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FOAM

FOAM

$16,548,796 USD Sale Proceeds
Sale ended
$16,548,796 USD Contributed

Project
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Open Protocol for Proof of Location on Ethereum

FOAM 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. 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 component elements of FOAM are designed to provide spatial protocols, standards and applications that bring geospatial data to blockchains. Token mechanisms and crypto-economics underpin the elements of FOAM and empower the distributed users to coordinate and interact in a decentralized and permissionless fashion.

Product
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Crypto-Spatial Coordinates (CSC)

Currently there is no agreed upon way to reference location on the blockchain. The CSC is an open and interoperable encoding standard for location-specific smart contracts. CSCs are Ethereum smart contract addresses with corresponding addresses positioned in physical space that are verifiable both on- and off-chain. This allows for physical addresses in the built environment to have a corresponding smart contract address that is accessible in decentralized applications and stored immutably.

Spatial Index & Visualizer (SIV)

As an open-source full stack web-app, the Spatial Index is a general purpose visual UX interface that allows users to interact with, understand, engage with, and act on CSC contracts. The Spatial Index is designed to enable a vast number of applications across different markets, from a UI for a decentralized ride sharing platform that empowers drivers and passengers to transact without middlemen, to a control panel for blockchain-based supply chain management, or a spatial bounty game. The main achievement and contribution of this design is allowing users to interact with the blockchain and deploy smart contracts with geospatial parameters from within a web browser. The architecture of the Spatial Index forms a smooth loop of events, from web-app, to blockchain, to indexer, and back to the app.

Proof of Location (PoL)

The goal of the FOAM Proof of Location solution is to provide the framework and infrastructure to support a decentralized, privacy preserving, highly accurate, censorship resistant alternative to the Global Positioning System (GPS). Secure location data is a fundamental infrastructure needed to achieve the full vision of the a decentralized ‘web3’ economy and can foster an ecosystem of applications built on top of a verified location standard. Proof of Location is the primary utility arising from use of the CSC and SIV elements discussed above. Proof of Location is a solution to provide consensus on whether an event or agent is verifiably at a certain point in time and space.

Token
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Token Curated Registries

The FOAM Crypto-Spatial Coordinate (CSC) standard is a registry that enables the blockchain to act as an index of spatial contracts and, by extension, allow spatial contracts to be queried and displayed on the Spatial Index Visualizer. Token Curated Registries (TCR), are an emerging crypto-economic primitive for curating human readable lists with intrinsic economic incentives for token holders to curate the list’s contents. Content of the list is backed by staked tokens and token holders vote on additions to the list with the goal of raising the value of their token by producing a valuable list. CSC’s and TCR’s together make a powerful combination for a new form of mapping and maintaining what are known as Points of Interest (POI). In this light, FOAM can be the contextualized successor to the work of cartographers throughout history that maintained geographic data about everything from topography to dense urban streets. However, FOAM takes this history a step further by granting control over the registries of POI to market and community forces. CSC + TCR = POI. The FOAM Spatial Index Visualizer allows Cartographers to participate in interactive TCR POIs 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.

Signaling for Zone Incentivization

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). In the context of the contingent Dynamic Proof of Location concept (described further in the Product Whitepaper), these indicators are the weighted references that determine the spatial mining rewards. Please be aware that the Company is selling FOAM Tokens solely to provide the Token Utility available at the time of sale. The development and adoption of Dynamic Proof of Location depends on factors outside of the Company’s control, including FOAM user adoption, the organic community-driven expansion of the Foamspace Platform and the requisite addition of radio hardware by, and at the expense of, individual FOAM users. As such, if or when Dynamic Proof of Location is adopted cannot be stated with any certainty, and the Company assumes no responsibility whatsoever with respect to its development and adoption. The Signaling function is intended to assist in the user-driven development and adoption of Dynamic Proof of Location, but there is no guarantee that it will achieve its goal of implementing Dynamic Proof of Location, in whole or in part, or operate as intended.

