The extremely busy CryptoDiffer Team hosted Geeq’s Head of Crypto Hans Sundby and Chief Development Officer and Co-Founder Stephanie So on their English language Telegram Channel on Monday. After a warm welcome from @NickCryptoDiffer, the questions and answers flew!
Because so many CryptoDiffer members had researched Geeq already, quite a few questions assumed knowledge of Geeq’s papers. Links have been added to the recap to direct everyone to the relevant materials. If you have more questions, our lively Geeq Community is very welcoming. Or, follow us on Twitter @GeeqOfficial, because we will be announcing another AMA soon.
☀️ Without further ado, here’s the recap! ☀️
We are glad to meet here
Head of Crypto at Geeq (@hansdallass)
CDO and Founder of Geeq (@StephanieS)
Hi Nick, Thanks very much for having Geeq here, we’re looking forward to meeting all of you!
Hi Nick and all. Thanks for having us.
Nick: Let`s start with introduction questions
Q1: Geeq has developed a uniquely secure, Patent-Pending consensus protocol, called Proof of Honesty. For people who want a non-technical answer, what does Proof of Honesty mean and why do you think it is a game changer?
I think the best way to answer this is to think about the outcome that you want to achieve. Why rely on centralized data? Because presumably, it’s easy to update and maintain as one source of data and everyone knows where to look for it to get their source of truth.
The problem is, in order to maintain the integrity of the data, you have to count on whoever is in charge to be putting in the correct information and making sure it stays true (or honest). That’s fine, as long as you have a Trusted Data Intermediary (or TDI).
The outcome that decentralized blockchain tries to achieve for the user is the same. Users want to know where to go to get data that is correct and honest. And, if possible, they don’t want to pay the high prices to TDIs and they don’t want to be dependent on how TDIs decide what information they should consume.
Other blockchains are insecure in the sense they can be manipulated to show false information, which defeats the purpose for the user, although it may make money for people who try to sell blockchain services to enterprises.
Geeq’s Proof of Honesty is new because it assumes attackers will try to manipulate the data in every way they might think of – but the protocol is built so that IF the data has been manipulated, the user can tell.
The only data the user needs to pay attention to is the data that comes with a Proof of Honesty (correctness). That what makes it a game changer. Users are able to protect themselves instead of counting on anyone, whether it’s a TDI or the PoW or PoS or PoA consensus of a blockchain. From there, we can show people that Geeq blockchains can change business practices in a way no other blockchain can.
Q2: How will Geeq make money as a company?
Geeq wants to offer a very flexible blockchain platform that can be used to solve information problems in ways that weren’t possible before, not even by existing blockchain platforms. We think we’re going to have an extremely appealing and competitive product.
First, we offer our end users a way to navigate new markets literally peer to peer or machine to machine without ending up having to go through a TDI for payments. The Geeq token can be transacted securely everywhere on the Geeq ecosystem as a utility token, including payments to nodes (which by itself is new because they are automated).
In PoW and PoS, people have to spend significant resources to run a node so not everyone can participate and power tends to accumulate. Geeq is built for mass adoption of a new digital economy, which means everyone has to have a way to participate. We provide that while making money ourselves.
Second, our multi-chain platform is modular and has no limits on how it can scale. That means Geeq can support billions and more transactions – again, while everyone makes money. Our high volume, low margin business model adds up very quickly and is appealing because we share the revenues.
Not only do nodes make a profit but businesses are able to charge their own prices after using Geeq’s services, for the value they provide. So, we upend the models for streamers because the models are decentralized, and they can go directly to their audiences and get paid, without interference from Geeq.
Finally, Geeq will start out of the box as a blockchain as a service (BaaS) provider, using its own platform to demonstrate its value. We can do that with the incredible software and business expertise that we have on our team, because they know how to scale up like no other team we know. Of course, part of that formula is that Geeq will make money as we have economists who understand pricing, telecomm costs, and how to navigate new markets.
Q3: Why would developers build on Geeq?
