Blockchain-app FOAM a startup working on creating a new map of the world on the basis of technology smart contracts running. According to officials of FOAM users have already started filling in the map.
Talking about one of the most anticipated blockchain applications years earlier, co-founder and CEO of project Ryan John king (John King Ryan) said:
“People think that the definition of location — problem solved”.
Challenging this view, he noted that centralized map services, such as GPS, in the management of military-air forces of the USA and is actually owned by the us government, vulnerable and unreliable.
The purpose of FOAM is to create a truly reliable and stable card that is implemented based on the Ethereum blockchain through a distributed network of individual users that record the location on the map FOAM c using a cryptographic method of “proof of location” (eng. proof of location). Working with the map involves the use of tokens, also called FOAM, which were distributed during a $16.5 million sale ended in August.
Tokens are also related to the system of quality control FOAM: the use of tokens allows the user to challenge the accuracy of newly registered locations and vote for the best option. The mechanism used in the application known as managed tokens registries (eng. token-curated registry).
According to the developers, over 500 sites have been added by users in the first 24 hours after launch. Blue dots are proposed, but are waiting to confirm the location began to appear on the map, the most active in new York and Berlin.
For later use the tokens to their owners must be noted on the map at least 10 minutes, otherwise they will not be able to withdraw their tokens beyond the scope of the Protocol. However, even in this case, any transfers will be prohibited within 45 days of launch.
The purpose of such restrictions is to prevent a situation where instead of contribute to the development of the project, they become the object of pure speculation: developers do not emphasise the need to use a “coin” FOAM “on purpose”.
Overall, the service is designed for multiple use-cases, from gaming to control the supply system where is possible to complete the transformation of habitual processes as a result of the transition to a decentralized approach.
“Map of the FOAM can be completely decentralized, leveraging collective intelligence without a Central authority for cost sharing between those parties which create it,” — says on the project website.
We will remind, in August of the imminent launch of the platform on the blockchain Ethereum launched another project seeking to contribute to “engage with the world and exchange of ideas” — we are talking about a decentralized social network Minds.