Blockchain-Powered Mapping: Exploring Hivemapper and NATIX Network in the DePIN Space
Today's deep dive explores the emerging Web3 sector, focusing on Hivemapper and NATIX Network in the mapping category. DePIN (Decentralized Physical Infrastructure Networks) leverages blockchain to decentralize the creation, management, and operation of physical infrastructure, ensuring transparency, security, and efficiency across various sectors.
The global geospatial analytics market was valued at $79.06 billion in 2023 and is projected to grow from $89.81 billion in 2024 to $262.73 billion by 2032 (CAGR - 14,4%).
Hivemapper
Challenges in Traditional Mapmaking
Costly Methods:Â Conventional map data collection using dedicated vehicles is expensive, leading to industry dominance by a few companies.
Data Abundance but Underutilized:Â In the U.S. alone, 3.26 trillion miles were driven in 2022, indicating ample data collection opportunities.
Issues in Current Mapping Solutions:
Freshness:Â Need for up-to-date maps for autonomous vehicles.
High Costs:Â Businesses face significant expenses for accessing map data.
Uneven Coverage:Â Inconsistent data freshness and coverage across regions.
Lack of User Compensation:Â Users generating data are not compensated fairly.
Solutions Offered by the Hivemapper Network
Launched in November 2022, Hivemapper is a global, decentralized mapping network utilizing AI and community efforts to collect road-level imagery.
Data Collection:Â Contributors use dashcams to gather imagery and participate in AI Trainer games for map editing and machine learning improvements.
Rewards System:Â Contributors earn HONEY tokens, which can be redeemed for accessing map data.
Example Use Cases
Automotive and Advanced Driver Assistance Systems (ADAS): Detailed road network objects (signs, lane definitions); Real-time dynamic incidents (accidents, construction)
Delivery and Logistics: Detailed map data on the last 100 yards; Parking restrictions, delivery locations, loading docks
Mobility and Navigation: Improving navigation with dynamic incidents; Detailed understanding of drop-off/pick-up locations
Insurance: Vehicle accident investigations; Property underwriting
Government: Road maintenance; Emergency response; Road/traffic intelligence
Hivemapper Funding Insights (Total Raised $21.00M)
Series A
Date:Â 5 Apr 2022 |Â Amount Raised:Â $18.00M
Investors: Multicoin Capital (Lead), Solana Ventures, Craft Ventures, Founder Collective, Homebrew, 75 & Sunny, Spark Capital, Shine Capital
Angel Investor:Â Spencer Rascoff
Seed Round
Date:Â 5 Nov 2015 |Â Amount Raised:Â $3.00M
Investors: Spark Capital (Lead), GV Google Ventures, Founder Collective, Homebrew, Accelerator Ventures, Subversive Capital, Harrison Metal
Angel Investors: Adam Nash, Brian Totty, Russell Siegelman
Core Team:
CEO & Co-founder: Ariel Seidman
CTO & Co-founder: Evan Moss
Head of Operations: Gabe Nelson
Token (HONEY) overview:
HONEY tokens create economic incentives within the Hivemapper Network, balancing the needs of two key groups:
Contributors: Earn HONEY by mapping with dashcams/phones, and training the Map AI through labeling and editing data.
Enterprises and Developers: Burn HONEY to access map data for their products and services.
Blockchain and Token Details
Built on Solana | Address: 4vMsoUT2BWatFweudnQM1xedRLfJgJ7hswhcpz4xgBTy
Maximum supply: 10 billion HONEY
Allocation:
40% to contributors
20% to investors
20% to Hivemapper Inc. employees
15% to Hivemapper Inc. for R&D and operational support
5% to Hivemapper Foundation
Burn and Mint Mechanism:
Contributors and consumers interact via a Burn and Mint system based on a Net Emissions Model.
25% of burned tokens are reissued to contributors as Map Consumption Rewards, with a weekly cap of 500,000 HONEY.
Remaining 75% of burned tokens are permanently removed from circulation.
Hivemapper Bee
In February 2024, Hivemapper introduced a new camera (previously, they had 2 products powered by Helium: Dashcam - $300.00 USD; Dashcam S - $649.00 USD).
Key Metrics (July 3, 2024)
Note: All statistics come from our custom-built dashboard, available here:
https://dune.com/insights4vc/hivemapper
Statistics for the Previous Week
Unique Reward Recipients: 10,423
Median Reward: 22.3
Max Reward: 75,000 HONEY (Recipient: CYq8oKv4GJQsL1KYnPJqi9NWMChjGztBppL6QQKfznee)
NATIX Network
Problem
Big tech companies dominate the geospatial data market, creating centralized monopolies that restrict access and innovation. Challenges include:
Data Silos: Hinder billions in potential new services.
