By: Geeq on Jul 11, 2020
The extremely charismatic and knowledgeable @Eljaboom, Founder and CEO of Ajoobz, hosted a live AMA yesterday with Geeq’s Head of Crypto Hans Sundby and Chief Development Officer and Co-Founder Stephanie So yesterday!
In case you missed it, it was a blast. BOOM! ? ?
Together, the Geeqs answered 19 questions chosen from @Eljaboom’s Twitter account in 4 rounds, punctuated by questions submitted from the attendees.
? Here’s the recap! ?
The transcript has been lightly edited to correct for typos and verb tenses and to insert a few links.
Guests: Stephanie So and Hans Sundby
Venue: Eljaboom Crpto World Telegram Community
Dear Geeq guests, @StephanieS and @hansdallass, many community members would like to know more about Geeq. Will you please introduce yourselves and Geeq?
Thank you very much, I’m Stephanie So, CDO and Founder of Geeq. I’ve helped to develop Geeq’s Protocol Proof of Honesty(PoH) and I am very excited to build and work with my awesome team, including Hans.
I’m Hans Sundby, Head of Crypto for Geeq, I am a crypto maximalist with 6 years of experience in the crypto market as a key Investor, CEO, Consultant, Advisor and expert in investments & crypto business development. My main expertise is market strategies and exchanges. Joined in on Geeq about 1 year ago, and have been building up a marketing and business development team and developed the market strategy for Geeq.
Geeq is a new blockchain platform and BaaS (Blockchain as a service) company that drives toward completely decentralized solutions based on a new way of doing permissionless blockchain.Stephanie So
Twitter Questions: Round 1
Question 1 by @kargil1999:
What is the Main vision of Geeq Project? How will you explain the Geeq project to Non-Tech people in simple words?
I’ll take this one.
Geeq, to me, is about enabling people to exercise their economic power the way they want to. It’s about counteracting the way large companies and their technology is able to manipulate them into making choices that basically allow those companies to get bigger at the expense of regular people.
In order to do that, Geeq has to provide an easy way for a regular person to use the technology directly, so they have the ability to get any unwanted companies or data harvesters who are sitting in the middle out of the way. Geeq can do that.
To a business person, I would say, you know, Geeq’s invented an advanced technology that will allow you to do a lot of business that used to require trusted data intermediaries (TDIs). TDIs were valuable for some services, but now, TDIs are mostly getting overpaid out of inertia or the lack of an alternative.
You can build that service yourself on Geeq’s platform because it is just as secure and will be cheaper, and you can keep more for yourself and provide better service for your customer.
Question 2 by @fight568:
What are the current problems that @Geeqofficial is trying to solve?
There are a lot of problems in blockchain currently, and we try to solve all of them.
- Blockchain is too hard to understand, so it causes so much confusion and uncertainty that the mainstream is not tempted to understand the benefits. We try to eliminate the uncertainty and confusion about whether there will be any attacks or manipulation that might erode confidence in trying blockchain.
- Other people – I think everyone on the Geeq team feels there shouldn’t be a group of people who have the power to make most of our decisions for us. That applies to governance, it applies to a small group of powerful core devs, and it applies to people who are able to centralize stake. Geeq doesn’t let that happen.
- And finally, blockchain is often sold as a solution for problems that don’t fit. The way we’ve constructed Geeq to function, we can solve real problems.
Eljaboom? : Proof of Honesty
Would you like me to briefly explain Proof of Honesty?
Essentially, Proof of Honesty means you only need to rely on yourself, because you can demand a node provide you proof of whether they’re behaving correctly or not. I like calling Proof of Honesty a no-consensus consensus, because if a group of people become powerful enough to determine “consensus” for you, then you might be helpless and have to accept it, but with PoH, you have the ability to judge : they either provide proof or they can’t.
Eljaboom? : Can you answer how Proof of Honesty works from a technical level?
To the user, it’s a user client that queries a node to provide the merkle proof that the blockchain has been validated according to the code correctly.
If the node is unable to provide the correct proof, it is untrustworthy, you don’t interact with it, and you move on.
