The evolution of human technology is an intriguing journey. From humble beginnings, the conveniences of today would make our ancestors’ collective jaws drop. The fact that we communicate with supercomputers in our pockets is an unbelievable, if problematic, development. GEEQ is embracing this spirit of innovation with its blockchain project, a project so ambitious that its reach could impact all of our lives shortly.
Blockchain technology is dull. There, I said it. But like the boring electrical lines that run behind the drywall in a home, it is an essential and necessary infrastructure piece. Without those insulated wires, we would not be able to watch Netflix in our Kigurumi Pajamas while ordering Grub Hub pizza.
Going from power lines to comfy pizza dinners takes a bit of imagination, but the connection is there. Try to think of blockchain in the same way as an underlying technology that will affect our lives in ways difficult to anticipate. GEEQ is full of potential in how their tech will help facilitate and organize our increasingly connected world.
For the sake of clarity, let us look at the world of finance. With the staggering popularity of DeFi and yield farms, banking and payments seem like an easy match. As someone who has made international payments in the past, I can authoritatively say they are slow and expensive. Cross-border or remittance payments have long been the low-hanging fruit for blockchain use, but GEEQ has additional benefits. Similarly to Polkadot’s parachains, GEEQ can run several blockchains concurrently. This not only keeps transactions moving quickly with low fees, but allows for robust dApps to operate on these chains.
If this sounds like the current state of electronic and mobile banking, it is because it is. However, instead of being controlled by a central authority, the GEEQ banking platform would be a decentralized ecosystem. Developers could build an iterate on dApps, allowing users to participate in DeFi or yield farming on their mobile device. All this would be possible with zero central authority, lower fees, and instantaneous transactions. Node operators and blockchain verifiers would be incentivized to maintain network capacity.
Furthermore, because all these transactions processed contain crucial personal information, the GEEQ blockchain would censor that data. No longer would your credit score, loan to income ratio, or other sensitive qualifiers be shared with third parties. Because the number of these “data leaks” everyday consumers need to worry about is so high, many have simply given up. Instead of taking hours to read through end-user agreements, most merely accept them knowing no other alternatives.
Consumer or corporate data security is entirely capable on the GEEQ platform. End-users can feel comfortable knowing that their data is theirs alone. This siloing is possible in part through GEEQ’s Proof-of-Honesty consensus mechanism. Now, this does not prevent bad dApps from being written for the platform, but it ensures that the protocol rules are followed. And these smart contracts will be much easier to audit than the current selection on Ethereum.
From humble beginnings can come significant advances. If our electricity-pizza analogy is a sign of things to come, GEEQ should be able to pull some welcome surprises. While it may never integrate with Grub Hub or deliver streaming content, what it does have may be even more useful.
*Disclaimer – GEEQ is our Media Partner, and this content is made possible through with support. The above article does not represent financial, investment or trading advice and we do not recommend the purchase of any cryptocurrency or product without consulting a financial aid. The Daily Chain strongly encourages you to do your own research before making any investment decisions.