Geeq’s Head of Crypto Hans Sundby and Founder and CDO Stephanie So joined the Telegram community of Ian Alexander for an AMA on Saturday. The pair answered rapid-fire questions as they came in, many more of which were for Hans this time! At the end, Hans dropped a hint of an announcement to come this week. We’ll have to wait for that.
In the meantime, here is the recap.
(The transcript has been lightly edited and condensed.)
Host: Ian Alexander
Guests: Stephanie So and Hans Sundby
Right, do welcome @StephanieS and @Hans Dallas from GEEQ!
Hi guys! Happy to spend my Saturday evening with you. Thanks for having us.
Thanks for the opportunity to talk to your group about Geeq, I’m delighted to be here.
Do give us an intro about GEEQ, the timeline and roadmap and any future development/plans upcoming as well.
Geeq has developed technology that goes far beyond blockchain – we think it will redefine the way decentralized markets will be able to function completely. Geeq is building a secure ecosystem for non-technical users which is powered by a single utility token, the $GEEQ.
- Founders connect
- Research project
- Geeq conceived
- White Paper 1.0
- Preliminary patent application
- Geeq launched as Ontario Corp.
- Stabilized-token mechanics
- Technical Paper & Tokenomics 1.0
- Network platform specifications
- Prototype-Prod. code staging
- Technical Paper v2.0 & Tokenomics v2.0
- Build 1: Foundational build
- Build 2: Application layer
- Geeq Dapp Prototype Development
- Build 3: Security Build
- Build 4: Ecosystem Build
- Geeq Platform: Main-net
- Commercial Implications
- Commercial Adoption
- Consumer Adoption
- Geeq MicroCommerce Escalates
As you can see, we started research on Geeq’s technology in 2017, and have been working behind the scenes on compliance, assembling a fantastic team, building a community of experts and we recently had activities in the token realm, thanks to Hans.
This year, 2020 is a building year. From the beginning, however, we’ve been led by and advised by experienced founders who have scaled up exponentially in the software space, so we have a very clear idea of how to stagger production and were talking to potential customers before we even began.
Right awesome stuff here and great overview on it. @hansdallass would you like to add anything before we open the floor for the Q and A?
Not to mention working on patents for our technology, which you can find on our website.
Patent Granted: 11 Oct 2022
PCT Filed: 17 Jan 2019
PCT Applicant: Geeq Corporation
PCT Title: Blockchain Methods, Nodes, Systems And Products
International Publication Date: 25 July 2019
Priority Date: 17 Jan 2018
I joined in on Geeq around 13 months ago to help them navigate the crypto space. Awesome team to work with and tons of stuff in the loop.
That’s true, I mentally file away intellectual property work as ongoing and part of the legal work that we do, although the compliance work takes more time and hurts more.
Hans understands the implications in crypto and together we make a pretty good AMA pair. 🙂
Looking good @hansdallass and I’m sure everyone here going to have some questions regarding the patent. Let’s open up the floor to the Q and A.
Q1. What is your patent about and how will it revolutionize crypto?
Thank you! Geeq looked at the way networks were arranged to produce blockchain and all of the potential ways that blockchains could be compromised. We decided to rebuild by thinking about how people might want to use decentralized (anonymous) technology as databases.
Instead of emphasizing that everyone agree (consensus) by some kind of rule, we decided it was more important that at least one ledger existed that couldn’t be manipulated – as long as people had access to that, then they would be able to coordinate trading or exchanges based on that ledger.
That broke the tradition of distributed ledger technology, and the patent is about how Geeq organizes the protocols, networks, and infrastructure. As a result a lot of “impossibilities” become possible, like not giving up security for scaling.
One of the ways it will revolutionize crypto is by showing the uses for a utility token because Geeq’s protocol automatically pays all participants who maintain or provide computing services to the blockchain platform for their services in the $Geeq. With a profit. Our model right now is to pay nodes cost x2, or 100% profit. That way, any dev can concentrate on building the application and outsource the validation to Geeq’s protocol.
