FOAM Team Launches Interactive Map On Ethereum Blockchain
The team of one of the most long-awaited blockchain projects in 2018 reported on the launch of a decentralized map called FOAM. With the help of the smart contracts, users can add locations and interesting city sights to the database, which is a new alternative to GPS, Coindesk reports.
The app works on the Ethereum blockchain and utilizes the Proof of Location protocol allowing to register a particular location on the map.
Screenshot of map.foam.space
The FOAM team expects to create a reliable and convenient world map for a broad application — from games like Pokemon Go to supply chains management. Ryan John King, the project CEO, expressed the opinion that cartography is not yet perfect — centralized services like GPS, subordinated to the state and controlled by air forces, are quite unreliable and prone to risks.
"People think location is a solved problem," — he claimed.
In the first 24 hours after the FOAM’s launch, users added more than 500 sights in large cities like Berlin and New York. The submitted locations are blue dots on the map, and each of them requires confirmation. The FOAM tokens are used for registration of these places and to control the quality of the system by voting or challenging new geolocations.
The startup representatives claimed that they managed to sell tokens worth $16.5 million to users from all over the world. The largest buyers were the residents of Russia, Australia, Britain, and some European countries. The terms of the purchase oblige to place minimum 10 points on the FOAM map, after doing that users will receive their tokens — though not earlier than 45 days after the launch.
As previously reported, a jewelry company will track the origin of diamonds with the help of blockchain.