Token Sale
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Symbol 
FOAM
Classification 
Utility
Decimals 
18
Type 
ERC20
Sale Date 
July 31st, 2018
Sale Time 
10 AM EDT
Sale Duration 
Anticipated to be 10 days or if Sale Target is reached first
Token Distribution 
Up to 7 days (after token sale ends)
Expected Network Launch 
Anticipated to be August 24-August 31, 2018
Earliest Tokens Could Be Transferred 
Anticipated to be: October 15, 2018*
Sale Eligibility: 
Anyone besides citizens and/or residents of New York State, China, and certain countries and persons subject to U.S. sanctions and embargoes, among other eligibility restrictions detailed in the Token Sale Terms.

*Sale registration is open to anyone besides citizens and/or residents of New York State, China, and certain countries and persons subject to U.S. sanctions and embargoes, among other eligibility restrictions detailed in the Token Sale Terms. However in order to be eligible to purchase FOAM tokens, each sale registrant must successfully complete the registration process, comply with the Token Sale Terms, and correctly answer questions proving they understand what they are buying, and have legitimate intent to use FOAM tokens.

*FOAM tokens are only usable within the FOAM network for their intended purpose (not able to be transferred or resold) for at least 45 days following the FOAM network launch on mainnet. See below: Locked Until Launch, Initial Use Only Period, and Proof of Use details for more info regarding FOAM token restrictions, usability, and transferability timeline.

Token Price: $0.08 per FOAM (max price)

*The price per FOAM token will be no more than $0.08 which will be the price if the maximum amount of sale proceeds ($24M) are received. If less than $24M in sale proceeds are received, the price per token will be adjusted down at the end of the sale based on the Token Price Formula (described below), and the amount of FOAM tokens each purchaser receives will be the amount of USD($) worth of tokens they purchased divided by the final FOAM token price.

Token Price Formula: Total USD($) amount purchased / 300M FOAM tokens

*Final price per FOAM token will be determined at the end of the sale by dividing the final USD($) amount of tokens purchased in the sale by the 300M FOAM tokens being sold to purchasers in the token sale. The number of tokens each purchaser receives will equal the USD($) value of the ETH payment they submitted (with such $ value determined at the time of such purchaser’s ETH payment) divided by the final FOAM token price.

Example 1: Purchased $1,000 worth of FOAM tokens and the token sale sells out ($24 million in sale proceeds); FOAM token price will be: ($24M / 300M FOAM) = $0.08 per FOAM token; purchaser would receive ($1,000 / $0.08 per FOAM token) = 12,500 FOAM tokens.

Example 2: Purchased $1,000 worth of FOAM tokens and only $10M is contributed; the token price will be: ($10M / 300 million FOAM) = $0.033 per FOAM token; and you would receive ($1,000 / $0.033 per FOAM token) = 30,300 FOAM tokens

Tokens Being Sold: 300M (30% of total FOAM token supply)*

*All 300M FOAM tokens being sold will be distributed to purchasers proportionally regardless of total USD($) amount of FOAM tokens purchased during the sale. The Company reserves the right to cancel the sale and refund purchase amounts prior to FOAM token delivery.

Sale Target: $24M (maximum)*

Payment Type Accepted: ETH

Min/Max Purchase Amount: $100 - $3M*

*All Purchasers must ‘Prove Use’ of tokens before transferring/selling them. The ‘Proof of Use’ threshold for each purchaser is based on the amount of tokens they purchase in the sale. See below for more details information.

Large Purchaser Review: Any purchase request over $10,000*

*Purchasers requesting over $10,000 worth of FOAM tokens are required to submit additional info during the registration process explaining the reason and intent behind their large purchase request; each request will then be manually reviewed and approved/denied by FOAM based on the info provided and FOAM’s determination regarding each large purchasers intent to use the amount of FOAM tokens they are requesting.