99% BFT guarantees you can always find one honest node to interact with, and as long as you have that, users can coordinate on it.
Question 3 by @akira236:
What areas are you guys are Targeting? Any particular areas or Audience to look upon?
Right! Well, here’s the strength of Geeq, which you are probably getting a sense of now.
Geeq is designed to perform and excel when there may be tremendous stress. Either from volume of transactions – huge demand – which we take care of through the scalability and flexibility, while providing security. An example might be in the billions/trillions of transactions from a smart city.
The other time blockchain records may be under tremendous pressure is if there are vastly competing incentives or big stakes over what data is recorded in the blockchain. In that case, having a blockchain that one can see has recorded accurately can help with continuously auditable books, lowering liability costs, and protecting from industrial espionage, for example.
Question 4 by @Nazmudsadat:
Can you list 1-3 killer features of Geeq that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Over to the interesting stuff? Nice, I’ll take this one.
Geeq’s Killer Features are in three groups: Security, Limitless Scaling and Flexibility, and Low CostsHans Sundby
- Proof of Honesty Protocol – Our own brand new protocol built from the ground up to give you the security you deserve.
- 99% Byzantine Fault Tolerance – No other blockchain protocol offers this level of security.
- Edge Security – Allows you to choose which node you want to interact with by checking if it’s honest before you make a transaction.
- Limitless Scaling – Future proofing your business as it grows, so Geeq can scale to all your needs.
- No Mainchain – No sharing of resources, no bottlenecks, no crypto kitties clogging up the network.
- Low Cost – Cost per transaction is less than 100th/cent allowing for high volume low cost telemetry.
- Innovative Tokenomics – see our tokenomics page here https://geeq.io/tokenomics/
- Patent-Pending Technology – We are protecting our innovations by patenting them.
What I really like about the structure of how Geeq is built up, is that Geeq is the perfect fit for any blockchain / data use case. If you want to build your own supply chain, go ahead, a really secure DeFi application, why not.
All kinds of devices can easily be connected to a GeeqChain in order to take advantage.
Question 5 by @oidiotso:
Why use a new blockchain consensus protocol called Proof of Honesty (PoH)? What are the differences of Proof of Honesty (PoH) and Proof of Work (PoW), Proof of Author (PoA), Proof of Stake (PoS)?
In a nutshell, PoH is the only consensus protocol that is invulnerable to strategic attacks. Geeq blockchains cannot be manipulated by validators or miners. What that gives you, as the business or developer is that, when you write your application, you know it will do exactly what you asked it to do. And the end user also has confidence in the output once he finds an honest node.
All other consensus protocols have attack vectors that arise because there are ways to manipulate the consensus of what is labeled the correct chain. The longest chain rule can flip, which gives uncertainty. And so on. Stability is key.
So, PoH is called a coalition-proof consensus (which is another way of saying there are no attack vectors from strategic manipulation). What we’re worried about is that people are going to get smarter and smarter about trying to attack blockchains that are not coalition-proof. All those other protocols break down pretty quickly. We have a chart for you.
<Narrator’s note: There were a flood of questions submitted.>
How is it possible that the cost per transaction is less than 100th/cent? What makes this possible?
I’d love to go through some of our materials to answer some of the earlier questions (that just came in), but this one is pretty quickly answered. Geeq supports multiple chains but each is validated by a very efficient Proof of Honesty. What that means is, the validation doesn’t’ happen with a gossip network (because the nodes don’t’ have to reach a consensus together, remember?) Smaller networks do PoH just as well, which cuts down costs.
Also, that means different blockchain applications don’t have to deal with each other’s overhead.
Liquidity is the challenge of defi, how does Geeq solve this problem?
So, liquidity is important to achieve mass adoption. If a project or an underlying platform for example Geeq, Ethereum or IOTA does not create a liquid policy, it will get really volatile and risky for bigger institutions or companies to actually rely on the underlying technology.
We are aiming to eventually be able to provide this to Geeq in the future, after mainnet and after great adoption of our platform.
