- Hivemapper is a fast-growing mapping platform.
- The network is working to disrupt an industry that is dominated by Google and Apple.
- The number of total kilometers has grown to over 104 million.
Hivemapper’s HONEY token went parabolic on Thursday as the network’s growth continued. HONEY, a Solana token, surged to a high of $0.314 even as other cryptocurrencies like Bitcoin and Ethereum pulled back.
Growth is continuing
Hivemapper is a company that is disrupting the global mapping industry that is now dominated by Google Maps, Waze, Microsoft, and Apple. The company is leveraging blockchain technology to ensure that its maps are updated on a regular basis.
This is a major challenge that the popular mapping tools face today in that its locations are updated after a few months. As a result, many users have found themselves either using the long or the wrong route.
Hivemapper let’s users provide locations and then earn HONEY tokens, which they can redeem for cash. As a result, it provides a win-win situation since users provide map data and then earn rewards.
Users are required to buy Hivemapper’s dashcam and then install it on their vehicles. The cheapest dashcam goes for $300 while an advanced one sells for $649. Having a dashcam is also a safety feature when driving.
Hivemapper’s growth has continued to accelerate. According to its website, users have mapped over 104.8 kilometers globally. The number of unique kilometers mapped stands at almost 7 million. Over time, the number of contributors in the ecosystem has jumped to almost 35k.
Most of the mapped regions are in the United States, Canada, Western European countries like France, Spain, and Germany. Australia and some South American countries are also starting to grow.
Hivemapper challenges remain
Despite this growth, Hivemapper still faces numerous challenges going forward. First, the biggest challenge is that the company is competing with behemoths with unlimited resources.
Google has over $119 billion in cash on hand while Apple has over $162 billion. Microsoft has more than $143 billion. This means that these companies can outspend Hivemapper in development. As such, this is a David vs Goliath battle.
Second, there is the challenge of geography. One thing that Google Maps does well is that it has mapped almost everywhere globally. By relying on independent providers it means that some regions will not be mapped well. For example, a closer look at its map shows that only South Africa and Nigeria have some mapping. Most Asian countries, including China, are not mapped well.
Third, many Hivemapper data providers do so to earn the HONEY token. The challenge is that Hivemapper does not have control of how the token performs. If it continues rising, it could attract more providers. However, if it plunges, it could see less usage. One way of solving this, in my view, would be to use stablecoins, which rarely move.
Finally, Hivemapper does not own its mobile or desktop ecosystem. In the case of Google, it owns Android while Apple owns iOS. This means that their apps come pre-installed, making them easier to use.
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