Investing In Hivemapper (HONEY) – Everything You Need to Know

Hivemapper (HONEY) introduces the Drive-to-Earn concept into the blockchain sector. These protocols enable users to secure returns by simply driving and sharing their data. This structure is in stark contrast to today’s centralized approach which has automakers collecting and selling all of your data while excluding drivers from the profits.

Hivemapper seeks to create the world’s most up-to-date and reliable global map. To accomplish this task, the network borrows its business strategy from honey bees. In a hive, the entire community works towards a common goal, which improves the lives of the entire colony.  Hivemapper believes that this strategy is ideal for decentralized map making, where the users are the bees, and the map is the colony’s focus. Here’s everything you need to know about Hivemapper (HONEY).

Drive-to-Earn

Mapping is big business and has been for centuries. Today’s global economy relies on timely and correct mapping data to function. Billions of people depend on mapping software daily. However, most people take the fact that there are detailed maps of nearly everywhere you go for granted.

What Problems Does Hivemapper Attempt to Fix?

There are several problems that Hivemapper attempts to fix. For one, the market is centralized with platforms like Google Maps dominating the market. These large tech firms hold near-monopolies over the industry, enabling them to set prices, terms, features, and more. Hivemapper offers a decentralized alternative to the market which enables anyone to share the profits created from their data. Specifically, users gain rewards for collecting high-quality street-level data and sharing it with the community.

Censorship and Knowledge Control

Whenever you have centralization, there will be censorship and knowledge control. Currently, many popular mapping sites are purposely left out, inaccurate, or replaced. While some of these areas are blurred for security reasons, many are left unexplained, confusing people in and around that community. A community-owned mapping system solves this problem as everyone can access all regions of a map with nothing left blurred, altered, or excluded.

Uneven Coverage

It’s nearly impossible to get even coverage when building a map from a centralized approach. For one, the data input is limited in its geographic capabilities. For example, if you hire thousands of map makers and have them spread out over a small region, the coverage will be decent. However, as you expand, there’s going to be a need to expand the data inputs accordingly. As such, it’s impossible for a centralized map to ever provide true real-time coverage.

Hivemapper addresses this problem through its decentralized structure. There’s no need to rely on specific company employees when using a decentralized system. Network users take this role, opening the door for detailed coverage of vast areas. In this way, Hivemapper is the first global digital street-level imagery map to hit the market.

Integration Costs

Another major issue that Hivemapper wants to fix is the rising costs of map integration. App makers who need to integrate mapping data are forced to pay whatever the major tech firms insist. As such, they are left at a serious disadvantage in terms of negotiating, interacting, and sharing their map data as part of their app model. Hivemapper offers a low-cost and easy-to-integrate solution that leverages advanced APIs to provide developers access to up-to-date map data.

Benefits of Hivemapper

Hive mapper brings many benefits to the area. As a decentralized mapping software, it opens the door for more users and innovation. Any business or developer can integrate Hivemapper data to improve their offerings and lower their overhead compared to using Google Maps or other current options.

Timely Data

In terms of monitoring, Hivemapper provides the best coverage available. The company offers global coverage, with updated data, and 4k quality imagery to empower app providers and users. It includes vital real-time data. For example, why traffic is slow on a highway, including detours, safety information, and imagery down to the street level.

Cost Savings

Another major benefit of Hivemapper is that it doesn’t require network nodes to possess expensive camera equipment. Today’s smartphones and dashcams can produce high-quality video which enables anyone to participate in the updating process. As such, Hivemapper can have many more “bees” working towards its goal versus Google, which requires expensive equipment and custom-made vehicles to accomplish similar tasks.

How Does Hivemapper Work?

Hivemapper brings together network users who all contribute to a decentralized global mapping ecosystem. The ecosystem was built on the Solana high-performance blockchain. This approach enables Hivemapper to enjoy scalability and full interoperability within the Solana economy, which includes DEXs, Dapps, DeFi, and more.

