Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
One of the first Web3 drive-to-earn navigation apps shares the details of its crucial upgrade and upcoming token launch.
MapMetrics DePIN car navigation service migrates to peaq
MapMetrics, a blockchain-based navigation application, unveils its plan to migrate to peaq, the innovative L1 for DePIN and Machine RWAs. Originally running on Solana’s rails, MapMetrics will fully move the smart contracts powering its DePIN to peaq.
This migration is set to be a notable showcase for peaq’s latest tech endeavours, such as peaq IDs and other Modular DePIN Functions.
MapMetrics challenges the status quo in navigation apps by enabling users to earn by driving with its navigation dApp on. Drivers can boost their earnings by purchasing a hardware device that provides for a more secure and reliable data exchange within the dApp.
Brent van der Heiden, cofounder at MapMetrics, stresses the importance of this release for the entire DePIN segment:
As one of the original players in the DePIN space, we need a network with stable transactions, machine data verification, and a synergistic DePIN-focused ecosystem. peaq provides us with all that and more, also featuring its Modular DePIN Functions, which help us build faster, and a DePIN-friendly economic model. We are thrilled to be moving ahead with the migration and are certain that it will bring MapMetrics to a whole new level.
Released only on Android so far, MapMetrics has already smashed through the 55,000 installation milestone, being chosen by customers in 177 countries across the globe. It has also partnered with Microsoft to improve its Bing Maps service with the data collected by MapMetrics users, expanding the mapped territory with new roads and other objects.
More reliable transactions and ecosystem synergies
Outlining the reasoning behind the migration in a joint announcement, MapMetrics emphasized the need for more secure and reliable transactions as one of the key factors that prompted it to shift to peaq.
Another major factor was peaq’s DePIN-focused ecosystem, the release asserts, pointing at prospects for synergies with both other DePINs building on peaq and peaq’s enterprise partners. The latter include Bosch, the lead of the moveID project that also involves Airbus, Continental, and other major names.
peaq’s Modular DePIN Functions, such as peaq ID and peaq verify, were yet another major factor behind the decision, as cited in the announcement. The Modular Functions enable DePINs to build faster, leveraging these pre-made functionalities as part of their own architecture.
The DePIN focus of peaq's economic model also played a role, the announcement points out, as it enables DePINs to scale faster and build sustainable business models. Machine Composability, or the ability to seamlessly connect the devices on peaq to any DePINs in the ecosystem, is another factor, as it enables MapMetrics and other projects migrating on peaq to quickly tap into the pool of existing devices.
MapMetrics’ token will also be minted on peaq
Till Wendler, cofounder of peaq, is sure that the migration will solidify the positions of the blockchain as a go-to L1 for DePIN applications:
Navigation is a crucial service for mobility, logistics, and other vital real-world industries. MapMetrics successfully taps the DePIN model to bring this service to Web3, and we’re excited to see it fully migrate to peaq, solidifying peaq’s position as a prime layer-1 for DePIN.
Expanding its original plan to tap peaq for some of its functions and capabilities, MapMetrics will now fully migrate to the network. As part of the multi-stage process, it will deploy the smart contracts behind its dApp on peaq, moving its core business logic to the layer 1 for DePINs. It will also mint its token natively on peaq and provide a bridging option for existing holders.
Gamza Khanzadaev
Arman Shirinyan
Alex Dovbnya
