First posted on https://www.bulbapp.io/
Good morning/evening.
Wingbits and Geodnet join forces
You may have read my previous post on the Wingbits project. wingbits-a-depin-project-xkedreq It is a community-driven network using advanced flight tracking technology. Wingbits uses Automatic Dependent Surveillance-Broadcast (ADS-B) technology to aggregate and analyze flight data. We recently had an announcement from the Wingbits team that Wingbits and Geodnet are joining forces, so what is Geodnet?
GEODNET is a web3.0 blockchain-based highly-reliable RTK Network using DePIN principles. (The public buy a miner and install it to earn tokens)
RTK (Real-Time Kinematics) enables a 100x improvement in position accuracy as compared to standalone GPS. GEODNET's global RTK Network naturally complements on-device sensors such as Cameras, LiDAR, and IMU's to power AI-based Autonomous Systems.
RTK (Real-Time Kinematic) is a satellite navigation technique used to enhance the precision of position data derived from satellite-based positioning systems such as GPS, GLONASS, Galileo, and BeiDou.
By utilizing the signals from these satellite constellations, RTK can achieve centimeter-level accuracy in real-time. GEODNET leverages RTK technology to ensure our network’s mining and positioning solutions meet the highest standards of accuracy and reliability.
Traditional GPS relies on satellite signals from over 10,000 miles away, which can lead to location errors ranging from a few meters to several dozen meters. To improve accuracy, GEODNET uses a network of reference stations installed on rooftops worldwide. These stations provide real-time correction data to devices within 20 kilometers, allowing them to achieve centimeter-level accuracy similar to RTK technology, but at a lower cost. Participants hosting these stations earn GEOD tokens.
Tokenomics
This is the same principle as most of the DePin projects, buy a low power usage miner and you cover a 'hex' the less miners in your hex the more you can earn but the triple band base station is just under $700 which seems quite pricey to me.
From reading these articles it looks like Geodnet may well have a partnership to use the mapping data and advertise that they have some major investors, but I have not verified these and we all know that advertising does not equate to an actual investment.
What does this mean for Wingbits
It looks as though you will be able to dual mine both tokens with a miner, but as we are one of the early OG's we joined the project using a RaspberryPi so I am not quite sure if that will dual mine yet but the Wingbits team are really good at sharing information in their AMAs so I am sure that as news comes out we will learn more. Geodnet currently has over 8000 stations and Wingbits has over 2000, Geodnet is live and has a tradable token GEOD and Wingbits is still on testnet with its WINGS token. This could bring more awareness to both projects and improve the use case for the data that both contribute, in turn providing value, making this a great project.
So for the moment I will wait for more news and see what happens, but this looks as though it could be quite promising, as for now I will continue to earn my Wings tokens.
As always, thank you for reading and please feel free to comment.
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