Connect to Hivemapper

The first step to joining Hivemapper is to connect to the network. This process requires you to use a Phantom or Breeze wallet. Notably, the platform supports self-custody of your digital assets. Non-custodial platforms don’t separate users and their crypto, which means that your assets remain in your control, reducing the risk of losses due to platform hacks, outages, and rug pull.

Secure Returns Updating Maps

Bees are network users who provide mapping data to the ecosystem. Each bee secures HONEY, the network utility token, for their efforts. The amount of HONEY secured depends on the quality, amount, and timeliness of the data provided.

Bee Contributor Rewards

Users can secure rewards by updating the map using multiple methods. The most common is a smartphone. Today’s advanced smartphones have high-quality cameras and sensors that can provide all the data needed to generate powerful maps. The best option is to use dash cams which can capture 4k quality video in real time. Lastly, users can secure rewards by labeling images for the network’s AI training.

All HONEY rewards are distributed weekly to the bees. The reward distribution process begins by reviewing the progress made on the global map. From there, a reward pool gets formed and tokens are deposited. The reward pool is then separated into regional pools, before being broken down further into individual rewards.

Scout

The Scout software allows users to keep tabs on certain regions and detect changes faster. The Scout window enables anyone to select, sort, and prioritize regions based on several criteria. You can also zoom in on the street level to gain a real perspective of the environment and what changes have occurred.

Burst

The Burst option allows users to request additional mapping in their region. The protocol provides higher rewards for those who can accomplish this task promptly. Burst makes it easy for Hviemapper to fill in gaps in coverage when needed.

Bees Maps

There are several add-ons available for Hivemapper users, and Bees Maps is the most popular. It includes an advanced dashcam that supports passive mapping features, enabling users to secure returns every time they hit the road. It also supports advanced business features such as fleet monitoring and AI detection.

Token – HONEY

HONEY is the utility token for Hivemapper. It’s used to access map features, pay rewards, and facilitate transactions. This versatile digital asset lives on the Solana blockchain. It has a max supply of 10B tokens slated for issuance with a circulating supply of 2.1B HONEY.

Hivemapper Governance

Hivemapper seeks to be a truly decentralized mapping ecosystem. As part of this strategy, the company created the Hivemapper Foundation. This foundation is tasked with helping to expand the community, features, and public knowledge. It’s also responsible for ensuring quality, creating fun and engaging activities, and educating businesses and government officials about Hivemappers’ many benefits.

Hivemapper allows users to stake HONEY and put forth votes based on the weight of their stake. Using a system called Map In Proposals, can put forth alterations and suggestions for a vote. Those upgrades that receive the majority vote, will gain direct access to the community treasury and begin implementation.

Hivemapper History

Hivemapper entered service in November 2022. It was founded by Ariel Seidman and Evan Moss to create an open and more democratic mapping solution. Since its launch, Hivemapper has seen considerable growth. Today it’s a top-performing decentralized mapping solution in the market.

How to Buy Hivemapper (HONEY)

Currently, Hivemapper (HONEY) is available for purchase on the following exchanges.

Coinbase – A publicly traded exchange listed on the NASDAQ. Coinbase accepts residents from 100+ countries, including Australia, Canada, France, Germany, Netherlands, Singapore, the United Kingdom, and the United States (excluding Hawaii).

Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry and offers trading access to over 190 countries, including Australia, Canada, Europe, and the United States (excluding Maine, and New York).

Kraken Disclaimer: Not investment advice. Crypto trading involves risk of loss. Payward European Solutions Limited t/a Kraken is authorised by the Central Bank of Ireland.

Hivemapper – Using Decentralization to Improve Life for All

Hivemapper is a smart example of how Blockchain technology can improve vital aspects of society. A decentralized mapping system that rewards everyone for their data is a wise solution that could help improve quality while lowering costs for all. As such, Hivemapper has a lot of momentum, making it a smart project to watch moving forward.

Learn about other cool blockchain networks here.