Blockchain Project Review: Foam Protocol:6.7 A Spatial Protocol for the Ethereum blockchain with Proof of Location

Original article by EVALUAPE

For more reviews and information,please visit https://evaluape.io/share to download EVALUAPE APP.

A. Introduction

FOAM is a distributed protocol for the geospatial data market, aiming to build a world map based on Ethereum and implement address verification.

Advantage:

1. It is the first attempt ever to build a world map on Ethereum, which could attract a large group of Dapps once succeeds.

2. Commercial positioning systems are widely used and exclusivity.

Disadvantage:

1. Technology development is difficult, and a large number of community users are required to help submit information such as addresses.

2. Team members are not strong in background.

B. Industry

Electronic maps are an indispensable part of daily life and are widely used in navigation, cab hailing, restaurant recommendation and so on. The real-time location confirmation based on electronic maps is widely used in the financial and Internet of Things industries. At present, Google’s map system occupies a major market share in the field of electronic maps, and GPS accounts for a large market share in real-time positioning. However, because the satellites that these two products rely on are too centralized, they are not applicable to the blockchain industry. In the future development of blockchain, the accuracy of decentralized geographic information products to ensure positioning is very important, but so far, there is no such product.

At present, there are only two geographic information products based on the blockchain on the network, one is the the MAP, a decentralized geospatial information mapping blockchain platform, the other is GeoSatoshi for high quality geospatial data promoted by issuing tokens. However, the two project white papers are both poor and the implementation is doubtful. In the area of ​​blockchain technology positioning, XYOnetwork has developed a decentralized location tracking system using data from physical Internet of Things (IoT) devices. The project has completed ICO, waiting for the main net launch. In general, maps and positioning systems are more exclusive and the industry is more competitive. (7/10)

C. Mode

The project is divided into two parts, one is to build a map of the world on the Ethereum. The other part is to use the map to complete the location verification. In the static address verification part, the token guarantees the POI’s reliability through the holder’s consensus. If there is a doubt, a challenge verification will be performed for a period of time, and then the winner will be determined based on the number of tokens. There is a problem in this part, the challenger may gather users who hold a large number of tokens to do malicious challenges. In the dynamic address verification part, the token will be used as fuel for the block and the payment of the voucher, the user needs to pay some tokens to use the node to verify the dynamic location. (6.5/10)

D. Technology

The map construction part of the project is implemented by the geohash protocol. Each spatial coordinate represents a specific location that can be accessed at any time and is declared immutablely through a smart contract. The map data will be chained or stored in the IPFS, and the comprehensiveness and authenticity of the data will be motivated by the user. FOAM also built a universally visual blockchain browser for user convenience. Users can view the map or access other Dapps to optimize the user experience. However, because Ethereum’s current expansion plan has not really happened, the blockchain is in a jam for most of the time. If such problem is still not improved when the map is fully online, it will cast a shadow on the actual use and call of the map.

After building the map and visualization interface, the project side will use the map to help the user complete static and dynamic address verification. The static verification part is a consensus-oriented POI system and consensus is reached through token incentives. Although this part is more elaborate, it requires a lot of users to participate for a long time. The dynamic authentication address is a specialized radio hardware that uses a time synchronization protocol to prove the location status. However, as the radio equipment is still being planned, it will take time to land. In addition, the project has some technical source code on Github, and the updates and corresponding discussions are more frequent.(7/10)

E. Ecosystem

As of February 1, 2019, the number of Twitter followers was 13,300, and there were 2,761 tweets, but fewer reviews. The number of Telegram group members was 11,402 with little people really talked. Compared with the 12,759 people in September 2018, it can be estimated that the poor performance of the project in the secondary market plays a great role in the declining concern. (6.5/10)

F. Team

The background of the team is not strong, and the main members of the team involve certain false propaganda. Other team members have a doctoral degree in addition to a technical staff member, and other members are mainly undergraduate degrees. The project has been designed and developed for a long time, which started in 2015, so far the main team is still in the team and the internal collaboration of the team is close enough. (6/10)

G. Conclusion

After two years of design and development, the project has gained mature basic technology and business models. The token mechanism of the project was designed in a clever way, but it did not propose a solution for the situation when a large number of users bundle to cheat. It is harsh and difficult to finalize the project which requires a wide range of technical support and a large number of good token holders. At the same time, considering the project making up a team background to a certain extent, and the plain community performance, there is a greater risk and a certain possibility of failure in the process of implementation.

Hype Score: Medium High

Risk Score:Medium

Expectation:Medium

Total Score:6.7

All information in this article is provided for reference only and does not constitute investment advice.


For more reviews and information,please visit https://evaluape.io/share to download EVALUAPE APP.

About us

EVALUAPE is a platform for demonstration and evaluation of blockchain projects. We provide comprehensive database and professional evaluation of global blockchain projects with our extensive experiences, while adhering to the values of community culture, ultimately decentralizing the platform. We desire to become an international, professional and remarkable project evaluation platform.