Our Solution is here:
While Hans was writing, I saw a lot of questions about whether Geeq can save us from a 51% attack. The answer is, blockchains on Geeq are protected from a 51% attack, yes, but we can’t go back and retrofit other blockchains to save those, unfortunately.
Geeq is extremely fortunate to have the builder side (which I’m on) and the crypto market experts, which Hans leads.
If we didn’t have both sides, we wouldn’t be able to understand how to span both worlds, so Bravo Hans.
Why once that a Geeq chain is launched cannot be altered? There is not exist Custom modifications?
Geeq is really about decentralization. If someone can alter your data then they have power over you and the blockchain and that tends to concentrate power. SO we made a decision to go with code is law.
*However* we built in other ways to provide flexibility and custom modifications.
For example, any application blockchain can be specified how you like.
If you want to do it a different way and change your mind, you may launch another chain.
We use that ability to give options for upgrade paths.
BUT – for the users of the chain, it’s important to us that they’re not subjected to the whims of a developer to change the terms of service, which is why, once the first blockchain is released in the wild, it must run as it promised.
The way we view changes is that if a developer gets a better idea, and releases a second chain, then users can move within the secure Geeq ecosystem and get attracted to the other one.
But pulling the rug out from under the users doesn’t sit right. Ok, I think I’m done. DONE.
Twitter Questions: Round 2
Question 6 by @cailozma1900:
Why do you choose to build GEEQ Token on ERC20 instead of other blockchain such as BEP2, TRC20…or your own chain while ERC20 platform is LESS scalable and very slow?
There’s no deep technical answer. We’re following the current industry standard – This is an interim token until we transition to main-net where we will be releasing our own blockchain token.
Question 7 by @RatuKanawa:
How does the Proof of Honesty protocol (PoH) deal with slow blocks and fast blocks, because you say Proof of Honesty protocol (PoH) is multi-blockhain?
If there’s one thing you’re going to remember, it’s that Geeq is a multichain platform, with no main chain! That has a lot of advantages. For example, every developer can start a blockchain. Let’s say one sets up a payment blockchain and transactions appear slowly. Let’s say another is for an IoT device that sends telemetry every second. So the IoT writes blocks quickly. But they’re separate. They don’t depend on the same validating network, only the same validating protocol. Each one is secured without interference.
Question 8 by @malachi456:
Explain more about your patent pending technology and its usefulness for the project.
The patent pending technology is not only about PoH as a way to secure blocks in the blockchain, it’s also about the workflow process, making the block writing efficient, setting up independent networks, and perhaps importantly making sure all the nodes get paid cost plus (automatically) in $GEEQ, so blockchains can outsource their validation to Geeq.
We have a very active IP team, so that’s only the first of the patent pending technology. That makes Geeq exciting to work on!
Question 9 by @penapple:
PoH is claimed as being able to choose an honest node, so what if the selected node refuses to make a connection from one to another? What is strategy?
So, if I understand the question correctly, then the answer is PoH is a no-consensus consensus. Every node ingests the same protocol and either writes an honest block and provides the proof, or doesn’t, on its own. ==> There is no reason to make a connection to another node in order to come to a consensus. The network at Geeq is not a gossip node, and they don’t take any cues or sample from their neighbors to determine what to write in a blockchain.
The other question that you might be asking 🙂 is what happens if a node isn’t around. Part of the network design is to have an Active Node List (permissionless) for each network. A node can join or exit. If the node is on the ANL but refuses to send PoH, then don’t use it. If a node is not on the ANL, it can’t have the most updated proof, so don’t use it. You have to contact a node on the ANL.
Question 10 by @taimoorahmad12:
Don’t you guys think that after using Consensus algorithm it’s going to become harder to do any fork on the chain?? It’ll make it even harder than $BTC. Because it’ll add layers and Layers.
There are two very separate questions here. The first answer is yes and the second is no.
- Yes, you’re correct, PoH rules out hard forks and soft forks collapse basically immediately. But: that’s by design. We don’t want forks because we don’t want confusion or giving people power over you to decide which one should be right. PoH validates the code as written so there is a single (unique coalition proof equilibrium) answer. So, no choices for forks are allowed for any given chain.
