We held an AMA with a private investor group attended by Hans Sundby, Head of Crypto and Stephanie So, Chief Development Officer and Founder.
Geeq is a highly secure ecosystem of interoperable, customizable blockchains built with real world use cases in mind.
Each dApp gets its own chain✔️
Proof of Honesty, own consensus✔️
Cheap transactions, perfect of IoT✔️
Patent pending technology, by WIPO✔️
Edge security✔️ Innovative tokenomics✔️
Launching on the market with a market cap of 391k with liquidity as top priority.
Could you please introduce yourself first before we dive into the questions? We have received many of them. You will need some time.
Hans Dallas – Geeq ? : 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 for about 1 year ago, and have been building up a marketing and business development team and developed the market strategy for Geeq.
Stephanie – Geeq: I’m Stephanie So, Co-founder & CDO at Geeq. I’m a graduate of Princeton University (AB) and the University of Rochester (M.A., M.S., Ph.D.) in 2001.
I was the first to use machine learning on social science data at the National Center for Supercomputing Applications. Although I spent the first part of my career in academics, I never lost sight of the developments and problems of the real world — and to this day, I do not really identify as an economist. I am a social scientist at heart who wants clarity about definitions, measures, problems, and practical solutions.These were the reasons I was drawn to the blockchain space.
First question: What is Geeq in a summary?
Geeq is a multi-blockchain platform secured by our Proof of Honesty protocol (PoH), safe enough for your most valuable data, cheap enough for IoT, and flexible enough for any use.
The most important element of Geeq is the Proof of Honesty validation protocol that provides 99% BFT and uniquely implements honest node behavior in coalition-proof equilibrium. In addition, Geeq’s interoperable multi-chain architecture creates an ecosystem in which different instances of a GeeqChain can be customized to suit the needs of different use cases and DApps with high transaction throughput at very low cost.
What is Proof of Honesty PoH?
PoH is a completely different approach to validating a blockchain. Users, who hold tokens on the chain, individually decide if the ledger is correct. Nodes must prove to the users that they are keeping a correct ledger (prove their honesty).
This differs a lot from PoW, PoS, PoA & DAGs, where the approaches all have in common that the majority gets to decide what the truth is. If the majority says an apple is an orange, users either have to accept it, or walk away from their accounts.
Do you have an example?
PoA, because it is private, is controlled by whoever controls the consortium. PoW can get controlled by a sufficient (51%). The individual user doesn’t have recourse unless the entire community rectifies the problem. PoS is essentially voting; again, the individual can be overridden.
In contrast, in Proof of Honesty, If a node can’t or won’t prove its honesty, users can ignore it. For example, if you send me 100 $Geeqs and the only place that transaction appears is on chains kept by nodes that can’t or won’t prove their honesty, then I know that the transaction is not valid. This is just like trying to pass a crudely forged check. No rational person would accept a check that he knew could not be cashed.
So, for PoH. Users are empowered to protect themselves. It does not matter if a majority of the nodes are dishonest. Users can detect and ignore them. This means we only need one honest node in the system. If users can find an honest ledger, they will always use it no matter how many dishonest versions are kept by dishonest nodes.
I noticed PoH is a patent pending technology. When can we expect the patent? And, what does this mean for Geeq?
Proof of Honesty, including the network configuration and the platform architecture was all published in WIPO as patent pending technology in January 2019. We have excellent IP legal representation who is bringing that through the entire process.
That’s not all for Geeq, though. We are always working on IP, so there will be much more.
You say Geeq has no MainChain, how is this possible?
Geeq is a multi-chain platform, which means each application is its own chain (or chains) and secured by PoH. It really came about because of the architecture and the strength of PoH.
How many team members are there?
There is a really strong 7 person core team, well, with others working furiously in the background. All told, we have 23 people officially working for Geeq.
What is geeq! What does geeq mean … I mean the name
We got into blockchain slowly to look at the security portion, and then the research project kept extending – to scalability, interoperability – by the time we were done, we had a new secure platform. We joked a lot about geeking out and I liked the sound of it. I wanted something that was easy to say and easy to rhyme. When we proposed it to Ric as a company name, he liked it too. Ric is the one who changed the spelling to Geeq with a Q. LOL. I like that question. 🙂
What is the biggest weakness in your project and how are you mitigating it?
