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Earning on the Go with Hivemapper’s Token-Powered Network

Earning on the Go with Hivemapper’s Token-Powered Network

Hivemapper is on the brink of a significant milestone, having covered nearly 200 million kilometers since its launch in 2022. This project aims to establish a global, decentralized mapping network, challenging Google’s dominance in the market. 

Hivemapper is one of many Decentralized Physical Infrastructure Network's (DePIN) projects that have gained traction over the past year. These systems are not controlled by a single entity but are distributed among multiple stakeholders. This is similar to decentralized finance (DeFi), shifting infrastructure from corporate to community control, allowing individuals to contribute resources toward a shared facility.

The project’s initiative addresses a critical challenge in the mapping industry: maintaining current and accurate maps. 

Traditional methods of collecting map data are costly, and even well-funded companies find it difficult to update maps globally. Moreover, while today’s maps were designed for human use, autonomous and semi-autonomous vehicles require much fresher data. As autonomous vehicles become more prevalent, the demand for up-to-date maps will increase. 

In addition, millions of businesses rely on integrating maps into their products, and with limited options available, monopolistic pricing has made map data prohibitively expensive.

To address these issues, Hivemapper has developed a network of contributors who collect high-quality, street-level imagery using dashcams. The project rewards participants with its native HONEY token for contributing data, offering an open-source alternative to Google Maps.

Hivemapper's dashcam can be installed inside or outside of your car, facing forward or sideways. Additionally, you can use the same equipment for multiple vehicles.

Earning on the Go with Hivemapper’s Token-Powered Network

The concept has resonated widely with Web3 users, and the project has mapped approximately 196 million kilometers worldwide. Notably, it has amassed over 130,000 contributors who earn money by providing map data through Hivemapper dashcams.

Earning on the Go with Hivemapper’s Token-Powered Network

Earnings from the project can vary greatly based on location. For instance, drivers in Arizona, United States, can expect approximately 1,364 HONEY (equivalent to $134) per 1000 km of data submitted, whereas drivers in Berlin, Germany, might earn only about 25 HONEY ($2.4) per 1000 km. While this may not be sufficient for those looking to earn a living solely through Hivemapper, it offers a viable option for drivers seeking to earn extra money during their routine road trips.

To begin contributing to Hivemapper, drivers must first purchase a dashcam from the company. The latest high-end model, the Bee, which features LTE capabilities, is priced at around $549.

Earning on the Go with Hivemapper’s Token-Powered Network

Although Hivemapper has not yet disclosed its client base, these clients play a crucial role in the token economics of the project. Consumers can buy map data using map credits, which are USD-pegged utility tokens that allow access. The more map credits purchased, the more map data can be consumed. The project uses the revenue from these purchases to buy back HONEY tokens, of which 25% is reissued to contributors, while the remaining 75% is permanently burned.

Due to this deflationary structure, the demand for data from the Hivemapper Network directly converts into increased rewards for contributors, simultaneously creating a net demand for the HONEY tokens.

Hivemapper operates on the Solana Network with a market cap of $130 million. In 2022, it raised $18 million from investors, including Multicoin Capital and key figures from Solana, Apple Maps, and Helium.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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