FMG Research Report: Understand the automotive DePIN industry represented by Hivemapper

TL; DR

The global automotive market has huge potential:< /strong>The global car ownership has exceeded 1.6 billion vehicles, but only 250 billion vehicles are connected ;

We can call this paradigm"Drive To Earn", or "DeDrive";

DePINComplete the bottom-up coupling of real-world entities and the world on the chain:Car-relatedDePIN projects are almost entirely supported by real income from the real world. Token economics, as a tool to drive the flywheel, is organically integrated with the inherent product system.

DePIN & Drive To Earn

DePIN is derived from Messari proposed that it refers toDecentralized Physical Infrastructure Networks, that is, decentralized physical infrastructure. Messari divides the DePIN track into four major sections, namely: service network, wireless network, and sensor network and energy networks.

If divided according to the form of hardware expression, it can be roughly divided into three categories: computers, storage and general applications.

General applications include hardware devices such as wireless routers and driving recorders that we are currently familiar with. For C end users, there is a natural need for a better hardware experience, and for B end users , and also has the inherent driving force to optimize products by collecting more accurate data. Therefore, we can see that based on DePIN, MOBILE around mobile phones, and HONEY and DIMO are both experiencing gratifying trends. Among them, the ecology surrounding data collection and decentralized supporting services around automobiles is particularly prominent.

On the one hand, it is because cars, as the most closely related asset to general users around the world, have a wide audience around the world. As of now, the global car ownership has exceeded 1.6 billion, which is estimated based on the global population of 7 billion , on average one out of every 4 people owns a car. These vehicles travel more than 64 million kilometers of roads around the world.

But at the same time, according to statistics, road traffic accidents cause 1.3 million deaths every year , 90% of them occur in low- and middle-income countries, where fatality rates are disproportionately high compared to the number of vehicles and roads these countries have.

The above C end users and BThe needs of end users are more urgent in the automotive field.

The concept of Internet of Vehicles and DeDrive

On the other hand, with the widespread development of the concept of the Internet of Things, the " Internet of Vehicles (Internet of Vehicles) "The concept has also been conquered by the world and valued by capital.

The concept of Internet of Vehicles partially solves the problem of automobile data collection. However, due to the excessive centralization of related companies and the efforts of different manufacturers to build moats, Customized development of cases is also not conducive to companies diluting R&D costs. The cost is ultimately transferred to consumers, which to a certain extent limits the development of "automotive networking" .

With the rise of the blockchain concept and DePIN, "Introduce blockchain technology and cryptocurrency elements to relevant equipment manufacturers to help manufacturers complete the capital flywheel faster, and at the same time provide tokens to attract a wider user group to achieve co-construction, and allow users to benefit from it " This paradigm has gradually become the current consensus, at least in the context of Web3.

We can call this paradigm "Drive To Earn", or "DeDrive".

Currently, the representatives of the DeDrive project are mainly Hivemapper and Dimo, Future Money Group will focus on these two projects as well as with Drive supporting related projects are organized.

DeDriveConcept Project

Hivemaper

< img src="https://img.jinse.cn/7156238_image3.png">

HiveMapper is a DePin concept on SolanaTop< /span> one, only creating a decentralized " Google Maps ". By purchasing the driving recorder launched by HiveMapper, using it and sharing real-time images with HiveMapper, users can Get HONEY tokens.

HiveMapper Maps and road information officially collected through special user groups such as logistics and surveying companies Create a API interface to provide B or C provides services to end users.

Compared with Google Maps, through token incentives, HiveMapper can ensure that information collectors Providing enthusiasm and accuracy of data. At the same time, due to the existence of tokens, the official does not have a lot of pressure on operating expenses. Instead, it can provide cheaper and cost-effective solutions for the B side. Higher API services to achieve overtaking in corners.

In fact, as an alternative to the Google Maps API. Millions of companies rely on the Google Maps API to power their location data, and the price of the service has risen sharply in recent years.

As a challenger to Google Map, Hivemapper Theoretically, the potential market value can be at least the same as Google Map.

HivemapperA network has two main components:< /strong>

1. Driving recorder: It is an internal open source driving recorder that can Collects 4K images and related GPS metadata, including LoRa Sensors that use Helium's IoT network to verify location.