- However, no, I think Geeq is designed so it has outcomes that are far easier to understand and use than any layered design. Layered designs also tend to introduce complicated security holes.
If you keep thinking about Geeq as more of a horizontal platform with many chains sticking out of it, doing their own thing, rather than as interacting layers, I think you’ll get an idea of the cleaner design architecture that is still extremely flexible to use.
Another flood of questions arrived, Stephanie has never seen so many white messages flash that quickly in a thread before, it was very exciting..
You organized an AMA session that was very rewarding and received a lot of questions related to Geeq. So now I want to ask what do you want to receive from the community?
We would love for you to continue to explore Geeq, ask questions, test us, tell us what you want, and help us get input from more and more people. Geeq’s telegram is https://t.me/GeeqOfficial and we’d really like to continue this.
Yes, once we build the foundation of Geeq, we plan to provide an API for Solidity that will also provide a new way to calculate the costs in $GEEQs for your services (the equivalent to Ethereum’s gas).
Then we plan to continue to add APIs as there is demand. The bottom line is, Geeq is public blockchain and we want to attract as many devs to Geeq by providing an awesome ecosystem.
Twitter Questions: Round 3
Question 11 by @Boylut:
There are a lot of developers & DeFi supporters who have already been working on the finer points of DeFi smart contracts & markets. What’s the new thing Geeq is bringing in that will help DeFi go more mainstream? Could you tell us some of the beauty of Geeq’s multi-faceted approach?
We’ve been thinking about this a lot recently, and I’d like to point to two explainers from our team on our website. We talk about exactly what Geeq can do for DeFi that we think DeFI needs.
Taking a very bird’s eye view, I think the mainstream will want DeFi in Geeq’s secure ecosystem because, as the amounts get larger, there will be more incentives to game the systems and mainstream people tend to be more risk-averse, so we think they’d like DeFi devs to build at Geeq.
The other answer is: a new macro system has to be able to keep consumer confidence. And that is something Geeq’s PoH offers in a way a non-technical person can understand, because all they need to do is use the user client to find an honest node and they will get the proof that they’re ok.
Here are the two links:
Question 12 by @selvi33:
What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year?
Until our mainnet and AMP will eventually (and hopefully) go live in the future after we have seen great increase in adoption, we have onboarded Acheron Trading as a liquidity provider to Geeq. It is important for us to provide liquidity for our ecosystem from day 1 to make sure we can reach global adoption one day.
Question 13 by @Tai1304040:
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?
We are a team who believe in permissionless, decentralized systems. Geeq’s business model in no way depends on seeing, collecting, or using user data.Stephanie So
What we offer are business services of blockchain validation that are automated by our platform.
We also will offer blockchain application development which are then set out as decentralized blockchains. Once the application is written, we don’t have anything to do with the data.
I’m completely against companies collecting data in order to mine them and manipulate people.
Question 14 by @keer97:
Adoption is a headache challenge for every blockchain project, especially at this sensitive period of the whole market when many blockchain projects are dead since only few use their platform. What are Geeq team’s strategies and visions on this problem?
Here, we have the strength of our business team who are full of entrepreneurs with experience in SaaS and IoT and scaling up exponentially. The fundamental principles are: demonstrate value, be able to acquire customers at low cost, and keep the community satisfied.
Although Geeq can do anything we can imagine blockchain doing, what we want to do is to show value and ease of adoption out of the gate. I think it’s very hard for most people to think about ledgers and numbers and currency and transactions – some people have a hard enough time when thinking about it using a traditional bank or payment plan!
So, our plan is to make our first blockchain application one that demonstrates how useful blockchain can be with words and documents. 🙂 Your audience is getting an announcement, @Eljaboom. Geeq’s first application is going to be what we call a Decentralized Collaboration Engine. In the world of work from home, people tend to try to work together on documents and spreadsheets but it’s all through the cloud.
The cloud is run by an intermediary. Your access to your documents is dependent on the cloud. Google or whomever can read and see everything you put in the cloud.