And we also have great tokenomics.
Q2. Transaction fees of GEEQ are a bit high in my opinion, how will GEEQ achieve to lower down the cost of deposits and withdrawal of the tokens and achieve a much faster transaction in the near future?
Hey man! I’m not quite sure what you mean here. It seems to me that you refer to the transaction fees of the GEEQ erc20 token and Deposit/Withdraw fee linked to exchanges that are currently listing $GEEQ. Is that right?
Yes exactly exchanges, considering some small investors that pays such fee wont be able to cope up with large investors , thank you ❤️
1. $GEEQ is currently an ERC-20 token, which means it runs on Ethereum Blockchain. The transaction fees linked to the GEEQ token right now are completely up to the Ethereum blockchain and its the same for all the other ERC-20 tokens out there.
2. Depost/Withdraw fees. This is basically up to each exchange to handle. We did an initial launch on Bitmax last week and Bitmax have reduced this fee several times since we launched. I thank you for notifying me of your concern and will look into this with several of the exchanges to see if its possible to get this reduced even further. Thank you, let me check this for you ASAP!
Q3. What about the security of Proof of Honesty? Concept is innovative but not every person on blockchain are “Honest”.
That’s absolutely right. In fact, Geeqs are the most optimistically cynical people you’ll ever find. We don’t assume people are honest, or even that they will do things in their best interest. The data in the blockchain has to be robust to any attempts to manipulate, defraud, or otherwise take over the direction of the ledger (like a 51% attack).
Q4. Do you have any competitor currently? If yes how do you stand out and why?
I think of all blockchains that are trying to provide blockchain services as data services, such as exchanges of data (rather than crypto) as some kind of competitor. However, Geeq stands out in its security levels, ability to scale, inexpensive transaction costs, market-oriented payment to nodes / validators, and protection for the end users. We also have a very explicit business model that aligns incentives with all Geeq ecosystem participants so the team benefits when the platforms’ users do.
Q5. Strategic Marketing is really important, how about communities and countries that doesn’t practice speaking in English, how will you able to reach them out? Like spread the word and awareness.
Yes! So, when it comes to communities we are working everyday to expand to different countries around the world where we can see the biggest need for local communities.
Right now we have a community in Turkey and Netherlands, but are looking to build bigger communities in South Korea and China, while we will keep expanding in other countries as well where English can be difficult.
If someone here has a good experience with local communities, you can always feel free to reach out to me or one of our team members.
Q6. Do you work with large companies with which they are interested in your technology?
Yes, we’ve had talks at very high levels with large companies, and under NDA with some. When we explain the possibilities of Geeq as a secure data service, they want us to build as quickly as possible so they can use it. I’m sorry I can’t say more.
Q7. Will the $GEEQ coin be listed on other exchanges soon? Is there any work on this?
Awesome question, and I completely understand that our community require more exchanges.
We launched on market a week ago and are currently trading on 5-6 exchanges, which is a great start for us. That being said, we are working pretty hard to expand $GEEQ token to other high quality exchanges.
I am not allowed to comment on dates and which exchanges we are working on currently, all I can say is that we work on several great exchanges where $GEEQ can be traded on in the near future. We will announce those as soon as we can!
Q8. Can you tell us a little more about your Q3 and Q4 (2020) roadmap and upgrades planned please? Great to have you here by the way ?
Thanks to you as well! We’re very excited and motivated by the recent work Hans and his team have done and we’ve also been working on more IP in the background which forms the proofs required more efficiently. One of our goals has always been to enable huge volumes of blockchain transactions at low costs, to power smart cities and so forth. Our CEO comes from an IoT background, and we started from the outset having to consider bandwidth and independent chains, (Geeq is a multi-chain platform) and how to continue to have a secure but interoperable token for that.
