A Deep Dive into the DePIN Project Hivemapper

Forward the Original Title: Hivemapper: An Undervalued DePIN Project on Solana

Note: This article does not provide any investment advice. Investment is risky and should be approached with caution!

Hi everyone! This is Lit_horse that focuses solely on projects without delving into investment. Today, we’re discussing Hivemapper, an underrated DePIN project on Solana.

Project Analysis

Project Introduction: A decentralized, continuously updated map built by people using dashcams. “Drive To Earn” or “DeDrive” project type: DePIN; Chain: Solana; Project equipment:

• Dashcams: Shared cameras with Hivemapper to create maps. Two versions available – Hivemapper Dashcam S (649U) and Hivemapper Dashcam (300U). Currently out of stock, with deliveries expected in May 2024.
• Hivemapper Companion App: Compatible with Android and iOS, connects to dashcams for data transmission.

User groups: (1) To Consumer: Individuals who purchase dashcams to participate in data collection and AI training, earning HONEY (supplier side). (2) To Business: Provides map image APIs, map feature APIs, change detection services, and customized services, suitable for providing real-time map data for autonomous driving and road condition detection. User engagement: (1) Drive with dashcams to map routes. (2) Play AI training games to train the map AI engine. (3) Follow Hivemapper Explorer to observe map developments. (4) Use their API to build innovative maps and geographical projects. Unique features: While Google Maps relies on expensive cameras, vehicles, and manpower to map, Hivemapper utilizes a large number of everyday drivers to collect street images. This approach offers two main advantages:

• Lower-cost mapping: Map creation with Hivemapper is a byproduct rather than a primary activity, resulting in lower service costs.
• More up-to-date maps - Since anyone can join Hivemapper by purchasing relatively cheap hardware, the more contributors who contribute to a map, the more frequently the same location will be mapped.
• Higher quality maps - For many locations, Google Maps only passes through a specific location every few years. If the atmospheric and lighting conditions are not ideal, it can take years to get better images.

Funding

Decentralized mapping startup Hivemapper has successfully raised $18 million in funding, led by Multicoin Capital. Industry professionals, including the founder of Solana, former Apple Maps executives, and the CEO of Helium, also participated. The funds will be used to support the mainnet launch of Hivemapper’s native token HONEY and attract more map contributors.

Founder and Team

The project was founded by Ariel Seidman (Co-founder and CEO) and Evan Moss (Co-founder and CTO) at Hivemapper.

Tokenomics

Token: HONEY; Total supply: 10 billion Token; Circulating supply: 458 million; Current price: 0.21 USDT; Market cap: $96.18 million; FDV: $2.1 billion; Token allocation:

• 40% as rewards for contributors continuously improving the Hivemapper network.
• 20% for investors to provide startup capital for launching the Hivemapper network.
• 20% for Hivemapper Inc.’s employees to build the necessary technology and operating systems for running the Hivemapper network.
• 15% as rewards for Hivemapper Inc., supporting ongoing research and operations for the Hivemapper network.
• 5% donated to the Hivemapper Foundation for managing and promoting the continuous success of the Hivemapper network.

Token Release: Upon launch, the Hivemapper network began minting 4 billion HONEY tokens and distributing them to contributors as rewards. The exact amount of tokens minted weekly is determined by the global map progress. 90% of the tokens minted weekly are awarded as rewards to contributors, while 10% goes to the “operational reward” to sustain the ongoing operations of the Hivemapper network. The token transfer restrictions for investor-allocated tokens last for two years, with the unlocking occurring in 12 batches starting from the 13th month’s end until the 24-month anniversary of the initial token allocation date. Employee-allocated tokens are subject to a three-year restriction, with 24 batches releasing token transfer restrictions from the 13th month’s end to the 36-month anniversary date of the initial token allocation date. Token launch on the mainnet determines the date. The graph below illustrates the Honey token’s minting speed, starting with rapid growth and gradually approaching zero. It also shows the maximum speed of development, taking 10 years to mint the entire 4 billion HONEY tokens.

Token Burning: Data consumption from the network (e.g., through map image APIs) requires burning HONEY tokens to obtain map credits. The net amount of burned tokens will be reminted and distributed to contributors using a net emissions model. Map credits are practical tokens pegged to the US dollar, serving as a mechanism for compensating contributors in the network. Customers can not only purchase map credits to access existing data but also use them to prioritize upcoming data collection. It costs 50 credits per kilometer of data usage. Economic Model: Net Emissions Model

Token utility: HONEY tokens are used to create economic incentives in the Hivemapper network while balancing the needs of two groups within the ecosystem:

• Map data contributors: HONEY is used as a reward for submitting information, editing map data, and completing artificial intelligence training tasks.
• Enterprises and developers who use map data to support their products and services: HONEY is used as the destruction loss when calling Hivemapper network data.

Competitive Landscape

Currently, the main representatives in the DeDrive project space are Hivemapper and Dimo. The following information compiled by Future Money Group summarizes data related to these two projects and other relevant projects associated with Drive.

Current Development of the Project

The project has mapped approximately 106 million kilometers, involving contributions from 34,861 participants across 1,503 regions, rewarding contributors with a total of 13 million HONEY tokens.

The total mapped kilometers show a linear relationship in the project.

There are a total of 33,374 token holders in the project, with an on-chain total supply of 6.195 billion tokens.

On Discord, the project has 12,231 members, with 1,507 online. It has 30,900 followers on Twitter and 1,121 members on Telegram, with 75 online.

Fleet Management

Hivemapper collaborated with StreamingFast to develop fleet management tools. Fleet managers can determine the token allocation ratio between administrators and regular members by configuring token distribution.

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