What Is HONEY?
HONEY is the token of the Hivemapper Network.
Last updated
HONEY is the token of the Hivemapper Network.
Last updated
HONEY tokens are used to create economic incentives across the Hivemapper Network, while balancing the needs of two groups within our ecosystem:
Contributors who help build the map. They can receive HONEY as a reward for:
Mapping with their dashcam
Mapping with their phone
Training the Map AI by labeling and editing data
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.
payment: BNH1dUp3ExFbgo3YctSqQbJXRFn3ffkwbcmSas8azfaW
region: 6563bNZpM7bn63rJYzdqP7pN6ndqkDvzgSZXbHtaDgWn
token_forwarding: AFMLFi8Mh1yehDsE1gTQs5xcJcMN39cvzSorpU152HaE
reward: EEjwuvCMVYjgHUeX1BM9qmUog59Pft88c3jbt2ATwcJw
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 maximum supply of 10 billion HONEY tokens. Tokens were allocated as follows:
40% to contributors as rewards for their participation in building the Hivemapper Network.
20% to investors for providing the startup capital required to launch the Hivemapper Network.
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 4 billion HONEY tokens to contributors as rewards. The amount of tokens minted each week is determined by Global Map Progress.
An on-chain marketplace between the Hivemapper Network’s contributors and customers is created through a Burn and Mint structure. This system is based on a Net Emissions Model, which means that whenever map consumers burn tokens to access services on the network, a share of the tokens is reissued to contributors as Map Consumption Rewards.
Map Improvement Proposal 15, finalized in April 2024, set the share of burned HONEY reissued to contributors at 25%, with the remaining 75% being permanently burned. It also implemented a cap of 500,000 HONEY per week in Consumption Rewards that can be issued.
To conceptualize how customers access the Hivemapper Network, imagine an arcade where customers buy tokens for a set price per token and use them to play games. The greater the number of tokens purchased, the greater the number of games that can be played. In the case of the Hivemapper Network, consumers of map data purchase map credits. A map credit is a USD-pegged utility token that can be used to consume map data. With more map credits, more map data can be consumed.
Map credits are the mechanism by which map data consumers compensate the network of contributors for their work. Not only can customers buy map credits to get access to existing data, map credits can also be used to set priorities for upcoming data collection.
As contributors continuously progress the map and make it more useful, more services can be built on top of the Hivemapper Network. As more of these services are consumed, the number of HONEY tokens burned and re-minted will increase. As the demand for map credits (and therefore HONEY) increases, the velocity at which HONEY is burned and re-minted will also increase, and the value of HONEY will become tightly linked to the utility that the Hivemapper Network provides.
For a more detailed explanation of how Map Credits work, please review this explainer from the Hivemapper Foundation.