Currently, there are two versions of HiveMapper driving recorder: Hivemapper Dashcam (priced at $300) and S version (priced at 649USD). The former is suitable for standard surveying and mapping, and can shoot up to 4k 10fps, while the latter is smaller and more concealed, and can shoot up to 4k 30fps< /span>.

2.Hivemapper contributor application, which is supported by Wi-Fi pairs with the dash cam to transmit image and location data from the dash cam to the user, and the app transmits the data from the device to the map network for processing.

Token Economics: HONEY Fixed maximum supply of tokens 10 billion billion, distributed as follows:

• 40% to contributors as a reward for participating in map data contribution;

< span lang="EN-US">•20% to investors as the initial capital to launch the main network;

•35% toHivemapper’s employees are used for daily operations and iterations of the mainnet;

•5% is donated to the foundation to promote the management and success of Hivemapper.

HONEY tokens are used in HivemapperCreate economic incentives in the network while balancing the needs of two groups within the ecosystem:

1.Map data contributors: HONEY as a reward for submitting information, editing map data and completing artificial intelligence training tasks.

2.Enterprises and developers who use map data to support their products and services: HONEY is used as the destruction loss when calling Hivemapper network data.

Overall, the on-chain market between contributors and customers of the Hivemapper network is through Burn & Mint is created by deconstructing and burned every time a client uses the API service. HONEY will be Mint as a reward and rewarded to contributors.

As the demand for map usage increases, the rate at which HONEY is destroyed and recast will also increase. accelerate.

Currently HiveMapper passes global 30000+Contributors have mapped road condition information including 1376 regions, totaling 96 million kilometers, and Nearly 13 million million transactions were generated based on this information.

Dimo

Dimo is an automotive IoT platform built on Polygon that enables drivers Able to collect and share their vehicle data, including kilometers traveled, speed, location tracking, tire pressure, battery/ engine health, and more.

If Hivemapper is for the collection of external environmental data of cars, then Dimo is the collection of internal driving data of the car.

By analyzing vehicle data, the Dimo platform can predict when maintenance is needed and remind users in time, so that , drivers can not only gain in-depth knowledge of their vehicles, but also contribute data to the Dimo ecosystem, thereby obtaining DIMO Tokens as rewards. Data consumers can extract data from the protocol to understand the performance of components such as batteries, autonomous driving systems and controls. This will help develop disruptive new applications for fine-grained insurance, ride-hailing, transportation navigation, vehicle financing, energy network optimization, and more.

From the above, the current number of cars in the world is about 1.6 billion, and the number of connected cars Probably around 250 million vehicles. On the one hand, Internet-connected car manufacturers such as Tesla often charge users fees by integrating various road and vehicle condition information and packaging them into new services after selling the vehicles to users. On the other hand, 84% of the vehicles currently driving on the road may not be connected to the network due to old models or other reasons.

This undoubtedly brings huge development space to Dimo. Similar to Hivemapper, Dimo's products also include hardware devices and APPTwo kinds.

Among them, the hardware device is named AutoPi (price $299), which can help all cars built in 2008 and later become connected by plugging the device into the car.

After AutoPi is linked to the car, users can APP actually monitors the car's performance and health data, and in the process, users will receive DIMO token rewards.

Tokenomics:DIMO isDimoThe native token of the protocol is used to provide rewards to users and contributors.

The supply of tokens is 1 billion billion. Among them,

•baseline issuance accounted for 38% , 3.8 billion DIMO will be available in 40 will be allocated within the year. 1,105,000 $DIMO will be issued to users every week in the first year, and the issuance will decrease each year 15 %;

•Dimo < /span>The national treasury accounts for 22%, and teams and individuals who contribute to the network may receive it in the form of bounties or grants $DIMO;

•Team proportion 22%, the token allocation will be locked for two years, and then unlocked linearly every month until all are unlocked after three years;

• Investors account for 8%, and the token distribution will be locked for two years. Then it will be unlocked linearly every month until all are unlocked after three years;

• Airdrop proportion< span lang="EN-US"> 7%;

Currently DIMO has The following four main functions:

1.Reward distribution: users can obtain it in two ways< span lang="EN-US">DIMO token.

