Geeq held a global AMA on August 18th in the FyreChain Telegram group. Staff present were team members Hans Sundby and Stephanie So, Founder of Geeq and Head of Crypto.
A number of topics were raised including patents, scaling, and future plans. Responses are paraphrased for readability.
- Geeq is a new blockchain focused on creating infrastructure for enterprise-level dApps
- It has a patent pending for its proprietary validation, “Proof of Honesty”
- Geeq’s blockchain is robust enough to handle scaling, DeFi, IoT devices, and new decentralized applications
- The GEEQ token is used to incentivise nodes and powers the blockchain
- New partnerships and developments are forthcoming
Intro to Geeq
“Geeq is a multi-chain permissionless platform which we have developed using our own innovative blockchain technology. Our goal is to be able to make blockchain extremely useful as a back end data service for regular users.”
“In order for blockchain to be taken seriously as an alternative to other ways of processing data, we knew we had to demonstrate that it would provide at least as much value to users than what they were used to. Geeq is holding the development of its technology to my own personal standard: that I would be comfortable telling my own mother that it is safe to use. And she is one of the most risk-averse people you would ever meet.”
“The second goal was ease of adoption, which in my mind, is tied very closely to accessibility and decentralization. One problem facing other blockchain projects is the high technical barrier to understanding what is going on, which I include as part of the human cost of adoption. The other is that many blockchain protocols that I’ve observed have a tendency toward concentration of power and wealth, which leads to a marketplace not much different from what exists. Geeq does not engage in performative rhetoric.
When you have a technology like Geeq’s, which gives users access and confidence to any blockchain application that you can imagine, it is possible for an ordinary person or business to point to the data and be able to hold each other accountable. At a meta-level, that is not an ability that has been available at low cost before. Before, you had to file a lawsuit, or hire accountants, or waste resources to protect yourself from fraud by writing tremendously complicated contracts, and even then people had to worry. Accountability in the data, that is available to all sides involved, completely changes the market rules and conversation.”
“It’s more legally accurate to say the first of our intellectual property applications is patent pending, and we have a link to the patent application, if anyone would like to take a look. It covers everything we’ve done to construct the validation protocol “Proof of Honesty” as you say, the separation and complete insulation of the validation layer from a flexible, scalable blockchain application layer, the way nodes are paid automatically for their work, and how applications on Geeq will be validated by their own networks, so that no application has to share the overhead of another.”
The first of Geeq’s patents on its intellectual property is pending. This patent is on the “Proof on Honesty” validation protocol. PoH details how nodes are paid in GEEQ for processing transactions in an open way while guarding against malicious attacks.”
PROOF OF HONESTY
- Proof of Honesty is one of the many innovations of the Geeq blockchain but is perhaps the most well-known at this point. PoF protects against malicious attacks. One of these attacks occurred on Ethereum Classic which experienced a 51% attack on Okex, causing $5.6 million in damages.
“Both PoW and PoS can be gamified and the chains can be taken over by concentrations of power, so users who start using a blockchain like that do not necessarily know what they will end up with – and we know “small” or non-technical users care as much that the integrity of their data will be safe as a malicious actor might care about altering the data.
We had to make sure Geeq blockchains can withstand any attacks and ended up, in some sense, simplifying the protocol so that it only does one thing: it works to validate, preserve, and guarantee that users will be able to access a blockchain that can be proven not to have been manipulated. Access to their honestly validated data can never be taken away from them.”
“The primary use case for the $GEEQ token is that it is an ecosystem token which will be transacted every time a transaction or “commit” is validated on any Geeq blockchain. Every node is paid for the honest work they do, according to how much honest work they do, plus a profit in GEEQ tokens, automatically, by protocol.”
The Geeq token can also be moved across any blockchain in the Geeq ecosystem. That means users can pay for intermediate or end services on dApps without having to exchange anything else, directly from their wallets and no other fuss. I think of the Geeq as having a property of fungibility within the Geeq economy.
For example, businesses might want to use the Geeq token as a way to clear accounts between distributed business partners, with a final settlement outside of the system in fiat. They can do that in a completely decentralized way for thousands or millions of transactions within a day or week or month and then only use the intermediary at the end.”
As for long term holders of the token, the token’s value is tied to the velocity and usage of the Geeq platform. We’ve made the platform scalable without limit, with the Geeq token as the fuel that powers the validation engine, so there are no limits to how large that economy can grow.
Geeq’s platform is the only blockchain back-end that is capable of supporting blockchain applications for all the IoT devices that might be put to work for a smart city. Our CEO and some of our advisors have deep background in IoT. We’re talking about billions of commits, each of which will use the Geeq token at the validation level, if not at the application level. So, that’s our vision of the baseline.”
