What is HONEY?
HONEY is the token of the Hivemapper Network
Contributions to the Hivemapper Network earn HONEY tokens. HONEY is a cryptocurrency built on top of the Solana blockchain. The first HONEY was minted on November 1, 2022 as part of block 158569587.
The HONEY token is designed to serve the needs of the two primary parties in the Hivemapper Network ecosystem:
- 1.Map Data Contributors who contribute by providing map data and imagery, editing map data, or performing quality assurance. HONEY is earned by contributors as they help build the Hivemapper Network.
- 2.Enterprises and developers consuming data from the Hivemapper Network for research and development in a broad range of areas including, but not limited to, mapping, geographic information systems ("GIS"), computer vision, smart cities, operations and logistics. HONEY is burned as data from the Hivemapper Network is consumed.
The Hivemapper Network uses distinct token economic concepts to ensure HONEY supply is both available to fulfill demand in the network, but also 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 required to run the Hivemapper Network
- 15% to Hivemapper Inc. for providing ongoing R&D and operational support for the Hivemapper Network
- 5% to the Hivemapper Foundation that governs and facilitates the ongoing success of the Hivemapper Network
At the network 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 (such as through Hivemapper Inc.'s 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.