Baseline issuance reward: As long as the user is in the product link state, even if the end customer does not use the corresponding data, he can also get it Rewards of DIMOtokens.

DIMO The number of tokens distributed will gradually increase every week, and the efficiency of user points acquisition depends on the user account level, and the latter depends on the time when the user enters the Dimo ecosystem. In other words, users who enter early will receive more tokens every week as the number and level of token distribution increases.

Market Release Rewards: When users trade with authorized DIMO applications, they receive to additional DIMO tokens. As long as rewards are issued in the form of DIMO, the amount and terms of the rewards are specified by the application developer.

2. Transaction needs: Token holders can pass $DIMO coins to buy and sell vehicle data, you can also purchase Dimo ​​AutoPi connected devices

3. Governance rights: $DIMO Token holders can have control over the operation of the protocol Ways to vote, including but not limited to software code upgrades, protocols and standards; how fees are generated, how rewards are distributed, etc.

4. Indicate community belonging: Token holders can gain access to special application functions and activities.

There are currently nearly28,000 cars are linked to the Dimo network, and users’ accumulated mileage exceeds 1.53 billion kilometers. A total of 71 brands of cars are connected to Dimo, including Tesla, Ford and BMW Ranked in the top three. In total, more than 57 million million $DIMO tokens have been distributed to users over the past year, worth Approximately 13 million million. If the estimated valuations of every vehicle on the network were added together, the total would be more than $750 million.

Atlas Navi

Atlas Navi is the first Drive to Earn navigation app to use artificial intelligence. Smartphone cameras can avoid traffic jams by detecting road conditions (closures, roadworks, potholes), accidents, traffic in each lane, available parking spaces, police cars and drivers rerouting to avoid problematic roads . It obtains licensed 3D NFT vehicles as representatives of drivers and rewards those who provide camera data (optional) for every mile driven.

Atlas NaviToken economics consists of three parts:

1.VehiclesNFT: Running shoes similar to Stepn (with water tank, fuel and other consumption elements), only those who hold NFT can earn MILE through Atlas Navi products , and converted to NAVI.

2.MILE: Class Points tokens are used to record users’ driving mileage when using products, and can be used to convert MILE< by holding NFT /span> is exchanged for NAVI.

Users can also hold different vehicles NFT to "Drive to earn" behavior.

3.NAVI, yes Atlas Navi ecological native token, used for user Drive to Earn rewards and official NFT and payment for service subscriptions.

NAVIThe total supply of tokens is 3< /span>100 million pieces, including:

•User incentive allocation30%

•Team allocation9%;

•Development team allocation10%;

•Marketing Department Allocation10.67%;

•Initial Liquidity Allocation 13%

•Advisory Team Allocate 5%.

The above three are currently hot in the market and have good token trendsDeDrive project. In fact, there are still many DePIN products focusing on automobiles.

For example, Moveo: MoveoFollow Internet of Vehicles and insurance technology, through specially designed in-vehicle hardware and patented software technology, Moveo combines vehicle data and driver data to form in-depth insights into driving safety and provide innovative services .

Or Soarchain: Soarchain is The application-based blockchain based on Cosmos aims to provide direct and fast data transmission services between vehicles, infrastructure and networks. On Soarchain, vehicles share vehicle data with each other through cellular technology and record these data into the blockchain, while rewarding users who perform the above operations Soarchain native token. The platform enables vehicles to anonymously and privately contribute to a network of vehicles while maximizing their benefits by leveraging applications running on the network and receiving rewards at the same time.

In addition, there are also DePIN projects focusing on the car charging business, such as PowerPod.

PowerPod

PowerPod is a global electric vehicle (EV) charging network designed to The centralized organizational structure, GameFi's gameplay, and positive revenue model allow the network to be formed quickly and maintain low maintenance costs. The network is owned by individuals and communities, avoiding various problems caused by centralized management. Use blockchain technology to ensure data security and transaction transparency in the network. The latest charging technology ensures safe, efficient and high compatibility of charging and will provide a variety of personalized and intelligent services. In the future, the PowerPod network is expected to become an extension and supplement of the traditional power grid, forming a new power supply network together with the power grid.

PowerPod will produce a series of intelligent hardware to ensure that charging behavior is measurable, calculable, and trust.

