Decentralized mapping platform Hivemapper is now rewarding users with crypto tokens HONEY for installing the company’s dashcam in their vehicles and sharing data and road imagery, 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 Imagery
Hivemapper, a blockchain-powered mapping network, began issuing the crypto token HONEY to reward drivers for using Hivemapper Dashcams, Reuters reported Friday. Drivers can earn HONEY by installing dashcams in their vehicles and sharing street-level data and imagery.
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 across 66 countries.
Arel Seidman, CEO of Hivemapper, said he cannot discuss how and when HONEY tokens can be spent due to certain US regulations. He said there is “real value that’s being created, and it 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. Motorists can also earn HONEY by using a specialized Hivemapper Dashcam.
With HONEY, the company aims to attract drivers and challenge Google Street View with low-cost road images which Hivemapper sells. According to its official website, each kilometer of street-level image 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 US$300 billion market.”
– Ariel Seidman, CEO and co-founder of Hivemapper
Join our Telegram group and never miss a breaking digital asset story.
Hivemapper 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 firm GMT launched an NFT art project that allows users to compete for Bitcoin rewards.
In 2020, Meta Platforms acquired Mapillary, a firm that encourages users to capture imagery through phones and dashcams, though with no compensation. The Facebook owner has struggled significantly in 2022, announcing cost-cutting and restructuring plans for the first time in 18 years.
Further, the tech giant trimmed the growth outlook for its metaverse platform Horizon Worlds due to weak interest. Meta initially expected to reach 500,000 platform users by the end of 2022, compared to the updated forecast of 280,000.
Finance is changing.
Learn how, with Five Minute Finance.
A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
You’re well on your way to being in the know.
Would you consider using Hivemapper’s dashcams to earn HONEY tokens? Let us know in the comments below.
About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.