“The only requirement is that the DApp has to be (or should be, for the producer and their customers’ benefit) held to a rigorous quality standard, because once it’s out there, Geeq will validate it exactly to code.
Geeq can support DeFi, it can support tokenization, document or custody solutions, and what we’re really excited by is that the way validation works so there are no bottlenecks and low costs of validation, again, is that Geeq is able to support micropayments, which have been talked about for a long time but which blockchain has not been able to become cheap enough to execute in a sustainable way.”
“There’s no question in my mind that Geeq is the platform for DeFi. It’s not only the low transaction costs, high throughput, and the infinite possibilities of individual applications.
It’s the security of guaranteeing the contracts will be validated without some more powerful entity coming in and deciding to disrupt the entire ecosystem, and knowing you can’t be defrauded in the sense that your tokens might be moved to a manipulated ledger when you never intended to send them there.
We wrote two pieces about what Geeq can do for DeFi. I think one of the most serious realizations we had is that, if DeFi were to fail, there is no central bank or government that will have an interest in coming to the rescue. I really believe Geeq’s security would be the key infrastructure there.
In keeping with our agnostic and inclusive stance that we can’t predict the kinds of dApps people want to build, we’re concentrating on building the infrastructure.”
“Geeq’s main focus is quite different from other platforms you see today. We can take Ethereum as an example. Ethereum is mostly focusing on startups and creating a platform for companies to create easy dApps and smart contracts using the smart contracts and libraries that are already built into Solidity. The Ethereum ecosystem is complicated and seems to be building on itself. Of course, that’s why they have so much of a community of developers, which is great for them, but it is hard sometimes to untangle what is going on if you are starting out in blockchain.
Geeq really decided that, because of the security and scalability and cost concerns, public blockchain had to start over clean. So that’s what we’re doing, and we want to provide the ability for developers to port their applications over regardless of the languages that they are using. We want to make applications very modular and easy to adopt.
The IoT industry is highly interesting for us, as our CEO has 30 years of experience from IoT in Canada. IoT is a great way to achieve fast high volume transaction adoption, as there are already billions of IoT devices out there today transact on centralized servers and systems.
IoT is just one use case that can take advantage of Geeq and we are absolutely looking at other use cases such as DeFi & SupplyChains, just to name a few.
We are currently working on several different partnerships that will eventually make Geeq ready to become a high volume transactional ecosystem real fast and being used in many different sectors.”
4 Upcoming Developments
Market expansion (Exchanges)
“It is important for us to have a great and wide reach of the GEEQ token, and we are looking to expand on different exchanges and avenues where people all over the world will be able to take part of the Geeq Ecosystem.”
Patent & info
“Geeq will be sharing more patent information and we might as well publish some new ones we would like to share with you guys real soon.”
“Geeq will be releasing some exciting developer updates to keep the community up to date and follow the progress and the amazing journey.”
“We are always working on research and intellectual property in the background. Proof of Honesty is a solid foundation that has made finding solutions to other problems in blockchain accessible.
We will announce partnerships along the way for our community, it is important for us that we are having the right partners with us on this journey that can make a difference for Geeq.
Geeq will reveal an awesome partnership this week, I know several of you are waiting for that one. It will come.. before your weekend vibe kicks in. Look out for it. It’s exciting!”
Number of signed NDA’s
“These involve so many different parts of the company – for example, the work we have going on in Canada to discuss dApps, the strategic advisors in the crypto/blockchain space, potential customers abroad. Fortunately, I’m not the clearinghouse for the legal documents, nor the only one who answers requests.”
Smart City Projects
“I’d like to invite you to check out one of our partners from nearly the beginning, Miovision.
Also, Rise-Ops, and also, our key partner in Singapore, Morpheus Labs, which is heavily involved in smart cities.”
“I used to say: Geeq is the most secure that I know of, and that was when I started speaking publicly in 2018. I think the vulnerabilities that have been revealed since then – each one of which I look at (as long as it’s not about stolen keys), I think, we’ve already thought of that.”
We Need News
“We’re looking forward to sharing updates from the dev side soon, so the public can start seeing the different approach Geeq is taking to building foundational code, and then it will be a lot more fun for the dev community to ask questions, make suggestions, and start making plans.
It took a long time for the legal “going global” and token compliance – and also the equity work, since Geeq is a company – to be established also, which means that we’ve been thinking about making partnerships, and customers all along, so that when we have product we also have people who want to use it.
I have to give a lot of credit to both the corporate matters, which depends on our business side led by CEO Ric Asselstine in Canada, and our crypto side, led by our Head of Crypto Hans and his incredible team, for working through the details of exchanges, compliance, on both ends.
That said, we will have news! :)”
The Daily Chain
*Disclaimer – Geeq are our Media Partners, and therefore this content is sponsored by them.