Foam to Build a Decentralized Mapping Platform Using Token Grants
Foam is a cryptocurrency token issued on Ethereum platform. With a circulating supply of 331 Million coins, it’s on the move to meet what other few tokens have. To build a consistently involved community that uses token beyond prediction.
Foam has found a token-curated registry model that works. After a $16.5 token sale in 2018, the geolocation data startup has initiated a token-curated registry. In April the registry had approximately 140 active monthly subscribers. Though, it aims to register 500 user contributions to its open source map.
Foam is following the avenue followed by services like Google Maps. Even so, it has added features like proof of locations and distributed storage. The two will enhance data reliability. This will be essential to public services such as police and fire department. The supply chain management will too be a beneficiary. Their tools break when connections issues of fault data distract network flow.
Speaking to Coindesk, CEO Ryan John said that Foam will start offering token grants up to $15,000. This will depend on the proposals for developers to come up with the mapping and statement collection system. He said roughly 10% of token supply, which is about 3 million tokens were set aside. The cash would fund community initiatives such as grants.
As of now, community-led initiatives and tools are more, said King. The stakeholders and its open source are the force behind this move.
A case study is that of Coleman Moore, the chain supply expert. Coleman organized and spearheaded the utmost Foam Community Proposal call. The call had approximately 20 participants. Still, he had already scheduled a followup call.
In his profession, he said that companies depend on proprietary services. If not, they volunteer radio beckons for statistics. He is, therefore, confident in an open source tool with economic motivation to keep the data safe via TRC. It’s so far, the appealing backup.
In addition to impetus, Foam uses blockchain. This adds value because the current universe everything is connected to the internet. Coleman said that you don’t have to be controlled by a centralized network server.
Cody Born, Microsoft engineer highlighted Moore’s point about incentives. He collected Microsoft Azure tools to reinforce the Foam scavenger hunt. The hunt gifted subscribers for verifying their location data with a non-fungible token (NFT) of the buildings they connected to the map. Like other movers and shakers, Born has won some of NFTs through one of the best online scavengers.
In response to his findings, Born told CoinDesk that the scavenger hunt consists of TRCs, blockchain, incentivization, and collection of things. It attracted him because it combined a lot of his interest. As a result, it motivated him to get engaged and take part in various forums in the Foam community.
Today, the Foam token price is $0.03 each and it has remained stable throughout 2019. This is because proprietors who love maps and puzzles are using this token to vote for quality. Also, contribute to the map, rarely trading it.
Above all, Foam looks to have a bright future. But the project needs community participation for this open source to function.