The first phase will focus on the charging gun adapter. By adding a detachable adapter to the head of a charging pile where data cannot be shared, key data during the charging process can be accurately captured and securely sent to the blockchain. Blockchain-based contracts will calculate this data to incentivize positive behavior.

The second phase of hardware will be high-performance home AC chargers.

The third stage hardware is" mobile charger", allowing car owners to use regular sockets for charging (current 10-16A) in emergencies.

Token Economics: PowerPod Adoption and Hivemapper, Dimo similar token models: points +Token .

Inside PowerPod, PT It is a point-like currency that has no total amount and is automatically generated based on various incentive positive behavior algorithms. (For example, use the PowerPod smart charger to charge 1 kilowatt and you can get1PT reward.)

Another token for PowerPodPPD is the ecological native & governance token.

PPDTotal supply1 100 million pieces, 12.5 million pieces will be produced in the first year, and the output will be halved every 4 years. Among them:

•45% The PPD will be used to motivate positive behavior;

•15% allocated to developers;

•18% allocated to investors;

•2% allocated to advisors;

< span lang="EN-US">•20% is allocated to the ecosystem.

In addition, the PPD portion used for mining will be aggregated into the dividend pool. The dividend pool distributes dividends every 12 hours. Allocation is based on the proportion of the number of PT invested in the capital pool to the total number. Once PT is transferred to the dividend pool, it cannot be withdrawn, and after the dividend is distributed, the batch of PT in the pool will be destroy.

For example, user John will 100 PT is transferred to the dividend pool. After the dividend period ends, there will be 10000 PT in the dividend pool. He will receive 1% of the 77 PPD accumulated in the dividend pool during that period (assuming the first year Each dividend distribution is approximately 7706 PPD). After the allocation is completed, all 10000 PT in the pool will be destroyed.

DeDrivewith Move to EarnThe difference

Maybe look at it, DeDrive concept project is similar to the Move To Earn project represented by Stepn in terms of token output. But in fact there are essential differences between the two. Although the two have similar functions in expanding the concept of Web3: in a more understandable way, through behavioral incentives, Web3 is penetrating outward. However, the X To Earn project based on Stepn is driven more by token economics , the essence of outward expansion is to maintain the life of the Ponzi system by absorbing more potential users. The DeDrive project relies on entities, which are essentially technology companies’ recognition of blockchain technology and decentralized governance ideas.

We have seen that almost all of the above cases are supported by real income from the real world, and token economics serves as a tool to drive the flywheel. Create an organic combination with the product's inherent system.

We can understand it this way. If we say Stepn The US"> span lang="EN-US">DeDrive concept completes the coupling of real world entities and the world on the chain from the user level. The former affects the economic base from top to bottom, while the latter builds the foundation for the superstructure from bottom to top.

Conclusion

AutomotiveDePIN or DeDrive project is further deepening the connection between the traditional world and the Web3 world contact. For example, Dimo founder Andy C explained the idea of ​​creating a DMV based on its own network and putting vehicle ownership on the chain. If this step is realized, the on-chain system will truly enter the real world on a large scale. Data is valuable, and the data contributed by every contributor to the DePIN ecosystem should be more valuable analyzed and used, and exert greater value.

In the future, the DePIN paradigm represented by automobiles will be further extended to related fields (this point (more influential than mobile phonesDePIN), such as vehicle insurance market, second-hand car sales market, parts repair, road construction and car rental, etc. By then, the real world will be integrated with Web3, and Web3 has been pursuingMass adoption, is also coming.

We have good reasons to hold optimistic expectations for DePIN's prospects, but DePIN era truly arrives, DeDrive may be launched first and become one of the most popular targets in the market.

References

1.https://www .who.int/en/news/item/13-12-2023-despite-notable-progress-road-safety-remains-urgent-global-issue

2.https://xyz-

research.com/uploads/20230112/7993cd36ef18688bd0b613b494e91526.pdf

3. https://solana. com/news/case-study-hivemapper

4. https://globalcoinresearch.com/ 2022/10/17/hivemapper-the-google-maps-killer/

5.https ://docs.dimo.zone/overview/dimotoken/token-details-and-distribution

6.https://www.theblockbeats.info/news/48908?search=1

7.https://powerpod.gitbook .io/en/introduction/smart-hardware