High Costs: Cities and businesses face exorbitant fees for data access.
Unfair Compensation: Users’ data generates vast profits for tech giants without fair compensation.
Solution: NATIX Network
NATIX aims to democratize map data through a decentralized, people-powered network. Leveraging 45 billion existing cameras (in phones, drones, cars, etc.) and privacy-compliant AI technology, NATIX transforms these into "super sensors" that gather real-time geospatial data. This data populates a Decentralized Dynamic Map (DDMap), reducing infrastructure costs to nearly zero and ensuring 100% privacy compliance. Camera owners earn crypto for contributing data, fostering a new geospatial data economy.
On May 9, 2023, NATIX Network announced a partnership with peaq to integrate its AI-powered decentralized sensor network into peaq's Web3 platform, advancing decentralized physical infrastructure networks (DePIN). This collaboration will leverage peaq’s ecosystem and tools, including self-sovereign IDs, to enhance IoT capabilities and drive the development of the Economy of Things (EoT).
NATIX Network Funding Insights (Total Raised: $13.12M)
IEO (Initial Exchange Offering)
Date: 30 June — 2 July 2024 | Amount Raised: $20.00K
Price:Â $0.001 | ROI:Â 0.76x (-23.5%) | ATH ROI:Â 1.31x (+31.5%)
Platform:Â Gate.io Startup
ICO (Initial Coin Offering)
Date: 16 May — 23 May 2024 | Amount Raised: $5.00M
Price:Â $0.001 | ROI:Â 0.76x (-23.5%) | ATH ROI:Â 1.31x (+31.5%)
Platform:Â Coinlist
Strategic Round
Date:Â 25 April 2024 | Amount Raised:Â $4.60M
Investors:
VCs: Tioga Capital Partners (Lead), Borderless Capital (Lead), IoTeX, Big Brain Holdings, Moonrock Capital, Inception Capital, Laser Digital, Cogitent Ventures, WAGMI Ventures, iAngels Technologies, FutureMoney Group, Veris Ventures, Escape Velocity, Crypto Banter, Room40 Ventures
Angel Investors: Vijay Pravin, James Parillo
Seed Round
Date:Â 13 April 2023 | Amount Raised:Â $3.50M
Investors: Blockchange Ventures (Lead), TechStars, Plug and Play, coinIX, Mulana Capital, CV VC, XYO, Blockarm Capital, Mysterium Network
Core Team:
CEO & Co-founder: Alireza Ghods
CPO & Co-founder: Lorenz Muck
CTO & Co-founder: Omid Mogharian
Token ($NATIX) overview:
$NATIX is the native utility token of the NATIX Network, facilitating decentralized transactions and incentivizing contributions.
Token Supply: 100 billion $NATIX
Distribution:
Team and Advisors: 20% (9-month cliff, 30-month vesting)
Incentivization Pool: 37% (released based on usage)
DEX/CEX Liquidity: 8% (unlocked at TGE)
Early Backers: 24.9% (10% at TGE, 6-month cliff, 20-month vesting)
Public Sale: 5% (25% at TGE, 6-month vesting)
Reserve: 5.1% (25% at TGE, 48-month vesting)
Key Functions of $NATIX
Rewards: Distributed to camera owners and network validators (xNodes) for contributing data and validating transactions.
Staking and Governance: Holders can stake tokens to vote on network decisions.
In-app Utilities: Can be converted to in-app $NATIX for premium features and gamification within the Drive& app.
Key Metrics (data from https://www.natix.network)
REGISTERED DRIVERS: 131,470
KM MAPPED: 53,516,006.2
MAP DATA DETECTED: 300,688,871
COUNTRIES: 171
Conclusion
NATIX Network is at an earlier stage of development, making it difficult to compare this project with Hivemapper. It is worth noting that, from a day after listing on CEXs to the present day (June 4, 2024), we have observed very low liquidity. Additionally, apart from some individual statistics from the official website and app downloads from the App Store and Google Play (5.0 stars, 1.49K reviews, 50K+ downloads), we do not have extensive data on the performance of NATIX Network. Particularly important is the token's long-term performance.
Hivemapper is a relatively mature company that started nearly 10 years ago with drone-based spatial scanning. After pivoting to utilize Solana's blockchain, it has focused on road scanning. According to CEO Ariel Seidman, Hivemapper plans to deliver a new camera model in September/October, which will be crucial for the project's further development due to the superior technology offered by the new product.
LINKS - Hivemapper
LINKS - NATIX
Sources
https://www.mordorintelligence.com/industry-reports/global-fintech-market
https://www.fortunebusinessinsights.com/geospatial-analytics-market-102219
https://dexscreener.com/solana/hilmkfhxrgvset1ggaclkvsnstfqqourg4j6pkusu5hb
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