With Naviaddress’ ICO concluding in a couple of days on the 31st of March, it is only fitting that we review the overall project to date. To those not already familiar with the company, Naviaddress is in essence a blockchain ID project that is focused on establishing a digital address platform. The platform is intended to provide users with Naviaddresses which are unified digital IDs for any places or objects. The project is highly ambitious, with the team aiming to provide addresses to some 4 billion people around the globe. Their core target group is populations in developing countries who currently are not serviced by a verified address.
Naviaddress’ patented technology enables users to assign a digital address with geocoordinate precision to any location, whether it’s an object or place. Naviaddress is a blockchain ID management platform which is meant to provide users with both a physical and virtual address. If the project is successful and the roadmap followed as planned, Naviaddress will certainly disrupt the digital mapping and address verification market. For the project to be a real success will require collaboration and partnership with public institutions, governments and multi-national corporations in particular big data companies such as Google or Uber who are already market leaders in developing products which have location mapping services at their core.
The company’s main objective is to facilitate the creation of a unified addressing system that is borderless and can be utilized in both the real and the virtual world. To date the team has been successful in securing some credible partnerships with companies such as:
· State Postal Services,
· Amazon, and
Strategic Vision and Value Proposition
The company has already launched a beta version of its system in order to help people without a verifiable address to securely and accurately share their location. According to their research, there are up to 4 out of 5 addresses in developing nations are not verified as a result of many factors and those affected have a real need for accurate locations to gain access to markets and e-retail and delivery services for example. Providing better accessibility to local services for tourists is also another focus for the team as they see this as a potential market for their product.
Naviaddress is not new to the scene; the company has been operational for some three years and has a database of some 1.5 million Naviaddresses which have short, easy-to-remember digital sequences. These include 1.3 million business users and more than 60,000 registered app users according to their numbers. The launch of the Naviaddress Beta Version 0.1 was seen as a proof of concept but the team is continually working to improve the use cases. The Beta version of the platform on the blockchain was released for public testing on March 2, 2018.
Developments to date
The Naviaddress team has alluded to expanding their reach to the Asian market where they are seeking to build partnerships in China within the delivery and e-retail, hospitality, transportation and urban planning sectors, according to a company press release. The company commenced Phase 3 of its initial coin offering (ICO) on March 7 and the ICO ends soon. Naviaddress is well-positioned and has the first mover advantage. Currently their community is relatively small but growing fast. The hope is that the technology get mass adoption since the success of such a huge project relies largely on uptake.
The concept for the project is fairly simple to understand but sophisticated in the deployment and management of such an intricate system which would largely rely on integration with other service providers to effectively achieve their goal. By using the blockchain technology to create a unified, digital addressing system, which allows its users to turn any physical address into a short, convenient digital address as well as create a new physical address for places which don’t already have one, Naviaddress, will be the first global digital addressing system being deployed onto the blockchain. The Naviaddress team is also working on the extension to adopt mobile addresses. Following that they intent to make the shift from identification of geographical location to the universal identification, thereby introducing an array of real and virtual assets with virtually unlimited businesses opportunities.
How will people benefit from having Naviaddresses?
Having a Naviaddress will provide people and businesses with the freedom and ability to create, obtain, own, lend and sell their digital addresses. Users can also interact with the addressing system through three of Naviaddress proprietary applications which are Web, iOS, and Android.
A Naviaddress can also function as a ‘smart address’ since users will be able to assign and store relevant information such as ‘last mile’ navigation with embedded geographical coordinates, operational hours, descriptions of routes, photos, physical address and other pertinent data making it easier to find complicated, remote locations and newly built structures. A Naviaddress can be used via mobile app or online map. The company’s digital address system which is a verified transaction trustless ID for any object and location will eliminate uncertainties and reduce risks associated with transactions between users, and between users and enterprises.
Some other benefits of the platform include:
· Providing access to a postal and delivery address;
· Naviaddress uses a universal digits-only format language;
· Simplification of internal verification process: every point, every object can be assigned with its own digital address that can be verified just once;
· Provides transparency, quality and efficiency of service needed to give users accurate information;
· Searchable online and can be linked to an event;
· Addressing information stored on the blockchain will be more reliable and transparent
· Accurate since geocoordinates are embedded which is ideal for drone delivery and IoT;
· Simple to use since can be tagged to any point or object;
· Personalised and can be designed to contain embedded metadata, additional information;
· Stakeholders can create their own address entries and can view any changes made to these entries at any time; and
· All addresses are distributed and stored across multiple computers in virtual space making it extremely complicated to manipulate the data.
Team and Token Dynamics
The co-founders have built and sold businesses with a cumulative value of $240 Million and the top team members each have more than 10 years of management and business experience from wide-ranging fields. Naviaddress was founded in 2015 by Mihail Gamzin, an entrepreneur and investor into tech startups. The co-founder and CEO of the company is Dmitry Moiseev, is a venture capital veteran with experience spanning two decades. The team has offices on Cyprus and Moscow.
Navtokens (NVT) are pure utility tokens and are used to power the platform and used as the primary revenue source for the business. The tokens can also be redeemed to create Premiun Naviaddress. NVT tokens allow the purchasers to:
- Exchange the premium Naviaddress on the secondary auction market.
- Assign a physical location to the premium Naviaddress;
- Modify the location and the metadata associated with the Premium Naviaddress; and
- Assign additional metadata to the premium address.
Users could pay with Fiat to utilize the platform, or pay for leasing of a unique ID, however the platform will convert this value to NVT tokens for access. Naviaddress’ issued Navitoken (NVT) is an ERC20 token based on the Ethereum platform. The tokens will be used to purchase and register unique addresses. As the ICO concludes in a few days, all unsold tokens will not be burned. They will instead be utilized to further develop the platform according to the team.
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