Geeq Featured on Crypto Website Newsbit.nl

By: Geeq

We were delighted to hear the Dutch crypto website newsbit.nl has written an article on Geeq to increase Geeq’s visibility to their audience. Thank you very much to newsbit.nl, as well as our pro-active Dutch-speaking community members, for all of your support!

For our non-Dutch speaking community, here is an English translation.

Geeq: The technological backbone of a better economy, for everyone

Blockchain has the potential to provide secure, uncensorable, and decentralized ways for society to interact, transact, and cooperate. As a source of provable and immutable truth, blockchain makes it possible for widely distributed agents, including machines, who neither know nor trust each other to create and share value. Blockchain can even serve as a counterbalance to the growing power of governments, corporations, and other centralized authorities.

Unfortunately, blockchain technology has a way to go before it can realize this potential. Existing platforms are not very secure, are expensive and difficult to use, and would be hard to deploy at any meaningful scale. The extreme volatility seen in cryptocurrency markets has undermined public confidence in their value as a form of payment and even more so as safe stores of value. Thousands of public infrastructure and Distributed Application (DApp) projects are underway or have already been launched. Nevertheless, the overwhelming majority of transactions volume are simple payments on the Ethereum and Bitcoin networks or take place on private, permissioned platforms such as Ripple and IBM’s Fabric.

Geeq’s objective is to take public blockchain to the next level. The potential applications of Geeq’s blockchain network are very broad – ranging from supply change management to smart manufacturing and secure digital records. One of the first objectives for the network, however, is to enable browser-based micropayments. Using a new medium of exchange called “bearer tokens”, Geeq will facilitate payments as small as a few cents in value for transaction fees as low as $0.0001. This will open up new ways of paying for news, video, music, in-game purchases and charitable donations online.

So how is Geeq different from other blockchain protocols? Geeq has  proposed a new blockchain consensus protocol called Proof of Honesty (PoH) that looks to users as the ultimate source of authority and truth instead of allowing that power to reside with the nodes on the validation network. Proof of Honesty is 99% Byzantine Fault Tolerant (BFT) and gives Geeq Strategically Provable Security (SPS), a guarantee based in noncooperative game theory. In contrast, blockchains using Proof of Work (PoW), Proof of Authority (PoA), Proof of Stake (PoS) can only offer between 33% or 50% BFT. This is likely to be insufficient for blockchains dealing with critical infrastructure, personal and financial data, stock exchanges, or public records. It is even less acceptable if we view blockchain as a foundation for protecting freedom and privacy.

Geeq’s interoperable, multi-chain architecture allows geeqchains to be customized and optimized for a wide variety of use cases. Geeq chains include a flexible application layer that can be designed to follow almost any business logic and have its own native tokens and data types. Native tokens and data can be shared with affiliated geeqchain instances or kept on the instance where they originated. Geeq’s validation layer is entirely separate from the application layer, and each Geeq chain instance has its own independent validation network.

What is Geeq?

Let’s begin by describing what Geeq is. An instance of a Geeq chain is any blockchain that uses Geeq’s validation protocols and architecture (described below). The set of all instances collectively form an ecosystem of separate but interoperable blockchains that make up the Geeq Platform. Each Geeq chain extends from its own genesis block created by Geeq which guarantees the integrity of security of the instance.

All instances of Geeq chain begin with a genesis block (block number 0). Blocks of validated transactions are created by nodes in the network and appended sequentially. Genesis blocks are created by Geeq at the request of developers who wish to build applications and include all the code that will run the validation and application layers. This tight control over the form of genesis blocks has several motivations.

  • It prevents duplication of chain and token names.
  • It ensures the chain adheres to Geeq’s protocols for transaction verification which in turn makes it possible for different instances to trust in the integrity of one another’s ledgers and to accept token transfers from other Geeq chains.
  • Most importantly, it fixes the rules under which the chain will operate. Including copies of validation and DApp code that nodes are expected to use in the genesis block allows users to do their own audits to verify that the rules are being followed and nodes are behaving honestly.

One of Geeq’s founding principles is that Code is Law.

If a protocol or the ledger of a chain can be changed by foundations, governance systems, collective action by nodes, etc. then the blockchain is not immutable and cannot be trusted. Instead, users must rely on the wisdom and good faith of those who are actually in control.

It may seem that this approach gives Geeq a lot of power. However, once a genesis block has been created, neither Geeq nor anyone else can alter it or operate the Geeq chain instance using it as a foundation. There is simply no mechanism to allow such manipulations. Once launched, each Geeq chain has a life of its own.

The Geeq Utility Token

$GEEQ is a utility token used to pay nodes for the validation and virtual machine services they provide to Geeq’s multi-chain ecosystem. $GEEQ is also used as a staking token for the good behavior bonds that help ensure fair behavior by the validation network. As a purely transactional cryptocurrency, $GEEQ is also suitable for use in micropayment and other payment applications. Here are some details about the Geeq Token:

Ticker: GEEQ
Token type: ERC-20 Until MainNet (Swap)
ERC-20 Contract address: 0x6b9f031d718dded0d681c20cb754f97b3bb81b78
Etherscan link: https://etherscan.io/token/0x6b9f031d718dded0d681c20cb754f97b3bb81b78
Total Token Supply: 100,000,000 GEEQ
Circulating Supply: 8,997,222 (as of 1.2.2020)

What does the future hold for Geeq?

Geeq intends to adopt the following in 2021:

Geeq Platform: Main-net
Commercial Implications
Consumer adoption
Use Case Application Layer
Micropayments Functionality
Test framework

In 2022, the goal is to scale up. Geeq MicroCommerce is expected to escalate, with many more innovative ideas on the horizon in Geeq’s ever-growing project.

For more information about Geeq’s exciting project, please visit:
https://geeq.io/

The entire article in the Dutch language is found here. Thank you again, newsbit.nl!

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