What is FOAM? What Does FOAM Coin Do?

What is FOAM? FOAM is an open-source and decentralized Blockchain protocol for geolocation-oriented information markets. Koindeks.com In this article, we answered the questions about what FOAM is, what it offers, what is FOAM coin for, 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 be changed 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 information in the Blockchain world.

The FOAM protocol provides spatial protocols, standards, and practices. These elements transmit geospatial information to the Blockchain. It also powers a consensus-based world map. Token mechanisms and cryptocurrency economics rely on FOAM elements. These allow users to coordinate in a decentralized and permissionless manner. It also encourages interaction in the middle of users.

What does the protocol offer?

The idea behind FOAM is that users should have individual position information and control when and with whom they choose to share their positions. Blockchain provides smoother services than traditional geospatial technologies and position-based services. Accordingly, the protocol produces spatial protocols, standards and applications that provide a high level of security and flexibility.

Today, many large companies such as Uber, Google and Facebook use the position information of users. This information, 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 that their information is traded in this form. FOAM aims to solve this using Blockchain technology. So the protocol is about a decentralized and Blockchain-based Google Maps.

What is FOAM coin? What’s the use?

However, the FOAM protocol has a coin bearing its own name. This Ethereum-based cryptocurrency is also an ERC-20 token that powers the protocol. The token works with Proof-of-Location (PoL), a position and staking consensus mechanism. In this model, independent users and organizations approve and verify the positions of other users. At this point, FOAM allows 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 purchase order by depositing an asset in their wallet according to the process pairs of the cryptocurrency.

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