Q9. What plans do you have to educate/develop with the enterprises? Or are there certain industries you are targeting first?
I feel a lot of my work is to explain what current blockchain can and cannot do, and how Geeq approaches the potential of blockchain completely differently, as a back-end data service that can be flexed for any blockchain application.
Q10. Can Geeq run as a private chain within an enterprise only?
Yes, Geeq’s protocol Proof of Honesty was developed to work for the most general case of permissionless blockchain with permissionless validators. We can support private chains with public validators, and I think that’s even more secure than relying on private and identifiable ones, but if a private enterprise wants to license from us, they can set a chain up – or many – in a federated system.
CAVEAT: Not all of the security layers that we can provide to public chains will apply to completely private blockchains because we can’t completely prevent them from being manipulated from within.
Q11. Will you be able to comment more on security levels, how ability to scale, the transaction cost?
Ultimately, there’s a lot of technical game theory and economic mechanism design in the security levels, as well as a new and very carefully designed workflow. For example, one problem the protocol addresses is to make sure that even small transactions aren’t ignored. A problem I have with the current types of PoS or PoW kinds of workflows is that the miner or staker often gets to choose which transactions to validate – because of higher rewards. But, in a very real sense to the end user, that doesn’t make the blockchain feel secure to a user who has an important (but smaller) transaction. So, PoH makes sure all valid transactions are validated.
As for the other major difference in security level, what Geeq does is provide a way for the end user to always have an option to ignore or get away from a malicious validator. And that’s key, so a user or minority group of users is not subjected to the whim of a powerful majority of stakeholders or hashpower.
For ability to scale and transaction costs, I’d refer you to the White Paper – both hinge on not using gossip networks.
One belief in the old blockchain systems is that more validators or miners offered more protection. That’s not necessarily true and it adds costs. So, each application on Geeq is set up to bootstrap its own smaller set of nodes, which reduces costs and allows multiple chains to be launched quickly, hence scaling because work can be done in parallel.
Q12. Will you be able comment on the tokenomics?
Yes and I think this is a great question.
So, after being in the space for some years as an investor, I’ve experienced and witnessed different scenarios of failure and success.
Main reason for the current model is that we wanted to turn tokenomics back in time to the good old days.. How it looked like before the ICO boom. We want the tokenomics to evolve with our adoption of the eco-system, instead of working against us. We believe in a healthy growth of tokenomics.
The tokenomics is designed to be good for the overall start phase, but also for longer term use when we finally will release our validator nodes for real token adoption.
So in short: We start out small. There is no reason to release as a billion dollar marketcap token/coin, when real adoption is still needed. As many people here have seen the results from several times.
Q13. Are there any more use cases on the Geeq token?
I’d invite you to read the White Paper and our News articles, we’re writing a series on use cases that concentrate on business applications.
That’s probably not enough of an answer. 🙂 To motivate you to check us out, the important point is that Geeq’s tech supports any kind of blockchain application. Our specialty is being able to validate and provide a non-manipulable ledger that is secure even against nation state attacks at very low cost. So, if you’re worried about industrial espionage or changing IoT (smart cities again or autonomous vehicles) or guaranteeing that the terms of a smart contract are executed as written, Geeq can validate that more securely than any other protocol, with no bottlenecks.
My favorite use case, for other reasons, is micro insurance.
(Hans): posts the One-Pager “What Geeq can do for DeFi”:
Q14. How many developers are on the geeq team？
There are currently 3 people from our core team including Ian Smith our lead developer who works with another set of 4 developers on the code, so currently 7 people. We are constantly looking for more developers that are able to develop the tech Geeq are inventing.
Great set of developers and increasing.
Q15. Aren’t tokens released every 15 days for those who invested presales? How many tokens total will be released every 15 days?
