How can blockchains help map out the world?

Welcome to the cryptohunt jam where we spend one minute a day explaining crypto. In plain English.

You probably take great maps for granted: All you have to do is hop into your car, turn on Google Maps, and off you go.

There is a problem though: There are only a few companies that own all of the data. What if Google decided that navigation would suddenly cost everyone $9.99 per month?

And that's not hypothetical: If you want to use maps in your own product, Google is charging an arm and a leg, up to hundreds of thousands of dollars per year even for startups.

Enter blockchains, and a project called Hivemapper.

Hivemapper's community buys a dashcam from the company, and when they are driving around to collect map data, they get rewarded with the Honey token.

And the blockchain is smart enough to increase or decrease those rewards based on where mapping is most needed.

Companies that want to use the maps buy Honey tokens and essentially send them to the mappers. And even more interesting: If there is a region they want mapped, they can pay a little more to give people a reason to drive around in it.

So - why not just have Hivemapper pay people? Why do we need a blockchain? Because it sets the rules of the game in stone, so everyone is on the same page. It also prevents the company to go the same way that Google did: Change their mind and start charging an arm and a leg.

And tomorrow, we'll talk about how this concept of rewarding community can be applied to crypto trading.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.