Token Supply: 1 Billion FOAM

Mining Rewards: 350M (35%)*

Token Sale: 300M (30%)

Compensatory Purposes: 250M (25%)

Token Reserve: 100M (10%)

*350M FOAM Tokens (35% of the supply) are used as the mining rewards to Zone anchors; this portion of the supply can only ever be obtained by contributing work to the FOAM network in Dynamic Proof of Location.

Locked Until Launch:

FOAM tokens are non-transferrable until the launch of the FOAM network on mainnet. Expected mainnet launch of the FOAM network is August 31, 2018, however there is a chance that the FOAM network launch could get delayed. Any FOAM tokens you purchase in the token sale will remain in the wallet address you specify when purchasing FOAM tokens (the wallet address you send ETH from, and where the FOAM tokens you purchase will be sent to) during the non-transferrable period. Please keep this in mind when deciding what wallet to purchase FOAM tokens from.

Initial Use-Only Period:

To encourage the active growth of Cartographers through increased familiarity with Token Utility and the Foamspace Platform, FOAM will not be transferable for 45 days after the Token Sale ends. The Company may extend the Initial Use-Only Period at its sole discretion and will announce any such changes on its website, at https://www.foam.space.

Proof of Use:

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 tokens purchased in the token sale

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

How to Prove Use:

Proving use could be accomplished by doing one or multiple of the following: staking the threshold amount in connection with the following actions: creating new POIs; voting in response to a challenge to a POI; or Signaling.

Timeline
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NOTE: The key dates shown are just an estimate, and there is a reasonable chance that some or all of these milestones are delayed.
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September 2017
Introducing the FOAM Protocol
First release of our vision for a spatial protocol and consensus driven map.
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November 2017
Crypto-Spatial Coordinates
Release of Crypto-Spatial Coordinates, an open and interoperable standard for location in Ethereum smart contracts.
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January 2018
Introduction to Proof of Location
We started off 2018 by formally announcing the work being done at FOAM on Proof of Location and its fundamental importance.
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February 2018
Spatial Index Private Beta
Launched a private beta on the Rinkeby test network for The Spatial Index, a general purpose visual blockchain explorer.
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April 2018
Launched Developer Portal
As part of our developer community efforts, we released access to tools for building decentralized spatial applications, API access, sample tutorials and walkthroughs.
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April 2018
Spatial Index Public Beta
Opened the Spatial Index Beta to the public with over 2,500 users stress testing the architecture.
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May 2018
Whitepaper Release
After months of fine-tuning and legal review, we were extremely excited and proud to publish our product whitepaper.
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August 31st
Main Net Launch
Tokens are distributed to all purchasers on the Ethereum MainNet
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September 1 - October 15
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.

Team
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Ryan John King
Co-Founder, CEO
Entrepreneur with a background in urban economic development, architecture and blockchain technology.
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Kristoffer Josefsson
Co-founder, CTO
Senior full-stack blockchain and smart contract developer. Early member of Consensys. Founding Member of BlockApps.
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Katya Zavyalova
Co-founder, CCO
Award winning architect and a leading industry voice recognized by the American Institute of Architects.
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Martin Allen
Senior Blockchain Engineer
Functional programming specialist, author of purescript-web3. Formerly a senior engineer at BlockApps. Background in algebraic geometry.
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Arthur Röing Baer
Creative Marketing Director
Designer and researcher. Previously worked on blockchain-enabled infrastructure decentralization in logistics and mobility.
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Ilya Ostrovskiy
Protocol Engineer
Polyglot programmer and DevOps plumber. Former VM lead at BlockApps.

Advisors
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Rick Dudley
Vulcanize. Blockchain Technical Consultant and Advisor.
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Matt Liston
Gnosis. Founding member & ambassador.
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Alyssa Wright
OpenStreetMap, OpenGeo, Open Transport Partnership and Mapzen. Geospatial technologist, strategist & entrepreneur.
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Perkins Coie
Advisor. International Law Firm

Partners
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