One of the most anticipated blockchain app this year has finally been launched on the blockchain of Ethereum (ETH). FOAM – which is aimed at creating a resilient and reliable world map using blockchain technology and smart contract – recently announced that the Dapp (decentralized app) has been deployed on the blockchain of Ethereum (ETH) and users are already beginning to populate the map.
The Motivation behind the Project – Ryan John King
In an interview with CoinDesk back in June, Ryan John King – the CEO and co-founder of FOAM – discussed the motivation behind the decentralized application, saying that “people believe location is a solved issue.” Instead, the CEO said that centralized mapping services such as GPS – which is operated by the Air Force and owned by the government of the United States – are unreliable and vulnerable.
The solution of the firm is to disperse the work of cartography among a verbose network of individual users that register locations on the decentralized map using a cryptographic strategy known as Proof of Location. The firm has several use cases in target, from supply chain management to games.
The firm incentivizes users with tokens (which is known as FOAM) to populate the map with new locations. The tokens are also used as a mechanism for quality control, allowing users to vote and challenge the accuracy of newly added locations. This mechanism is known as a token-curated registry, and it has been adopted in several decentralized applications.
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, the value of Ethereum (ETH) is $214 after a decrease of about two percent over the past twenty-four hours. The current market cap of the second largest digital currency in the world is $21.87 billion and its trading volume over the past twenty-four hours is $2 billion.