The biggest story in cryptocurrency is the decentralized exchange (DEX) Sushiswap. Primarily designed to leech liquidity and volume away from Uniswap, Sushiswap has since completed its migration and is self-sustaining. But before this happened, the creator, Nomi, sold his founding stash of Sushi tokens for approximately $14 million in a move that surprised and upset the community. However, “rug pulls” like this can be averted with more transparency and honesty. GEEQ’s blockchain promises to make these surprise exits, like Sushiswap’s, preventable in the future while providing enough bandwidth to accommodate even the most extensive networks.
In business, it is not uncommon for people to act in their self-interest to the detriment of others. Companies often will issue shares to employees but require that they remain at work for some years before they mature or cashed out. This was not the case with Sushiswap. Nomi’s selloff caused Sushi’s price to plummet from $5.04 to $1.03, erasing millions of dollars in value overnight.
Nomi’s tokens could be sold or transferred at any time, even though Ethereum has time-lock functions. These functions could have frozen his tokens for a specific amount of time before allowing them to be moved, mirroring the previously mentioned maturing of shares. Why was this not caught immediately? One issue could have been the amount of time it takes to read or audit Ethereum’s code.
Geeq and Honesty
Unlike Ethereum, Geeq’s blockchains can be quickly scanned for properties like token lockup in the genesis block. Any project launched on Geeq: dapp, DeFi, protocol, liquidity provider (Sushiswap), etc., will be more transparent upon launch than most others. A few properties are:
- Token supply
- Token lockup
- Multi-Signature status
- Cross-chain capability
Even with this increased visibility, some will ape into a project despite any warning signs. Sushiswap’s lack of multi-sigs and zero token lockup was made public early on. But we need to look beyond the newest DeFi yield farm; GEEQ is more ambitious than that.
The Internet of Things
One does not need to be a blockchain scientist to see the world is becoming increasingly connected. The Internet of Things (IoT) is becoming ubiquitous at a staggering rate. If you are unaware, IoT is the term used to describe internet-connected devices. The list is extensive and only growing larger:
- Smart Microwave
- Smart Refrigerators
- Smart Washer/Dryer
- Bluetooth doorbells
- Wireless cameras
- Medical Devices
- Fitness Trackers
- And many more
These products are being pushed out to consumers and businesses with little concern for security. Even if the device is secure, third parties are often guilty over faulty security measures, resulting in personal data loss.
Blockchain is often cited as an example of how to secure these IoT devices better. GEEQ could be used in this case, as it can be easily audited and implemented at scale. A wireless security camera company could deploy its network on the GEEQ blockchain, allowing each home network to run its instance of the blockchain. Because of its inherent transparency, users would have an easier time verifying its security than a competing blockchain.
But IoT is not limited to home security. The creation of a fully networked city, or Smart City, has long been limited to science fiction works. But now, with the spread of WiFi and upcoming 5G connectivity, Smart Cities are quickly moving into the realm of reality. It is only a matter of time before malicious actors attack this infrastructure-level rollout of networks. While GEEQ is not fully developed, let alone deployed, the team is working to ensure that its blockchain will be ready to handle this kind of workload.
In the world of blockchain, the only constant is change. New projects come and go, founders abandon projects, and hackers exploit security holes. These chaotic tendencies need to be considered when designing and implementing new base protocols for the connected future. Going back to Sushiswap, Nomi very recently returned the $14 million he made from selling his tokens back to Sushiswap, in a rare display of morality in the crypto space. But if the project had initially launched on GEEQ, the entire crisis might have been averted completely.
*Disclaimer – GEEQ is our Media Partner, and therefore this content is sponsored by them.