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What Is HONEY?
HONEY is the token of the Hivemapper Network.
HONEY tokens are used to create economic incentives across the Hivemapper Network, while balancing the needs of two groups within our ecosystem:
- 1.Map Data Contributors who contribute to the Hivemapper Network. They receive HONEY as a reward for submitting imagery, completing AI Trainer tasks, and editing map data.
- 2.Enterprises and Developers who consume map data to support their products and services. HONEY is burned whenever they consume data from the Hivemapper Network.
HONEY was built on top of the Solana blockchain. The first HONEY was minted on November 1, 2022 as part of block 158569587.
The token economics of the Hivemapper Network are designed to ensure that HONEY will be available to fulfill demand for map data, but relatively scarce with a known maximum.
There is a fixed maximum supply of 10 billion HONEY tokens.
Tokens were initially allocated in the following manner:
- 20% to employees of Hivemapper Inc. for building the technical and operational systems that are necessary to run the Hivemapper Network.
- 15% to Hivemapper Inc. for providing R&D and operational support to the Hivemapper Network.
- 5% to the Hivemapper Foundation, which facilitates the ongoing management and success of the Hivemapper Network.
At launch, the Hivemapper Network began minting and distributing 4 billion HONEY tokens to contributors as rewards. The exact amount of tokens minted each week is determined by Global Map Progress.
The amount of tokens earned by contributors is not capped at 4 billion HONEY.
In order to consume data from the network (for example, through the Map Image API), HONEY tokens must be burned in exchange for Map Credits. The net number of tokens burned will be re-minted and distributed to contributors using the Net Emissions Model.
As more data is consumed, more HONEY is burned and more tokens are redistributed to contributors.
Last modified 1mo ago