What Geeq can do is process the validation of as many commits as there are, whether it’s to documents or to github, and then people can coordinate peer to peer, knowing they have the truthful version, and storing them on their own devices rather than in the cloud.
That’s the kind of thinking we’re bringing to adoption. What are the problems that can be solved usefully with a blockchain platform? In this kind of remote work world, each document or group or company can have as many blockchains as they need. It’s a perfect fit for Geeq.
Question 15 by @ammarfares:
Do you think that corona pandemic effect your IEO and how will you avoid it?
Basically, we started our pre-round right before the coronavirus. We decided then to postpone further, because most of the countries in the world were locked down. It wasn’t a good time for people to invest/participate in anything at the time, and that is understandable. Even exchanges were shaky at that time.
As a market strategist, I couldn’t come up with one good reason for Geeq to proceed when the world was under lock down. We decided to take a step back, work harder than EVER and come back stronger than a bull when the time was right. We recently started our pre-round and have adapted our plans to skip a public sale. Our latest token update is here: https://geeq.io/geeq-token-update/
As of this post, Geeq has a Newer Token Update here:
So many questions! Eljaboom Crypto World’s community members are not shy! ?
How much supply is available for this Geeq Token? And where are these tokens allocated?
Geeq will list on market, with a marketcap of around $391K based on $0.25. Approx 1.57M tokens will be initially released on TGE.
Full in depth tokenomics can be checked out here:
How many coins are burned??
A coinburn is not a part of our model as of now. We base our model on actual use of the ecosystem and what to expect. However, we will have nodes (node information yet to be released), which will be locked up in GeeqChains (Reduced circ supply).
I’d like to refer quite a few questions that have been asked repeatedly, that could be answered by the materials on our website – either in the White Paper or Technical Paper or Explainers or Blogs and such. Our Community Managers are awesome and would be glad to point the way to those answers.
Geeq is probably the first blockchain platform to adopt PoH protocol. What do you think it has to offer more than other protocols(PoW and PoS) and how? Also, do you guys think other Blockchain platforms will adapt to PoH in near Future?
We give a nice comparison of PoH’s benefits compared to PoS and PoW in the White Paper. 🙂
Hi Stephanie!! What’s the meaning of the name GEEQ? Where did the idea come from? Any special meaning? It would be interesting to know it!!
This was answered on our website somewhere! Hi Jhonathan!
In fact, I think it came up in chat the other day.
It probably means whatever you would like it to mean. Stephanie, John, Ric, and the rest give all kinds of answers to this.
Since Geeq is a multi-blockchain, how efficient is your interoperability to enable cross-chain transactions?
This is an excellent question and the answer is also in the White Paper. The sketch of the answer, though, is this.
Since we can find a provably honest ledger for every blockchain on Geeq, interoperability is possible because we don’t need to go through the uncertainty of creating channels from one blockchain (with one kind of protocol) to another. $GEEQs can move freely about the ecosystem and the entire platform has been designed to be as frictionless as possible.Stephanie So
The only thing that has to be determined in advance is if blockchain applications wish to make inter-operabilities possible. That code has to be decided at the outset.
I think a good place to end might be on the how does everyone win part. 🙂 There are some serious game theorists behind Geeq who have made sure Geeq is not a zero sum situation. I’m an economist also, and again, our team is very strong in understanding that good activities happen when incentives are aligned. Lastly, Geeq is such a transformative approach to blockchain that the kinds of value we can create through micropayments (moving between chains, for example), are ways to create value that we’ve never seen. So, the idea is: create surplus, align incentives, have positive competition, don’t start off with powerful players having an ability to take the entire market, and win win.
Twitter Questions: Round 4
Question 16 by @venkat7733:
Nearly 60% of unissued tokens are decided for Corporate Entry. Why such a decision so Geeq use case is mainly for corporates?
There are 3 factors that have to be met, for Geeq to decide if there is any reason to release from unissued supply:
- The market has to support a release.
- Any release will have to be ear-marked: institutional buyers, liquidity providers and business development – as in factors that increase the adoption of the ecosystem.
