Waterloo, ON, Canada, August 12, 2021
Decentralized blockchain pioneer Geeq Corporation has embarked on a strategic partnership with 0chain, which offers high-performance, highly competitive, sharding and storage solutions. Together they will work on providing low-cost, high-throughput data validation, storage, and retrieval methods at scale.
Both projects are well-positioned to provide infrastructure for the future economy’s use of data, at scale. The 0Chain and Geeq teams crossed paths when they found themselves working on the same efficiency and security issues, at compatible entry points.
The teams began talking more seriously when they realized they also shared a vision of efficient, decentralized marketplaces: at both the validation and the storage level. That’s when the topics of IoT and content data came up.
IDC forecasters expect IoT devices to generate as much as 79 zettabytes of data by 2025 – more than four times as much as in 2019 – driven by surges in wearable medical devices, autonomous vehicles and other sectors. All this data must be securely processed, validated and stored. Geeq’s scalable blockchain platform is the perfect partner for our decentralized storage. With high-speed validation performed by Geeq and storage on our enterprise-grade network 0stor, there is no limit to what IoT developers can achieve.Saswata Basu, 0chain Founder
Security and scalability are two core challenges for IoT networks, which must handle sensitive data from multiple devices and companies at great volume, but Geeq Corporation’s groundbreaking consensus protocol, Proof of Honesty (PoH), solves both. Conventional blockchain solutions improve security when they are decentralized because there is no single point of attack, and the distributed ledger is tamper-resistant, but they are still vulnerable and expensive. In contrast, PoH radically cuts costs, improves speed and strengthens security, because individual actors compete for market rewards on the basis of accuracy.
Aligned with Geeq’s consensus protocol, 0Chain’s erasure coded network provides an additional and near impenetrable security layer, fragmenting each and every file into 10+ fragments and distributing each fragment to a unique geolocation server.
Coupled with sub <1 second finality, 0Chain’s fast parallel fragment upload and retrieval is indeed an enterprise-grade solution and perfectly matched for the demanding storage needs of the IoT market.
Maintaining Data and Regulatory Compliance is a must for IoT and Enterprise. With 0Chain’s 0Stor it provides GDPR / CCPA compliance with a simple Joint Controller and Schrems II solution and truly solves the privacy issue and achieves zero-liability.
The strategic partnership also offers benefits in further use cases such as micropayment-powered media streaming, opening new revenue channels for creators thanks to Geeq’s ultra-low-cost bearer tokens and 0chain’s high-performance storage.
The combination of Geeq’s micropayment-powered media streaming and 0Chain’s Media Storage layer, would allow Pay-per-View events for Artists and Creators to monetize their work through a direct business to consumer transaction, enabling them to have complete control and generate more revenue.
Because our Proof of Honesty consensus does away with scale and cost limitations, there is great potential for transforming industries from logistics to media. We are excited to work with 0chain to unlock creative thinking across the board.Ric Asselstine, Geeq CEO
0Chain Head of Partnerships Adrian Corcoran commented: “As IoT data generates at an alarming rate, 0Chain’s decentralised data cloud storage layer uniquely provides IoT with an Edge Data Cloud solution, coupling processing power with the strength of a near impenetrable cloud storage solution for the ages.”
Developers of IoT applications are encouraged to learn more about 0chain’s data solution.
About the Geeq Project
Geeq is a multi-blockchain platform secured by an entirely new consensus mechanism called Proof of Honesty (PoH), which radically reduces the cost of securely transacting value at scale. It is safe enough for highly valuable data, fast and cheap enough for IoT, and flexible enough for any use.
Geeq was founded by a team of expert economists and technologists. The founders see unprecedented opportunity in decentralized technology that to date has not been realized, as existing blockchains are caught in a trade-off between scalability and security. Geeq resolves the dilemma with an accessible, dependable, low-cost solution that does not sacrifice either trust or capacity, unlocking blockchain’s real potential for the real world.
0Chain is a high-performance decentralized storage network designed to eliminate business threats such as censorship, privacy liability and data breaches. 0Chain helps entities achieve GDPR compliance, localization and tokenization, and monetizes private data sharing.
Forward Looking Statements
Statements in this Press Release, including statements relating to Geeq’s and 0Chain’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in technology development and commercialization. As a result, actual results may vary materially from those described in the forward-looking statements.
Contact: Bridie Mitchell
Address: 554 Parkside Drive
Waterloo, Ontario, Canada, N2L 5Z4
0Chain Contact Information
10425 Dempster Way
Cupertino, CA 95014