Thursday, Sept. 12
Wingbits: A Revolutionary Flight-Tracking Protocol Secures $3.5M in Seed Funding
Wingbits, an innovative startup based in Stockholm, has made headlines by successfully raising $3.5 million in seed funding. This funding round was led by notable investors such as Borderless Capital and Tribe Capital, with additional contributions from Antler and several angel investors. The funds will be utilized to further develop their unique flight-tracking network, which operates on the Solana blockchain.
The core idea behind Wingbits is to create a decentralized flight-tracking protocol that relies on a network of antennas maintained by aviation enthusiasts and hobbyists. This approach not only democratizes data collection but also leverages the skills and enthusiasm of individuals who are passionate about aviation. The rewards system implemented by Wingbits incentivizes users to maintain high-quality data collection, ensuring that the information gathered is both accurate and reliable.
According to the team at Wingbits, “We reward the quality of data captured by antennas maintained by amateurs and enthusiasts.” This is an important aspect of their model, as it encourages active participation and engagement within the community. Participants are rewarded based on various performance metrics, including the quality of data, coverage area, and uptime of their antennas. This competitive edge is further enhanced by global leaderboards that allow users to compare their performance with others around the world.
At the end of 2023, the Wingbits platform had only 40 nodes operating within its network. However, thanks to the recent funding and growing interest, this number has surged to nearly 2,000 nodes. This rapid expansion highlights the increasing adoption of decentralized protocols in the aviation sector and the growing recognition of the importance of community-driven data collection.
The implications of such a system are vast. By utilizing a decentralized approach to flight tracking, Wingbits aims to enhance the accuracy of flight data while also providing a platform for individuals to contribute to the aviation community. This not only improves the overall quality of flight tracking but also fosters a sense of belonging among users. Moreover, the data collected through Wingbits can be invaluable for various stakeholders in the aviation industry, including airlines, air traffic controllers, and regulatory bodies.
As a regular feature of The Protocol, our weekly newsletter that delves into the technology driving the crypto space, we are excited to follow Wingbits’ progress. To stay updated, readers can sign up for our newsletter to receive insights directly in their inbox every Wednesday. Project teams interested in sharing their updates can submit information through our dedicated channels.
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