One of the most anticipated blockchain Dapp projects went live last week. The project is called FOAM and it aims to create a stable, resilient map of the world via smart contract technology. The highly anticipated decentralized application has launched on the Ethereum blockchain with users already populating the map.
The developers intended for the technology to mirror GPS while instead being an open technology, which anyone can contribute to. This idea is great since many people have learned how to trick their GPS to show false information. It’s notably easy to trick the GPS that you are in Barcelona, while you are comfortably sitting in London.
FOAM brings Proof-of-location (PoL) to the mix
This is why the developers came up with “proof-of-location”. Essentially it’s a cryptographic method, which offers proof that a user has actually visited the location in question. Now that the FOAM dapp has launched, it’s designers believe that there is no possible way for cheating.
New users can populate the map with new locations by using the token, also called FOAM. It was distributed by the company in a sale totaling over $16 million, that ended in August. These FOAM tokens also serve the function of “quality-control mechanisms.” Allowing users to vote and challenge the accuracy of newly registered locations on the map. While this mechanism is relatively new, it’s still been used in some DApps and it’s known as the token-curated registry.
It’s important to note the existence of the “point of interest” system. Users who bought FOAM tokens are required to use the tokens. They must place at least 10 interest points on the map. Failure to do so will result in the inability to transfer tokens outside the protocol. That being said, even if users comply, they are still prohibited from transferring tokens for the first 45 days.
These restrictions have an interesting idea behind them. Many tokens are only seen as objects of speculation. The designers want the tokens to be used to contribute to the project by cryptography and also to prevent pump and dump schemes, very popular amongst Initial Coin Offerings.