Pre-round: 2.22M $GEEQ
Day 1: 15%
Day 15: 30%
Day 30: 45%
Day 60: 60%
Day 75: 80%
Day 90: 100%
We have another liquidity allocation at 333,333 and Customer Aqusition at 500,000 every 30 days. To expand Geeq on other exchanges and marketing efforts along the way.
Please checkout our Tokenomics Page on Geeq .io 🙂
Q16. I would like to know a bit about the team behind Geeq. What are your qualifications/experiences @StephanieS and the CEO or COO of Geeq too?
I’m a long time economist-technology person who has always been interested in market failures and how to improve them. I am a disability advocate and have worked with huge datasets, both in the medical and social security areas. I know how hard it is to introduce technology and overwhelm people with what technology people “think” are improvements, but adopters (e.g. doctors) think are – a pain in the neck.
So, not only have I been fully immersed in blockchain technology, but I keep my eye very closely on the implementation and ease and value added sides. I’m also the co-creator of Proof of Honesty.
The CEO is a serial entrepreneur (except he seems to keep an interest in everything he does) in tech. Ric Asselstine, in Waterloo, Canada, is highly adept at bringing technology from research to scale up. And I’m not sure what you would call our COO, but our Chief Architect of products is Lun Yuen, who was at Intuit and oversaw the development and roll out of QuickBooks internationally.
Q17. In reference to this question, how is the company sustainable?
Geeq is set to provide tremendous value. We have a core business model of providing validation services as well as expect to develop our own blockchain services, sell to clients, help them develop, and license to private enterprise. Geeq is the only platform that has the technology (that I know of) that can enable micropayments and support billions of commits, on a platform with a token that can move from chain to chain.
Q18. Explain more about your Proof Of Honesty.
I think you might be asking about what Proof of Honesty means: there’s a very strict validation code that validates every blockchain on the Geeq platform. So we impose uniform rules, although the platform is permissionless. The idea is that nodes will do what they do (be malicious perhaps) but if they don’t follow the rules, they will not be able to deliver the merkle proof that they are required to deliver. An end user, before checking a ledger or submitting a transaction, first queries the node if they can provide the current proof. If they can, then they interact with them, but if they can’t or won’t, then they are considered dishonest and the user simply ignores those ledgers and moves on.
Q19. How did the company get capital?
Very simply, we had a pre-seed round and we have bootstrapped. We know how special this technology is, so we’ve been working very resourcefully to time everything we do with both our outside capital and what we ourselves have put into it.
Q20. What is your strategy to attract new users and investors to GEEQ Coin AND keep them long term?
It all comes down to showing value by choosing the right problems that Geeq blockchain can address, making it easy for them. Our technology can be adopted in pieces without disturbing existing IT and since we are secure, we do not introduce threats, and we have an upgrade path that can keep both customers and producers happy.
Q21. At what point in the future will GEEQ be a success as a project according to your vision?
When we’ve built the full testnet and it’s been stress tested like crazy – then mainnet – then the world. 🙂
Oh, yes! Actually, I take that back, it is when we can bring reassurance and accountability for how data is used, and accessibility to digital markets for the regular non-technical person.
I think our time is up for this AMA, but I have a few last words before we bounce off and thanks along for everyone asking us questions!
There are several people asking us for news, exchanges and partnerships.
We are working on new exchanges as stated in a longer answer in this AMA.
When it comes to partnership I would like to say here that we are going to reveal a big partnership we have been working on for a long time this coming week. It is a big deal for us moving forward in the DeFi space and I hope everyone will keep an eye out later next week. 🙂
Was an interesting overview and Q and A session!
Thanks @StephanieS and @hansdallass for joining us on this AMA.
Thank you, I love sharing this project and invite all of you to learn more. It is completely non-exclusionary. Hope to see you soon! Cheers!
Thank you all for all questions and Ian Alexander for having us here today. I wish you all a really great weekend. GOOD things are coming to Geeq.
Remember to keep up to date with our latest news in the Geeq channels too.