What is FOAM? FOAM is an open source and decentralized Blockchain protocol for geospatial data markets. cryptocoin.com In this article, we have answered the questions such as what is FOAM, what it offers, what is FOAM coin and how to get it. Let’s examine together this protocol, where users create a world map with various use cases.
What is FOAM?
FOAM is a decentralized and open protocol for geospatial data markets. The protocol allows users to create a consensus-based world map that is trusted by every application. The team thinks that the existing maps should also change due to technological developments and changes. FOAM provides computational work and verification to the network. For this, it uses a utility token based on cryptographic software. It also leverages the power of Ethereum to secure data in the Blockchain world.
The FOAM protocol provides spatial protocols, standards, and practices. These elements transfer geospatial data to the Blockchain. It also powers a consensus-based world map. Token mechanisms and the cryptocurrency economy support FOAM elements. These allow users to coordinate in a decentralized and permissionless way. It also encourages interaction between users.
What does the protocol offer?
The thinking behind FOAM is that users need to have personal location information and control when and with whom they choose to share their location. Blockchain offers better services than traditional geospatial technologies and location-based services. Accordingly, the protocol produces spatial protocols, standards and applications that provide a high level of security and flexibility.
Today, most of the big companies like Uber, Google and Facebook use users’ location data. This data, as well as ad customization, is now becoming a commodity. In other words, they are bought and sold by centralized large companies. Users are unaware of their own data being traded in this way. FOAM aims to solve this using Blockchain technology. So the protocol is like a decentralized and Blockchain-based Google Maps.
What is FOAM coin? What does it do?
However, the FOAM protocol has a coin that bears its name. This Ethereum-based cryptocurrency is also an ERC-20 token that powers the protocol. The token works with Proof-of-Location (PoL), a location and staking-focused consensus mechanism. In this model, individual users and organizations confirm and verify the locations of other users. At this point, FOAM allows for network verification with the staking service. Validators and validators are rewarded with cryptocurrency.
How to get FOAM coin?
Users who want to buy FOAM coins must access and become a member of the Uniswap exchange. After completing these steps, they can place a buy order by depositing an asset in their wallet according to the trading pairs of the cryptocurrency.
