FOAM
Crypto Overview
Project Overview
FOAM is a decentralized protocol designed to provide secure proof of location services on the Ethereum blockchain. The system uses a network of radio beacons and crypto-economic incentives to create a reliable and tamper-proof location verification system.
Intended Utility
The FOAM token serves multiple purposes within the ecosystem: It's used for staking by radio beacon operators, governance voting on protocol parameters, and challenging/verifying location claims. The primary goal is to create a decentralized alternative to GPS technology.
Actual Utility and Implementation
The project has faced significant challenges in achieving widespread adoption. While the protocol's technical infrastructure exists, the network of physical radio beacons remains limited. Development activity has notably decreased since 2020, with minimal updates to the protocol's codebase.
Token Distribution and Governance
Initial token distribution allocated 40% to the founding team and early investors, with vesting periods. The remaining 60% was distributed through a public sale and ecosystem development fund. The token's trading volume and market activity have been minimal in recent years.
Revenue Model and Operations
The protocol generates no direct revenue through interest or prohibited activities. The business model relies on the network effect of beacon operators and location verification services.
Crypto Impact
To assign a comfort level investing in FOAM from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to FOAM.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.