Binance Research once stated, "Decentralized Physical Infrastructure Networks (DePIN) are one of the most interesting innovations in the cryptocurrency industry, worth close attention in the coming year. Solana has provided strong support for the development of DePIN, serving projects like Helium, Render, and Hivemapper. This field currently has a promising development outlook. Taking the community-driven decentralized mapping service Hivemapper as an example, the project has already mapped 27% of the world's roads."
Now, Hivemapper Network officially celebrates its two-year anniversary. What progress has been made in the past two years?
● Supply: Hivemapper is currently the fastest-growing mapping project, having mapped 28% of the global road network in just two years, with a growth rate five times that of Google Street View. Despite facing hardware shortages in its second year, its map coverage expansion rate still outpaces other crowdsourced mapping projects, even those relying on smartphones for mapping.
● Demand: Among the top ten map makers globally, three companies currently rely on Hivemapper to keep their maps updated. Additionally, leading companies in the automotive, logistics, and ride-sharing industries are also using Hivemapper services. Bee Maps released Hivemapper's first customer case study this year, highlighting the collaboration between Hivemapper and Dutch digital mapping service provider HERE Technologies. HERE's shareholders include Audi, BMW, Daimler, Intel, Mitsubishi, Japan's NTT, and Pioneer. As Hivemapper continues to grow, more planning cases are expected in its third year. On the other hand, with the increasing usage of Hivemapper, over 6 million HONEY tokens have been burned to date.
● Map AI: With the help of global contributors, Hivemapper's AI Trainer channel has developed a large human-machine data generation and validation engine, with community comments exceeding 800 million. Some investors believe that if AI Trainers operate independently as a service product, they could become a leading AI DePIN project in the industry.
● Marketing: In terms of marketing, Hivemapper is also continuously solidifying its market position in the decentralized physical infrastructure (DePIN) field, with industry giants like A16Z, Binance, Blockworks, Coinbase, and Messari listing Hivemapper as a top project.
● HONEY: In its second year, Hivemapper successfully promoted the listing of HONEY tokens on major exchanges like Coinbase and Kraken, increasing token liquidity and further improving token economics (Proposal MIP-15 has designed the project's token economic model to be deflationary). Despite some fluctuations in the external market environment for DePIN, the market value of HONEY tokens has steadily risen, increasing more than 50 times since Hivemapper's first anniversary.
It is reported that the cryptocurrency exchange Gate.io has also announced plans to list HONEY, aiming to continue expanding into the Asian market.
Frankly speaking, the achievements Hivemapper has made are hard-won. On the very day the Hivemapper mainnet launched, November 3, 2022, the cryptocurrency market was in chaos. The day before, Coindesk released news of a leaked balance sheet that exposed FTX's fraudulent activities and led to its bankruptcy. Subsequently, cryptocurrency market prices plummeted, with SOL dropping over 95% from its historical high, casting doubt on the future of Solana-ecosystem projects like Hivemapper.
However, Hivemapper did not simply survive this difficult time by chasing narratives. In fact, Solana was not the hottest blockchain at that time, and the term "DePIN" had not even emerged in the crypto industry.
Hivemapper's survival can be attributed to the community's shared vision for the future: that humanity will collaboratively build newer and more accurate maps. Unlike other crowdsourced mapping projects, contributions to crowdsourced mapping projects in the future will be fairly rewarded. Everyone is continuously building, mapping, and collecting HONEY, turning this beautiful vision into reality.
For the coming year, Hivemapper has laid out a clear plan: to continue building.
Hivemapper will launch the next generation of dashcams, increase map coverage, sign new clients, expand the usage of existing clients, and scale Map AI, while also introducing some exciting new components into the HONEY token economy.
Strong Fundamentals Drive the Continuous Development of the HONEY Token Economy
Hivemapper does not pursue niche or unproven markets like some DePIN projects. Instead, Hivemapper has focused on the enterprise mapping market from the very beginning, a field worth hundreds of billions of dollars. Currently, some globally renowned mapping and technology companies have begun using Hivemapper Network products, and Hivemapper's market share is continuously expanding.
In terms of token economics, according to Proposal MIP-15, 75% of the HONEY tokens exchanged for map points each week will be permanently burned, while 25% will be re-minted as consumption rewards, with a maximum weekly consumption reward limit of 500,000 HONEY. Any excess will be permanently burned, meaning that with sufficient revenue, the supply of HONEY tokens will remain deflationary.
Blockworks Research recently pointed out in an analysis report: "Hivemapper's HONEY token reward model has impressive capital efficiency. Considering the multi-billion dollar scale of the mapping market, the upcoming Bee dashcam, and the relatively low release volume of HONEY tokens, it is believed that in the foreseeable future, the on-chain destruction of HONEY tokens will exceed the issuance volume, resulting in a net destruction state."
Despite Hivemapper's strong fundamentals, many ups and downs over the past two years cannot be ignored, such as instances of "two steps forward, one step back" during project development. Additionally, the wait for the next generation of dashcams has been painful. However, from another perspective, the HONEY token economy still has significant room for growth and can become even stronger. As Hivemapper approaches its third year of project development, the potential development opportunities for the HONEY token economy are gradually expanding, including:
● Increasing the share of HONEY token consumption in developer revenue;
● Promoting the listing of HONEY tokens on centralized and decentralized exchanges to attract more people to trade tokens and support additional liquidity;
● Increasing investment in innovative applications of HONEY tokens.
The importance of the above work is self-evident. If resources are sufficient, it makes sense to accomplish more work, but building in a bear market requires a more steadfast focus and the courage to say "no" to many tasks. Focus is a blessing, but it sometimes comes with a curse. Fortunately, as the market improves, Hivemapper has the opportunity to increase investment and accomplish more work. Yes, it is time to increase support for developers, APIs, and documentation, and to launch more products that interact with the HONEY token economy, including consumer navigation, fleet intelligence, new map data layers, and third-party explorers.
Hivemapper's Project Development Roadmap for Year Three
Based on the work of the past year, Hivemapper has outlined the priorities for project development in its third year, including:
HONEY Token Economy and Liquidity
○ Update the pricing table, effective January 1, with potential changes including:
■ The price of map points will increase, with more fiat currency revenue used for token buybacks;
■ A new annual licensing fee pricing model for map features is proposed, expected to support annual amortization.
○ Launch incentives for a DEX liquidity treasury.
○ Support listings on more centralized exchanges.
Consumer and Fleet Navigation
○ Privacy-focused navigation services.
■ Differentiate through advanced AI features, not just white-label navigation applications;
■ Provide consumers with opportunities to earn and use HONEY tokens while experiencing map services.
○ Fleet products, such as Bee Maps' Beekeeper.
■ Route intelligence products require Map AI support, thereby promoting HONEY token destruction.
Developer Ecosystem
○ API libraries that display more network data than ever before.
○ Hivemapper Network funding programs to support ecosystem projects, covering value-added products, contributors, and customer-facing dashboards and tools.
○ Bee Maps commits to providing funding programs for startups and public institutions.
○ Potential rewards for third-party applications that add map data layers.
Network Decentralization and Transparency
○ Provide independent documentation for the Hivemapper Foundation regarding network design, governance, funding, and the HONEY token economy.
○ Consider MIP proposals as a means of HONEY token governance.
○ Accelerate the Open Dashcam program according to Bee specifications.
○ Assess the current state of decentralized storage and computing.
In summary, Hivemapper's goal is very clear: to fundamentally change the way humans create maps. In the coming weeks and months, Hivemapper will delve deeper into the above topics and update relevant content, which is worth looking forward to.
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