GateLive AMA Recap-GEODNET
Q1. Why is DePIN hot?
DePIN or Decentralized Physical Infrastructure Networks are hot because they leverage web3 technologies to efficiently build out traditional infrastructure faster and with far less capital. For example, GEODNET has grown to 7000 nodes in less than two years. It is now the largest network in world of its type.
Other networks take 20 years to reach 5000 stations. This growth would not be possible without web3 and it adds massive value to traditional web2 markets.
Q2. What does GEODNET do?
GEODNET provides a next generation location service far more accurate than traditional GPS. This precise location service is called (Real Time Kinematic) RTK and an RTK correction network allows regular GPS to improve by 100x in accuracy aka 1-2cm accuracy.
Very precise. RTK is used for AI and Autonomy, Drones, Farming, Construction and in near future applications like Gaming.
Q3. What is GEODNET revenue source?
RTK Data streams from the GEODNET network are purchased to enable the precise location. When these streams are purchased GEOD tokens are burned reducing the total token supply. The precise location service market is large and growing.
Various 3rd party market reports estimate RTK service and GPS augmentation services to be in range of $3B to $30B annually.
Q4. Who are the customers?
Currently, we have more than 20 web2 customers that use the data streams in farming, IoT, robotics, and drones.
There are numerous named customers mentioned on website, and on June 25 we are announcing 5 additional new named customers - AllyNav (Farming), Sensori Robotics (Robot Lawnmower), Bad Elf (Survey Equipment), bynav (Automotive Electronics), and Unmanned Life (Drones).
Q5. How do the tokenomics work?
There is supply of 1B tokens. Use of GEODNET RTK service causes the burning of tokens & 5.8M tokens have been burned so far. Installation of a GEODNET node provides data for RTK network and mines GEOD token.
By having an excellent installation, GEOD miners can earn a Location NFT which protects from reward splitting in a hex. Additional network coverage is encouraged by use of Staking.
