FOAM blockchain application for maps using smart contract technology has been launched in the Ethereum network. Users have already started filling out the map.
How does the application work?
- Users register the points on the FOAM map using a cryptographic method called Proof-of-Location.
- For each new point on the map, users receive internal system tokens.
- The output of the tokens will be available 45 days after the start of the protocol to prevent speculation.
- Users who have placed a minimum of 10 points on the map will be able to cash out tokens.
- Tokens are also used in the quality control mechanism, which allows to confirm or deny the correctness of recently added points.
Unconfirmed locations have already started appearing on the map in the areas of New York and Berlin. For the first day of the application, users added more than 500 objects of an increased interest. Representatives of the project believe that centralized cartographic services are vulnerable and unreliable, in contrast to decentralized ones. The goal of FOAM is to create a truly reliable and stable map, which is implemented on the basis of Ethereum blockchain due to the distributed network of individual users. The application can also be used to play games or manage logistics chains.