This post will be a continuation of our DePIN series, where we talk about crypto projects that use token incentives to crowdsource and roll-out real world infrastructure that provides useful services or collects meaningful data.
In addition to digital cash, blockchain technology also provides a way to reward independent infrastructure operators and data collectors transparently, without the friction of sending fiat through the traditional banking system. This is part of what makes DePIN possible.
What Is Onocoy
Onocoy is "a global, community-powered GNSS (similar to GPS) data-sharing network using blockchain to unlock high-precision positioning for everyone."
The positioning data the network collects is useful for things such as professional surveying, smart farming, and construction operations. It enables precise navigation for autonomous drones, commercial robots, consumer robots, autonomous vehicle positioning, and more.
The Problem
Currently, getting accurate GNSS correction data is expensive and inconsistent. Companies offering this data have high costs, because they need to own and operate their own infrastructure.
For that reason, these companies focus on profitable areas and neglect others, leaving many without access to affordable precise location services.
By utilizing a decentralized infrastructure model, Onocoy minimizes costs, while maintaining high quality and performance. Their pay-per-use service offers further cost optimization.
The Solution
By utilizing the decentralized infrastructure made possible via blockchain technology, the operation of reference stations (the mining hardware) is separated from the companies who provide the data.
Micropayments are seamlessly collected from the data consumers via a blockchain-based system (currently Solana), ensuring transparency and efficiency.
How It Works
Independent miners collect and stream GNSS base station data to Onocoy, earning ONO token rewards in return for their contributions.
Similar to Helium's model, clients then purchase dollar-pegged "data credits" with fiat currency to use Onocoy's GNSS data for their specific applications. This results in ONO tokens being bought off the market, and burned.
Distributors like Eugio, Stargate, and Kindhelm, are key partners who provide access to Onocoy's data, often bundling it with additional services or support.
Network Expansion
The Onocoy network continues to expand globally:
- 5500+ reference stations.
- 168 countries covered.
- 1.5 million ONO mined.
- $6.5 million dollars secured from investors.
As per Onocoy co-founder Samuel Welde, network growth has been more pronounced recently in the continents of Africa and Southeast Asia.
The Token Generation Event (TGE) for Onocoy happened about a month ago on the Solana blockchain. The ONO token is currently listed on the Orca DEX, and can be purchased fairly easily using the Phantom wallet (NFA, DYOR).
Alternatives
Onocoy is similar to the more established DePIN project GEODNET, but its pay-per-use model and focus on rural inclusivity provide a competitive edge. Onocoy also permits cheaper, open hardware (like Onolink or DIY setups) on the network.
Until next time...
Onocoy is harnessing token incentives to roll-out a network of independent miners that collect precise location data for use-cases such as autonomous vehicles, drones, and other robots.
This project will definitely be worth keeping an eye on as we transition into a decentralized, crypto-powered economy.
If you learned something new from this article, be sure to check out my other posts on crypto and finance here on the Hive blockchain. You can also follow me on InLeo for more frequent updates.
Sources
Onocoy's Website [1]
Onocoy Miner Image [2]
Onocoy Monthly AMA [3]