Developers would build on Geeq because Geeq’s business is to use its decentralized secure blockchain ecosystem to work for others, without interfering in their business decisions. Developers will benefit from the limitless scalability and low costs of using Geeq as well as the security it provides and, in turn, will be able to set their own prices or taxes according to their own local conditions.
They also are able to determine their own smart contracts as they wish to use them in their applications. Geeq’s business of validation incorporates no smart contracts that might mess anyone up. All Geeq’s validation does is validate according to Proof of Honesty. Smart contracts appear in the application layers.
Low costs, limitless scalability, credible accountability and transparency? What’s not to love?
We say Geeq is an ecosystem of interoperable, customizable blockchains built with real world use cases in mind.
Ok, thanks for such detailed and interesting answers!
Let’s move to the Telegram community questions part.
The Geeq Workflow Protocol (GWP) is supported by four major categories of actors: introduce about all it!
Our community would be glad to walk you through the workflow that’s in our papers – the main thing to know is it’s a leaderless protocol and nodes do not have to reach a “consensus”. Each node writes a block and then is evaluated on its own ability to produce a proof that shows whether it’s done it correctly or not. If it can’t produce a proof when the user asks for it, the user can assume it’s not honest and walk away from it (find another).
If I want to build my own supply chain, is it efficient to build?
What kind of devices can be connected to geeqchain?
That depends on the details of the supply chain. There are lots of areas where supply chains can be improved by IoT, and those experiments are going on, but typically IoT puts out so much data in real time that it puts a real burden on supply chain people.
What Geeq is constructed to do very efficiently is hash the IoT telemetry into a dedicated chain so that the data can be analyzed later and entrepreneurs will know exactly what happened because they can find the uncorrupted data.
Love this question, @Dhoom because it gets right into a specialty of Geeq : IoT on blockchain.
Geeq is secured by our Proof of Honesty protocol (PoH)
How (PoH) is better than other protocol???
Are there any unique features/ mechanisms?
We have a lot of material on our website, I’d be glad to talk to you later in Geeq main chat. The basic conclusion is : Geeq is able to be more versatile and cheaper for any application because there is no shared overhead. Devs can set their own prices and not worry about nodes which are paid automatically in Geeq coin through the validation layer. The whole ecosystem is secured so Geeq can move throughout to pay different applications and nodes. It’s more secure, yet more decentralized and permissionless and inexpensive.
GEEQ has Low Cost but, how does #GEEQ get profit from running the project?
High volume (limitless scale) and the low cost means Geeq is capable of running transactions that weren’t possible before. For example, you can transfer a penny’s worth of Geeq to a content creator for 1/100th of a penny. That’s worth it and brings micropayments and what we call Microcommerce potential to life. M2M etc.
What is main potential threat do you see in Blockchain Technology Currently? What is the real life problem Geeq is aiming to solve with Blockchain?
I think this question is very important for the education of the crypto and blockchain community.
I think as the community sees more real life hacks and attacks, they have been paying more attention to security, governance, and other situations where some group other than themselves makes decisions about the chains where they have tokens.
Geeq started out by worrying about security because we don’t want users to be at the mercy of others.
Your platform is able to generate a huge amount of data speaking about users preferences, strategies and behaviors. Are you already using those data? Do you plan to use them in the future as an additional source of profit?
I answered this in the Eljaboom AMA (Question 13) but I always get triggered by this question, so I want to answer it again.
NO Geeq does not collect personal information from the data of its users and has no interest in doing so.
Do you have plan to build your own Dex?
Do you support BUY BACK ACTIVITY AND burn THEM?
We have currently no plans to build our own DEX as there are plenty of good DEXs out there today we can partner up with to support our ecosystem.
That being said, I’ve been meeting some interest from developers wanting to build a DEX on their own GeeqChain, which is possible. (We wrote how and why DeFi might be better off on Geeq here and here.)
We don’t support buyback and burn at the moment. Could be an option in the future, but GEEQ have massive usage potential already, including tokens will be locked up in nodes.
