Slides from John P. Conley’s talk at the Macro.WTF session, San Francisco Blockchain Week, October 2019.
For more information about how Geeq will deploy Algorithmic Monetary Policy in the market for its stabilized-token after main-net, please see the full paper here.
Slides from John P. Conley’s talk at the Cryptoeconomics Security Summit, San Francisco, October 2019.
In other words, when it comes to blockchain security, the protocols designed to provide the best security are the ones that assume the worst.
The Geeq White Paper – A description of Geeq’s Proof of Honesty Protocols offering usable, secure blockchains on a multiple chain, interoperable, low cost public blockchain platform that scales without limits.
Geeq introduces its algorithmic monetary policy for the Geeq stabilized-token. Geeq’s monetary policy is pre-funded, transparent, and is designed to smooth the volatility and reduce uncertainty. The policy does not, in and of itself, determine the Geeq’s market price.
We propose a new blockchain validation protocol called Proof of Honesty (PoH). We show that PoH produces a blockchain that is 99% Byzantine Fault Tolerant, implements honest node behavior in coalition-proof equilibrium, and provides users with edge security which allows them to prove both the honesty and canonicalness of any fork or chain they see. In addition, PoH includes a fallback recovery procedure that ensures that an honest and canonical ledger will always exist and be accessible to users with at most a short delay even if all validating nodes on the network are dishonest.
To take the interactive, self-guided tour, click HERE.
Geeq has developed a protocol unlike any other for blockchain technology. It empowers the user to find a provably honest, immutable blockchain.
The key lesson is to check the honesty of the node by using Geeq’s is and how to protect yourself using Geeq’s “Test Honesty” button. Geeq is the only blockchain that empowers users to know the true balance in their accounts, no matter what any node, anywhere, in the decentralized system tries to tell them.
One of Geeq’s founding principles is: You only have control over yourself. You cannot control other people. Yet the promise of public blockchain is to connect, trade, buy and sell, and generally transact with strangers across the globe. Truly dependable, honest, immutable blockchain works only if you—the honest end user—can be certain you are interacting with others who are also honest.
That’s where Geeq comes in. We created our one-of-a-kind protocol for honest people who want to use public blockchain to interact with other honest people. Geeq’s protocol, Proof of Honesty™ (PoH), empowers you to do just that. The “Test Honesty” button in your User Client runs the exact protocol the blockchain was programmed with from the start. So, from the get go, everyone has common ground: everyone knows exactly what is supposed to happen.
This tour illustrates an example of how a simple payment blockchain (and PoH) work at Geeq. To write this simple blockchain, every node must evaluate each transaction and check if:
If a transaction satisfies all three of these conditions, an honest node will consider it a valid transaction. It will record who sent and received the payment—and the amount transferred for every distinct payment processed and validated by an honest node—to a block.
The block is appended to the previous block to form the blockchain. Then, it will update its Current Ledger State (CLS) to show the account balances after the newest block has been added to the blockchain.
If a transaction fails at any one of these conditions, an honest node will consider it an invalid transaction and discard it. In other words, an honest node strictly follows the protocol that defines valid or invalid transactions, and does not allow invalid transactions to enter the blockchain or affect the CLS.
Does that mean the potentially malicious nodes (the people who want to attack the blockchain) will disappear? No.1 For example, Demo v1.1 shows what happens if Node C and Node D decide to accept every transaction.2 They are not following protocol. By definition, they’re dishonest and the CLS they are keeping are completely inaccurate.
However, you don’t have to engage with them. By testing the honesty of a node first (use that [Test Honesty] button at the bottom left of your screen), you know which nodes to send your transactions to and which ones to avoid. Always send your transactions to a node you know is Honest.
If you [Test Honesty] for a node, and you receive a message that the node is Dishonest, you’ve just gathered evidence that node has already broken protocol. They’re not writing honest blockchains, and you cannot trust the account balances in the ledgers they keep.
You should not send your payments to Dishonest Nodes because no one else will trust that your payment was a valid one. Also, you should not trust a payment made to your account on a Dishonest node because you do not know if the node was dishonest, the sender was dishonest, or both.
The result? Every user knows which blockchain (and ledger) to trust and which ones to ignore. There is no ambiguity. Honest users know they can transact securely through honest nodes.
There is no insider knowledge you need in order to use an honest blockchain. No barriers. No permissions required.
In a completely decentralized setting, Geeq’s protocol and User Client empowers honest users to find each other on public blockchain.
Proof of Honesty™ is protected intellectual property; only blockchains built on Geeq’s blockchain infrastructure are able to be validated this way. That said, we are building Geeq as an infrastructure project to support an easily accessible, completely decentralized platform for public blockchain: one we hope will endure long past the expiration of any patent protection.
