We’re excited to announce MapAustin, StreetCred’s third data-collection test and the next step in our journey to build a decentralized marketplace for the world’s point of interest data. Starting March 1st, participants in the greater Austin area can use the StreetCred iOS or Android app to create, validate, and improve places (like restaurants, shops, doctor's offices, landmarks, etc.). Top performers will receive Bitcoin awards from a prize pool of 15 BTC (currently $51,165). The top performer could receive two Bitcoin, currently worth $6,822.
Funded by Future Customers
And this time, we’re not acting alone: MapAustin will be entirely funded by our future customers. This is big news!
Customers are unhappy with the state of point of interest data. It’s restrictive, expensive, out-of-date, lacking the regional coverage or specific attributes a company might want to build its products. Creating and maintaining high-quality point of interest data is very challenging. We started StreetCred specifically to solve this problem.
Customer willingness to prepay for a product is a strong demand signal. But it also highlights a nuanced but incredibly powerful characteristic of decentralization: Consumers can interact directly with a protocol, effectively creating a solution that fits their needs. In our case, they’re working with us to sponsor the collection of certain place categories and data attributes. This is very exciting and a valuable differentiator in our approach to create a thriving economy around the collection and consumption of place data.
Building a decentralized marketplace and healthy token economy requires a tight integration of supply (how we collect data and reward our community) and demand (how we engage consumers of POI data). MapAustin brings both sides together in an elegant and exciting way.
MapAustin will extend what we’ve learned thus far about building a decentralized product. Through our first two tests in New York City and during the Consumer Electronics Show in Las Vegas, we learned that people would enjoy using our app to collect and validate points of interest in exchange for cryptocurrency. We continue to learn about how to create valid data with consensus mechanisms well in advance of deploying smart contracts. Austin will teach us even more about this for our eventual launch.
We’re also learning more about our users (hint: most of them are not crypto-enthusiasts). People have already created a lot of data with StreetCred. One person in NYC mapped over 200 places per day! Through early user feedback, we’ve made big improvements to editing and data validation, and we’ll continue to do so over the next few months.
Keep in Touch!
Similar to MapNYC, we’ll be sharing our plans and insights throughout the event. Download the app or sign-up for our email newsletter below if you’d like to stay in touch.