Yacht Owners Offered Crypto for Geo-Data as Company Tries to Improve Navigation Systems

Published on by Cointele | Published on

A crypto company that bills itself as "The future of yachting navigation" says its technology enables sailors to mine tokens as they sail.

The company believes that one of the best ways to keep marine charts updated is to incentivize sailors to share their geo-data.

Delivering crucial informationIn its white paper, BoatPilot claims that private yachtsmen and small charter companies now represent the largest fleet in the world, yet they are being badly underserved by marine navigation systems that were initially built for commercial purposes instead of civilian use.

The company says "Adapted" versions of these systems that have been made available to the public are often packed with irrelevant information, a poor user interface, and sometimes fail to provide crucial details on the nearest fueling stations, restaurants and marinas.

At present, the company claims it can take years for data to be added, changed or removed from existing systems.

Illustrating the problem, its white paper adds, "In the Mediterranean region alone there are dozens of known marinas and lighthouses that are not included in any of the navigation systems currently available."

According to BoatPilot, testing of its product has already shown that its software "Provides more precise information than other marine navigation systems that have been on the market for years" - and in one case, its program was able to deliver details on 100 geo-locations in the Mediterranean that were completely absent from the systems offered by long-standing competitors.

The company claims more than 50,000 users have downloaded the Android version of BoatPilot MVP since the product was released - adding that, during a "Record-breaking" season in 2017, the software was trusted by yachtsmen for the navigation of 4,700 vessels.

The company raised more than $5 million during a token generation event.

The 2018 sailing season saw the BoatGod hardware module rolled out to the first batch of charter yachts, and now the company's NAVY token has been listed on three crypto exchanges: DDEX, Mercatox and Livecoin.