Blockchain Dashcam Maker Issuing Token To Reward Drivers For Road Images – 24/7 Wall St.
Decentralized mapping platform Hivemapper is now rewarding users with the crypto token HONEY for installing the company’s dashcam in their vehicles and sharing data and road images, according to Reuters. The move comes several months after Hivemapper raised $18 million in a funding round to launch its blockchain platform.
Drivers can now earn HONEY tokens by sharing road photos
Hivemapper, a blockchain-powered mapping network, began issuing the crypto token HONEY to reward drivers for using Hivemapper Dashcams, Reuters reported on Friday. Drivers can earn HONEY by installing dash cams in their vehicles and sharing street-level data and images.
In April, Hivemapper secured $18 million in funding to launch its blockchain-based platform in a round led by Multicoin Capital. The San Francisco-based dashcam maker claims it has so far sold more than 5,500 dashcams in 66 countries.
Arel Seidman, CEO of Hivemapper, said he cannot discuss how and when HONEY tokens can be used due to certain US regulations. He said there is “real value being created and that will be reflected in the token.”
Hivemapper’s dashcams are priced at $549 per unit, and according to the company’s whitepaper, HONEY rewards are not fixed and will be adjusted in line with market demand. Drivers can also earn HONING by using a specialized Hivemapper Dashcam.
With HONEY, the company aims to attract drivers and challenge Google Street View with affordable road images that Hivemapper sells. According to the official website, each kilometer of street-level imagery costs $1.
“Maps are a critical aspect of today’s global economy and technology infrastructure, yet only a handful of the largest technology companies control the $300 billion market.”
– Ariel Seidman, CEO and co-founder of Hivemapper
Hive folders reminiscent of Meta-owned Mapillary
Hivemapper marks another blockchain-powered project that aims to attract the masses by compensating them with blockchain or Web3 rewards. Similarly, mining company GMT launched an NFT art project that allows users to compete for Bitcoin rewards.
In 2020, Meta Platforms acquired Mapillary, a company that encourages users to take photos through phones and dashcams, but without compensation. The Facebook owner has struggled significantly in 2022, announcing cost-cutting and restructuring plans for the first time in 18 years.
Furthermore, the tech giant trimmed the growth outlook for its metaverse platform Horizon Worlds due to weak interest. Meta originally expected to reach 500,000 platform users by the end of 2022, compared to the updated forecast of 280,000.
This article originally appeared on The Tokenist
