[Singapore] Navigate, the community platform where users contribute data and fuel the creation of apps, has opened its first Data Vault on the Navigate Platform. The vault enables drone users from around the world to upload their drone data and receive rewards in the form of Navigate’s native utility token, NVG8. This data will power the platform’s initial application, Navigate Maps - a new, constantly-refreshing mapping application powered entirely by crowdsourced data.
Navigate Data Vaults serve as repositories for predefined, high-quality data sets contributed by the Navigate community which are used to build new decentralized applications (dapps). The newly launched Aerial Imagery Data Vault accepts images captured from drones and is utilized to generate high-resolution and recent aerial images viewable in Navigate Maps, the platform’s first dapp.
Additional Data Vaults will be launched by Navigate in future months to allow users to upload other forms of data sets, including images and footage from dash cams and smartphones to provide detailed street-level imagery for Navigate Maps.
“The quality data and high-resolution imagery that we collect from our community worldwide will allow us to offer unrivaled levels of detail within Navigate Maps,” said Amir Husain, Chairman of Navigate. “These rich mapping insights have a myriad of powerful applications that appeal to a broad base of users, from the enterprise to the individual level. The exciting user experiences that a map application like Navigate Maps are near-endless.”
Users are incentivized to upload data to the Navigate platform through the rewarding of NVG8 - the native platform token used to bootstrap network effects, facilitate governance, and access products and services across the Navigate ecosystem. These tokens will become fully transferable for users once Navigate’s Token Generation Event concludes at a later date. By connecting a wallet to the platform, early users can manage the reward system shown on their personal upload dashboard, can participate in a public leaderboard showcasing and additionally rewarding top contributors, as well as gain access to an alpha version of Navigate Maps.
“We designed Navigate to empower people to take an active role in the creation of new solutions and products, allowing users to leverage their data for exciting applications, like Navigate Maps, while also being rewarded for their contributions,” said Amanda Center, Director of Growth at Navigate. “While we are just at the beginning, the launch of our first data vault marks a significant step towards building the decentralized products of the future with our community.”
This announcement follows a $7.6m Seed Round raise in June 2022, led by Distributed Global, with further investments from Alan Howard, Kraken Ventures, Jez Mohideen, Outlier Ventures, among others. The Seed round came in conjunction with the appointment of Amir Husain, Founder, and CEO of SparkCognition, and Rumi Morales, Director of Investments at Digital Currency Group, as founding members of the Navigate Board of Directors.
