FOAM, amongst the most anticipated blockchain application, goes live now.
FOAM, as intended to provide a reliable and irrepressible global map leveraging smart contract technology, recently announced the launch of their Decentralized application(Dapp) on ethereum blockchain and has already attracted users ‘populating the map’.
In June, Ryan John King, FOAM co-founder and CEO stated their reason behind the development of Dapp as ‘people consensus that location navigation is a solved problem’. Instead, King argues that centralized map services like GPS are vulnerable since they are owned by U.S. Government and managed by Airforce.
FOAM’s idea and motivation is to enhance the field of cartography amongst a decentralized network of individual users, who in turn would be mapping via cryptographic algorithms supporting Proof of Location concept. FOAM has been based upon multiple use cases ranging from games to supply chain management.
Users who would be mapping FOAM would be incentivized via the native token, also named FOAM, whose value is based upon the $16.5 million sale that the firm concluded in August.
The tokens would also ensure the quality control and challenge by others users for voting about the accuracy of registered locations. This would be done via the token curated registry, a technique employed via multiple dapps.
Proposed locations, which has yet to be confirmed, are represented via Blue Dots, has started popping up on the map in areas like New York and Berlin. As per the official data from FOAM, more than 500 ‘point of interests’ have been added in first 24 hours after launch.
Interestingly, FOAM token holders can only use tokens after placing at least 10 points of interest on the map, or else they won’t be able to transfer tokens outside the FOAM protocol. As of now, the FOAM protocol has restricted any token transfer for first 45 days from launch.
The aforementioned restriction is to prohibit FOAM token to be a subject of speculation, rather than serving their purpose of cartography via cryptography.