cryptocurrency of the Hivemapper network. It serves several purposes:

  1. Rewards: Contributors are rewarded with HONEY tokens for their efforts in collecting and updating map data.
  2. Governance: HONEY token holders can participate in decision-making processes regarding the development and governance of the Hivemapper network.
  3. Transactions: The token is used for transactions within the platform, such as purchasing map data, accessing advanced mapping features, and other services offered by Hivemapper.
Tokenomics

The tokenomics of HONEY are designed to ensure a sustainable and growing ecosystem. Key aspects include:

  1. Total Supply: There is a maximum supply of 10 billion HONEY tokens.
  2. Token Distribution: Tokens were allocated to contributors (40%), investors (20%), employees (20%), Hivemapper Inc. (15%), and the Hivemapper Foundation (5%).
  3. Burn and Mint: A Net Emissions Model ensures that HONEY tokens are burned whenever map data is consumed, and new tokens are minted to reward contributors. This maintains a balance between token supply and demand.
Map Credits

Map credits are a USD-pegged utility token used by consumers to access map data. The more map credits purchased, the more map data can be consumed. Map credits are the mechanism by which map data consumers compensate the network of contributors for their work.

Blockchain

Hivemapper uses the Solana blockchain, which allows for fast and cheap transactions. This is essential for a busy network where many contributors are actively collecting and updating map data.

Community Involvement

The Hivemapper community is encouraged to participate in various ways, including:

  1. Driving and Mapping: Using dashcams to collect data while driving.
  2. AI Training: Helping to improve the Map AI system.
  3. Reporting Issues: Using the Hivemapper App to report real-time issues.
  4. Following the Map: Watching the map grow and evolve on the Hivemapper Explorer.
  5. Building with APIs: Using Hivemapper's mapping APIs and tools to build new products and services.

Overall, Hivemapper is a collaborative effort to create a comprehensive and dynamic map of the world, where contributors are incentivized and rewarded for their efforts.

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Hivemapper's strengths

Hivemapper (HONEY) has several strengths that contribute to its effectiveness and potential for success:

  1. Decentralized Mapping Network: Hivemapper is a decentralized global mapping network that leverages blockchain technology to create a detailed, dynamic, and accessible map of the world. This decentralized approach ensures that the data is tamper-proof, verifiable, and owned by the community, marking a significant departure from centralized models of contemporary mapping services.

  2. Incentivizing Contributions: The HONEY token is designed to incentivize contributors to provide high-quality data to the network. Contributors are rewarded with HONEY tokens for their efforts, which motivates them to continuously update and maintain the map data.

  3. Community Participation: Hivemapper emphasizes user contribution and rewards participants for their efforts. This collaborative approach ensures that the maps are up-to-date and significantly reduces the barriers to entry for fostering a more inclusive and comprehensive global mapping system.

  1. Security and Transparency: The use of blockchain technology ensures that the data is secure, transparent, and verifiable. This ensures the privacy and security of data, which is a critical aspect of the project.

  2. Governance and Decision-Making: HONEY token holders can participate in the decision-making process regarding the development and governance of the Hivemapper Network. This includes voting on proposals related to software updates, policy changes, and the allocation of resources.

  3. Sustainable Model: The project aims to create a sustainable model that benefits all stakeholders. The tokenomics of HONEY are crafted to support the project's long-term sustainability and growth, ensuring that participants are motivated to contribute quality data to the network.

  1. Flexibility and Accessibility: Hivemapper allows contributors to use various devices such as dashcams, smartphones, and drones to capture geographic data. This flexibility ensures that the maps are updated in real-time and are accessible to a wide range of users.

  2. Economic Incentives: The HONEY token is used for transactions within the platform, such as purchasing map data, accessing advanced mapping features, and other services offered by Hivemapper. This creates a robust economic system that supports the network's growth and development.

These strengths collectively contribute to Hivemapper's potential to revolutionize the mapping industry by creating a more open, transparent, and participatory mapping ecosystem.

Hivemapper's risks

Hivemapper (HONEY) carries several risks. According to InvestorsObserver, HONEY is currently a high-risk investment due to its susceptibility to price manipulation. This assessment is based on the amount of money required to shift its price over a 24-hour period, as well as recent changes in volume and market capitalization. Additionally, the cost of the dashcams, which are essential for the Hivemapper network, may be prohibitively expensive for some users, posing another risk.

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Did Hivemapper raise funds?

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Hivemapper’s team

  • Ariel Seidman: CEO of Hivemapper, previously CEO and Founder of Gigwalk, a mobile innovation company.
  • Amir Haleem: Director at Hivemapper, also involved in Helium.
  • Frank Mong: Not directly associated with Hivemapper but mentioned as COO of Helium.

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