Project overview

FOAM Protocol is an open protocol for decentralized, geospatial data markets. The protocol is designed to empower users to build a consensus-driven map of the world that can be trusted for every application. As technology evolves and changes, maps need to change too. FOAM secures physical space on the blockchain, harnessing the power of Ethereum with a cryptographic software utility token used to provide computational work and verification to the network.

The FOAM network includes three distinct features: The Crypto Spatial Coordinate Standard which is an open and interoperable standard for location in Ethereum smart contracts, the Proof of Location protocol which is a consensus on whether an event or agent is verifiably at a certain point in time and space and the Spatial Index Webapp, a general purpose visual blockchain explorer that enables users to understand, engage and act with spatial data.

 

Token model

The FOAM token has many uses within the FOAM network.

The FOAM Spatial Index Visualizer allows Cartographers to participate in interactive Token Curated Registry Point of Interests on a map. Users can add points to the map, validate new candidates and verify the map by visiting real world locations. The FOAM Token Curated Registry unlocks mapping in a secure and permissionless fashion and allows locations to be ranked and maintained by token balances. Users can deposit FOAM Tokens into POIs on the map to increase attention those POIs might receive.

A further potential use of the FOAM Token by Cartographers is to stake their FOAM Tokens to Signal. Signaling is a mechanism designed to allow Cartographers to incentivize the expansion and geographic coverage of the FOAM network. To Signal, a Cartographer stakes FOAM Tokens to a Signaling smart contract by reference to a particular area. These staked tokens serve as indicators of demand and are proportionate to (i) the length of time staking (the earlier, the better), and (ii) the number of tokens staked (the less well-served areas, the better).

The FOAM protocol may allow users to provide work and secure localization services and location verification for smart contracts and be rewarded for their own efforts with new FOAM Tokens in the form of mining rewards. Devices and real-world contracts can be programmed to designate attestations and track interactions and transactions on the map.

 

Whitepaper

The FOAM PProtocol whitepaper covers in great detail the different functionalities of the FOAM network, as well as the role of the FOAM token within it. It is however missing some standard information like team members, information on the token sale, roadmap, etc.

 

Team

Ryan John King – Co-Founder, CEO
Entrepreneur with a background in urban economic development, architecture and blockchain technology.

Kristoffer Josefsson – Co-founder, CTO
Senior full-stack blockchain and smart contract developer. Early member of Consensys. Founding Member of BlockApps.

Katya Zavyalova – Co-founder, CCO
Award winning architect and a leading industry voice recognized by the American Institute of Architects.

Martin Allen – Senior Blockchain Engineer
Functional programming specialist, author of purescript-web3. Formerly a senior engineer at BlockApps. Background in algebraic geometry.

Arthur Röing Baer – Creative Marketing Director
Designer and researcher. Previously worked on blockchain-enabled infrastructure decentralization in logistics and mobility.

Ilya Ostrovskiy – Protocol Engineer
Polyglot programmer and DevOps plumber. Former VM lead at BlockApps.

Roadmap

August 31st, 2018

Mainnet launch: Tokens are distributed to all purchasers on the Ethereum Mainnet

September 1st – October 15th

Transfer Restriction Period: Following the launch of the FOAM protocol tokens will not be transferable       outside of the platform for 45 days. In this time users can familiarize themselves with the interface and fulfill their ‘Proof of Use’ requirements.

 

ICO terms

The token sale will begin on July 31st and is expected to last 10 days.

Ticker: FOAM
Token type: ERC20
ICO Token Price: 1 FOAM = 0.08 USD
Hardcap: 24,000,000 USD
Total Tokens: 1,000,000,000 FOAM
Available for Token Sale: 30%
Min/Max Personal Cap: 100 USD / 3M USD
Accepts: ETH

Before each purchaser in the token sale can transfer or resell any FOAM tokens, they will be required to ‘prove use’ of a portion of the tokens they purchase. The portion of tokens each purchaser must use, and what they have to do in order to ‘prove use’, depends on the USD ($) amount of tokens purchased in the sale as outlined below:

Small Buyers (below $10,000):

1) must use at least 25% of FOAM tokens purchased in the token sale

2) must add at least 10 points of interest to the map

Large Buyers (above $10,000):

1) must use at least 50% of FOAM Protocol tokens purchased in the token sale

2) must add at least 10 points of interest to the map

 

Token distribution

token supply Foam protocol

Community hype

Telegram: 12,448 members
Twitter: 7,848 followers
Reddit: 516 subscribers

 

Strengths

  • FOAM Protocol is the first project to create a protocol for blockchain-based geolocation, so they have the first mover advantage
  • The fact that they are forcing anyone participating in the token sale to stake a portion of the tokens on the network will greatly help developing the network early on
  • Their Proof of Location protocol will allow for new types of dApps to be built
  • Their token model shows that they have a good understanding of tokeneconomics

 

Red flags

  • The Proof of Location protocol is new and has not yet been extensively tested by the industry
  • A lot of the information concerning the token sale and roadmap isn’t available on their website
  • There is no information concerning the use of funds

 

FOAM Protocol Ratings

Team 7.5/10:

The team behind FOAM Protocol is experienced in programming, entrepreneurship, architecture and geolocation. They are also extremely well-versed in blockchain technology.

Token model 9.25/10:

The FOAM token model is impressive. Not only does it give a strong incentive for users to hold FOAM, it also gives users voting rights through the Token Curated Registry.

Token distribution 4.8/10:

We consider their token distribution to be too centralized. There is no airdrop or bounty campaign and 25% of the tokens are kept by the team and advisors. Also, there doesn’t seem to be a vesting period over which team members will receive their tokens.

State of the project 7.3/10:

FOAM Protocol is close to the Mainnet release, which is scheduled to be in late August. However, their roadmap doesn’t include the addition of the different upcoming features mentioned in the whitepaper.

Market 6.2/10:

The location market is incredibly fast growing because it caters to such a wide variety of use cases. It is however already very saturated and there are many regulations concerning geolocation that FOAM will have to follow.

ICON score: 7/10

 

Conclusion

At Icon Partners, we find this project extremely promising. If the team manages to deliver everything in their whitepaper, FOAM Protocol will become the go-to for any dApp that requires geolocation. Their token model really shows that they have a good understanding of blockchain technology and tokeneconomics, which is necessary for any blockchain project. They have a solid team and are backed by capable advisors so we have no doubts that they will bring this project to fruition.

We encourage you to do your own research and come to your own conclusions when investing in an ICO. All the information in this review are either facts or ICON Partners’ opinions and should not be used as investment advice.

 

Links

Website
Whitepaper
Telegram
Twitter
Reddit

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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.