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The Daily Chain Primers: An Introduction to Geeq

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In 2020, there are still those who believe blockchain will change the world.  Blockchain is the decentralized technology that underlies cryptocurrencies, most famously, Bitcoin. While interest in the cryptocurrency market remains intense, observers who predicted the technology would transform other marketplaces through blockchain-directed applications called “DApps” (distributed applications) have not seen the widespread adoption they expected.

In fact, Gartner’s Avivah Litan characterized enterprise blockchain as hitting the ‘Trough of Disillusionment’ in the hype cycle and predicted blockchain’s transformational impact is still 5-10 years away.  Companies in the Fortune 500, who had announced interest in developing their own blockchain services, have quietly moved to traditional methods of sourcing private variations through typical SaaS providers, such as IBM, or confined their efforts to membership in consortia.  

EY’s Paul Brody is one of the few enterprise blockchain leaders who is an outspoken proponent of public blockchains.  In December, Brody wrote the “speed at which blockchain privacy technology is improving is dizzying”.  That left security, or the preservation of data integrity, as the last technological hurdle to overcome before public blockchains disrupt business models.  As soon as there is a reliable way to protect public blockchain databases from attacks, the mass adoption of public blockchains can begin.

Geeq is a blockchain company that has been working steadily toward developing security for its public blockchain platform.  Geeq’s initial goal was to develop a platform for blockchain as a service (BaaS) for enterprises and the public at large that offered the benefits of purely decentralized blockchain technology, while explicitly not introducing new security headaches for corporate IT departments nor disrupting business as usual.  

Whereas other public blockchain teams have struggled to make the business case for BaaS as a replacement for existing services, such as banking, Geeq has taken an entirely different approach.  Rather than try to compete with existing services, Geeq has concentrated on designing a platform for BaaS directed at problems that have been intractable to centralized or private approaches. This practical orientation has put Geeq in the unique position of a start-up that has anticipated how to provide two kinds of services that are lacking today: a credible way to prove a public blockchain ledger has not been tampered with or attacked, and micropayments that benefit from the cost-savings of avoiding expensive intermediaries.  

Geeq claims its uniquely secure public blockchain platform is able to provide these services in a scalable and interoperable ecosystem.  If these claims are true, Geeq’s technology could leapfrog the incumbents and provide use cases for its token that will satisfy critics of cryptocurrency and skeptics of blockchain alike. 

What is Geeq?

Geeq is a multi-blockchain platform secured by a new, unique proprietary consensus protocol known as Proof of HonestyTM (PoH). Its business model is to enable development of customized blockchain applications without requiring businesses to share overhead or suffer the uncertainties that come with blockchain platforms that might change the protocol of their main chain through governance mechanisms or attacks on blockchains by the self-interest of the decentralized parties.  

Geeq’s platform is meticulously designed to allow separation and control for developers and users over only the application spaces they want to make publicly available and use, while aligning incentives through a core business that provides recurring validation services and grows as it launches more blockchains into its ecosystem.  

While this model appears sensible and seems like the natural evolution of a publicly minded company into the decentralized space, some may question Geeq’s vision as a big reach for adoption. Anticipating those objections, Geeq partnered from the start with IoT companies in smart cities and industrial IoT, so that the use of its platform does not depend on millions of users who care about decentralized finance and cryptocurrency for its own sake, but on millions of transactions that are generated and logged by the billions of devices whose data goes unseen and unaccounted for into the cloud.  

From a position of leadership in a market which has yet to demonstrate a proof of concept for decentralized accountability, Geeq’s strategic plan is to expand its ecosystem by moving into the harder, yet clearly demanded use cases in supply chain, insurance, and streaming payments. 

The GEEQ Token

At the heart of it all is the GEEQ token – a utility token that introduces tokenomics and a go-to-market strategy that are innovative on its own and complete Geeq’s incentive compatible plan to kickstart sustainable growth in an economically viable, fully decentralized blockchain ecosystem. 

Geeq brought on a seasoned group of cryptocurrency traders and marketers early who are familiar with identifying the areas for value produced in crypto and avoiding the scam exchanges. Geeq’s Head of Crypto, Hans Sundby, is part of Geeq’s core team who has arranged partnerships for Geeq within the crypto world, with partners who are dedicated to outlasting current blockchain and crypto crazes by building the long-term value of blockchain platforms as a service, blockchains as a service, and tokens with utility value as well as trading value.

Key Features:

As Geeq’s protocol team likes to say, there are no use cases in blockchain without security.  Without going into the threats to other blockchain platforms and documented attacks that can disrupt the claims of blockchains to provide “immutable” data, Geeq is the only blockchain project that claims to be robust to nation state attacks (that is, not relying solely on the assumption of rational or community minded anonymous participants) and which affords the non-technically trained user the same protections as the blockchain experts.

Geeq has published its technical papers on its website and its Chief Economist, Vanderbilt University Professor of Economics John P. Conley, has been selected to present its work at the World Bank, DARPA, the venerable Decentralization Conference in Economics, the Cryptoeconomics Security Conference at San Francisco Blockchain Week, and the Sirius Group Meeting at the Cheriton School of Computer Science in Waterloo, Ontario.

GEEQ Token – Market approach

The team believes in a market neutral valuation of GEEQ, meaning there will never be a big pre-market token funding event, as is traditional in cryptocurrency. Instead, the initial strategy is to host an Initial Dex Offering with a market expansion over to centralized exchanges with liquidity support.

The main purpose of GEEQ tokens is to pay the networks of nodes for their validation and virtual machine services. GEEQs can also be used for many other things as the native token for any blockchain on the platform, including micropayments in IoT, content management, smart city for example, or simply as a general purpose cryptocurrency. The plan is for platform use and token demand to be the primary drivers of token value, rather than speculation. 

However, what really makes Geeq a unique cryptocurrency is Geeq’s Algorithmic Monetary Policy (AMP), the purpose of which is to reduce the impact of price speculation while the ecosystem is still building and could benefit from a more stabilised environment. To do this the AMP will adjust the circulating supply of GEEQ tokens depending on market conditions which will aim to reduce price volatility. In essence, this will create a kind of insurance fund during a bull market which can be used to diminish the impact of a bear market. You can read more about the algorithmic monetary policy of Geeq here

Once the AMP is successfully implemented it will reduce the volatility of GEEQ tokens and therefore the tokens will be less risky for customers to use, which should in turn make GEEQ a more attractive medium of exchange. 

Conclusion

Geeq is a new type of blockchain platform that is aiming to surpass current blockchain platforms with a unique proprietary consensus protocol known as Proof of Honesty. 

PoH will achieve 99% Byzantine Fault Tolerance with excellent scalability and low transaction fees. At the heart of it all is the GEEQ token, which features innovative tokenomics designed to reduce the impact of market fluctuations. 

To learn more about Geeq you can explore their website and read the whitepaper here

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*Disclaimer – Geeq are our Media Partners and therefore this content is sponsored by them. The fees paid by this project are used to pay for The Daily Chain salaries, dev work, hosting services, travel expenses etc.. that are required to make this company a success and continue to provide the community with great content on a daily basis.

Alex Aves
Alex is a crypto enthusiast that has been enthralled with the crypto space for over two years now. He currently works in the marketing team for Liquid, one of the leading crpytocurrency exchanges.

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