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Hivemapper (HONEY) faces the uphill task of dethroning Google Maps

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on Dec 19, 2023
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  • Hivemapper is an ambitious company seeking to disrupt Google Maps.
  • The company has mapped over 96.6 kilometers globally.
  • HONEY, its token, has jumped sharply as its network has grown.

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Hivemapper (HONEY), the company that wants to disrupt Google Maps is seeing strong growth as more people join the network. HONEY, its token, has slowly jumped from the year-to-date low of $0.01136 to a high of $0.30, giving it a market cap of over $81 million.

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What is Hivemapper?

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Hivemapper is a Decentralized Physical Infrastructure Network (DePIN) that aims to challenge the dominance of popular mapping platforms like Google Maps, Waze, and Apple Maps.

Its approach is simple in that it receives its data from volunteers who install a dashcam in their vehicles and run it as they travel. It sells these dash cams through its website. The most basic camera goes for $300 while its most advanced one sells for $649.

Users are then compensated using $HONEY, its native token for all the data it provides. There are signs that the network is seeing more growth this year. The number of total kilometers mapped has risen from 1 million in April to over 96.6 million today. 

The number of unique kilometers mapped has risen to over 6.4 million. Similarly, the number of subscribers has risen from 22.6k in September to more than 30k today. This means that the network will continue seeing more traction as the HONEY token price continues to rise.

Hivemapper aims to be a better alternative to existing mapping companies by having recent data. In most cases, it takes months or years for a Google location to be updated. With Hivemapper, this location can be updated every day.

An uphill task ahead

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Still, Hivemapper faces an uphill battle ahead in its battle with Google Maps and Waze, which is also owned by Google. First, the company’s dashcams are extremely expensive to most people, especially those in developing countries and emerging markets.

Second, data in its website shows that many parts of the world, especially in Asia, Africa, and South America is yet to be mapped. With a camera costing over $300, it will be hard for it to get enough users.

hivemapper

Hivemapper mapped areas

Most importantly, Hivemapper is in a David vs Goliath situation. Google Maps has millions of users from around the world and vast amount of data. Also, the company has unlimited resources as Alphabet has almost $120 billion cash on hand. 

Google Maps has already established itself as the most important mapping solution in the world. Over the years, it has grown its market share to over 68% even though it competes with other elite companies like Apple and Google,

There are other challenges. For example, other companies that have attempted to disrupt the mapping industry like What3Words have failed to gain market share over the years. Also, its future performance depends on the HONEY price. A retreat of the token will likely disincentivise users to share the data.

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