There is a common bottleneck in PoW and PoS chains..?
Big stakeholders can manipulate voting / governance as they wish..?
How does Geeq’s PoH solve this problem?
Well I know the transaction cost of Geeq is $ 0.0001, how does Geeq serve such high Tps at such low cost?
What types of Dapps are supported by Geeq?
I’ll give a really short answer, but this is a great and important question, @ShankyKhudia. The answer is technical: each application blockchain is set up with a genesis block that provides it with the ability to use Proof of Honesty validation, which includes being able to use its own permissionless network of validators.
There is no main chain, and no gossip communications needed for the types of networks that are used by PoW or PoS, and we are also more targeted and efficient in validating than some of the more modern DAGs . That’s one way we keep costs low and security high.
Why once that a Geeq chain is launched, it cannot be altered? There is not exist Custom modifications?
It’s really important that code is followed and promises are kept, otherwise the entire market economy on the Geeq platform could become untrusted.
However, Geeq builds in an upgrade path, which is to launch a new blockchain with upgrades. If that’s the case, it still follows its new terms and conditions and then we think healthy competition means the new blockchain should compete for the customers it wants.
Also, some questions that clearly depend upon building a community – and we have some real experts on hand for that, including devs and believers in Geeq and who are sharing information about it, as well as a partnership with Morpheus Labs which has a very extensive network itself.
What is the workflow of geeq and also introduce about the Catastrophic Dissent Mechanism?
This is also in our technical papers. The CDM is important to know because it says, if everything is a world wide calamity, like a nation state attack, the Geeq platform has a way to retrace to the last known honest blockchain recorded and reboot the process from there. That’s the CDM. So we avoid hard forks.
As Geeq’s entire ecosystem is designed to provide incentives, Who can earn incentives & How?
This is so true because if individual incentives are not aligned, not only might nothing get done (there might be free riding, like people not keeping full nodes), but also there may be conflicts of interest and malicious behavior. We can track malicious behavior and not reward them, but that’s not enough of a goal for us. We want a lot of activity because this is an awesome platform that opens so much up at the market level. That’s why we align incentives of nodes, of anyone with an interest in the Geeq platform including Geeq itself, and it is part of what motivates us to keep the markets liquid (that’s Hans special realm) and for us to continue to improve the tools and security we offer as the markets change.
1) How is Geeq’s secure consensus protocol being received by the crypto & real world given the obvious security issues in other blockchain projects?
2) How much “education” is required to highlight the advantages of Geeq’s secure protocol?
I think we’re getting a lot of good attention now! Still constantly educating, but it’s no longer theoretical that an entire chain can be taken over and a group has to defect and take over, or there can be significant arguments about governance that cause problems for development at the fundamental level.
Geeq is different because those who wish for a certain form of governance can start their own blockchain and because Geeq is a multichain platform, they won’t affect others using the platform.
Users often care less about technology, but rather the value of the token. How does Geeq manage to strike a balance between developing the technology and also improving the value of the token?
I’m fully with you. Crypto is flooded with speculators, same as in other markets. Real token value comes from good tokenomics and usage of the dApp or blockchain.
We are building Geeq so established, as well as startup, companies around the world can connect to a GeeqChain to build and/or run their transactions. $GEEQ will be the consensus fuel to a network full of different blockchains.
It is important for speculators to understand the underlying technology or the underlying fundamentals for any investment.
I can’t really comment much on the token price though!
Thanks so much, a lot of the others are really interesting but I probably shouldn’t take your time here.
Thanks so much, Maks, the quality of the questions from your community was outstanding. I hope they are interested enough to keep asking questions and checking out Geeq! We really appreciate the opportunity.
Thank you all for joining us today and to CryptoDiffer for hosting us!
Real pleasure. Would like to invite this great community over to: @GeeqOfficial, for those who want to check out what we are doing 🙂
Then thanks for your time @hansdallass @StephanieS 👍🏻
Thank you to all who participated in this AMA and thank you for reading.
The transcript above was very lightly edited for typos.
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