- All releases (IF ANY) will be communicated to our whole community before any releases, this includes why they will be released, if any of the tokens will be sent, to which accounts and when (well communicated before any releases). Full transparency.
Unissued supply is intended to be sold to builders, customers, long term institutional investors of the platform as part of a centralized distribution model. All releases will be well informed to the community before any action will take place, as we’ve stated in our tokenomics. All releases are intended to make the Geeq Ecosystem able to grow in all aspects, which gives confidence to our builders and investors that we believe in the platform and the value of the token in the long term.
All in all, no data makes it logical to push out tons of tokens in a pre market or pre product, but it makes all the sense in the world to allow it to grow afterwards in a successful ecosystem.Hans Sundby
With that being all said:
Our main purpose of those unissued tokens is not to release them, but to let Geeq´s equity investors being exposed by the volatility of $GEEQ as in increase/decrease of the corporate balance sheet based on how $GEEQ perform. Why? Because they basically don’t want to hold any tokens, but at the same time, enjoy the ride.
Question 17 by @ahmed9892231:
Is there any intention to burn some tokens of supply in the future to stabilize the price?
No, we have no plans to burn any tokens as of now. We have a low supply of tokens set at 100M and will only have a circulating supply of 1.57m upon launch if all tokens are allocated, if not, it will be less. We are basically setting a new standard in the crypto space, if you can call it that. We are starting out as a completely undervalued project compared to the work we have done, with intentions to grow with our ecosystem. It takes time to grow eco-systems, therefore the low releases over several years. In a world where Geeq meets the adoption we are looking for, like thousands of GeeqChains with millions if not billions transactions. However, there will be massive amounts of $GEEQ locked up in nodes (out of circulation) when Geeq reaches adoption. We also have an algorithmic monetary policy which will help reduce volatility, in order for big institutional adoption. With no need of a centralized market maker.
More information on this can be found at:
Geeq and the Team are definitely here for the long haul.
Question 18 by @Bluerzz:
What are GEEQ plans for global expansion, what are your currently focusing on, expanding or listing more exchanges, or building your ecosystem or marketing and partnerships?
Even while Geeq was still in the research phase, we were making connections all over the global crypto and blockchain worlds. I was brought on as Head of Crypto early 2019 and brought the rest of our crypto marketing team a few months later. We are lucky because the team at Geeq believes in bringing experts in on all fronts to prepare where it’s needed.
For development, 2020 is a building year. However, bus dev continues and we are talking to good fits for strategic partners and customers. And, for the crypto team, we’ve been working constantly with a global scope. We’d love to tell you more, but all of these kinds of discussions cannot be made public !yet!. However, I can assure you we are very busy behind the scenes. We believe Geeq will become a well known project in crypto and do real world use cases that have never been put on a blockchain before.
Question 19 by @luckydraw66:
Community support is an extremely important factor for all projects, so what made you decide to choose eljaboomC Community to host AMA and what do you expect the most from this AMA?
Community is important for us and the industry as a whole. Geeq are working hard to increase knowledge within our community, building a strong committed community takes time, and we are making several efforts to reach our community goal. So back to your question…
Eljaboom and I have supported the same projects as investors, several times. We haven’t really talked much, but we tend to understand and be interested in the same narratives and potential.
Eljaboom is a great guy to have with us on the road to reach massive exposure, with the awesome community he has built and the effort he does every day to keep it engaged. This is a guy I’ve been watching, learning from and look forward to working even further with in the future.
Proof of Honesty ???
This is the best AMA I host ever ???
Thank you so much, appreciate everyone being here. ?
Very good questions and great answers??
Eljaboom?: Thanks you all for coming. Thanks to the wonderful team from Geeq.
Thank you very much, @Eljaboom, you and your community are fantastic. I hope we’ve managed to get across some of the main takeaway points about Geeq, so you’ll all be interested in learning more, and (I hope) digging in and helping us build!
Thanks all for this great AMA! Thank you very much @Eljaboom for your invite. We have a great future to look forward to.
An awesome AMA concluded, participants asked various questions about the project and they were answered by the guests patiently and in great detail. Thanks to all who participated in this AMA and made it a great success.