I’d say a lack of visibility, in some sense. A couple years ago, most blockchain discussions would not even admit there were security vulnerabilities – attacks were not taken seriously – mostly because they were reversed. But – if blockchain can be reversed easily, then it’s really not aiming for the irreversible data bunker that it claimed to be. Geeq was the only one worrying about attacks to the extent that Proof of Honesty is robust to nation state attacks, or a country cutting off access to half of the working nodes. There was a real disconnect – people were predicting that stock exchanges would move to blockchain but the blockchain fundamentals weren’t there yet. A lot has changed since then. Now, there is probably more discussion of security than there is of scalability. Geeq saw ahead and has solved security, scalability and interoperability already. I’d say our biggest problem now is visibility, but that is a lot easier to solve than being too early.
What industries/businesses are your main focus?
Our primary entry points are to offer stand-alone support for enterprises that want to add blockchain as a service using secure, decentralized micropayments for IoT and streaming services, which Geeq’s multichain and low cost platform was designed to provide. Geeq BaaS does not require rearranging data at the tech level, or interfacing with other blockchain platforms. We can literally design a custom DApp and network for a specific use case without dealing with legacy blockchain code, smart contracts, or governance.
Do you have launching customers in that industry?
Yes. However, we are under NDA. I’ll have to refer you back to my previous answer for hints.
How will Geeq be able to gain adoption?
1/ So, this question is a really interesting one, and it hinges on the fact that Geeq is a multichain platform, which is very secure and very very low cost. What that means is that there is no overlapping overhead for any given application. That allows far more independent development to happen at different times, and we have a strong foothold in IoT, as well as knowing about the practical implementations of making IoT on blockchain work, like dealing with bandwidth and storage and computational limitations.
2/ What that means is, while Geeq is a public blockchain platform that can scale limitlessly (each chain can be launched independently) and we want to attract devs, we can gain adoption partly by working to our strengths in IoT, where there are millions of transactions.
3/ Using that revenue and demonstrating those use cases can help us gain the traction to move into other areas, which we are working on simultaneously in any case.
4/ It seems like a really good time to tell you about our team and Advisor network, who have been reaching out to their contacts since we began, because we wanted to assess potential demand for our product from the beginning.
We already have partners in IoT and our Director of DApp Development Services, Andres Navarre has special interests in energy and smart cities. Our Chief Architect has a background in software development for Intuit and has worked in Silicon Valley for at least 30 years. Our Lead Developer has worked for NASA. One of our Advisors is a lead in autonomous vehicles. Another is an expert in telecomm, he was Chief Economist at the FCC. Geeq’s Treasurer and CFO are both extremely well-connected in fintech. I really encourage you to look at our Team page. https://geeq.io/people/
Well I was reading an article about talks with The World Bank? Are these the kind of customers that could need your platform?
Yes, we absolutely want to make the public platform available so we can work like projects with the World Bank. John and I have backgrounds in economics and public policy and that is one of my special interests. I’m especially interested in working with international agencies on projects for economic growth and development, and John was invited to give a Crypto and Blockchain Boot Camp at the World Bank. He also has been a consultant for public blockchain with the World Bank’s Group for Equitable Growth, Finance and Institutions.
How do you think Blockchain will be driving Force in fintech world? What type of problem right now exist in Fintech world? And, What are the problem though this project gonna address or solve?
1/ Well – there are a lot of people working on fintech and blockchain, so I think I’ll give you a very specific Geeq answer and let the DeFi people and crypto people sort of talk about themselves. Geeq is concentrated first and foremost on security, then on multi-chain scalability, and then secure interoperability. That’s how we’re staging our dev sprints.
2/ Within that, I was just giving a different interview about how I personally wouldn’t tokenize major items of value unless I was confident in security, so Geeq will enter fintech in that way. But that’s a long play.
3/ In the meantime, it will be much easier for us to work on micropayments within our ecosystem, because we’ve got all the parts that make it possible to stream payments, etc. Iot => machine to machine, interoperability => content.
How are you funded at this moment? As so many people are working on Geeq this is costly?
We are such an incredibly determined team because we know we have a revolutionary technology on our hands, even for blockchain. We’ve bootstrapped and frankly, we have a lot of people who are working for a piece of the future. Some are working purely for tokens. It’s incredible. Our advisors have been working for free. Our lawyers have been working on credit. Gosh, that’s been big for us. Especially through the crypto winter. Glad those times will change.
What are the biggest challenges of building a product and functional user experience for crypto users? What are the biggest obstacles for mainstream adoption of crypto?
The biggest challenge – but it’s a pleasure – is building from scratch. I’m not a coder, but I have heard enough horror stories about how gaps get created and overlooked in some projects that are really complicated and have so many people working who aren’t quite coordinated. We’re essentially trying to avoid that, and we’ll expand as fast as we can – but as carefully as we can. We’re not at the endpoint for UI/UX but I’ve been talking to people along the way who I have in mind. I hope people keep approaching me, that’s one of my hats as CDO.
How do you want to ensure the token value when listed on an exchange?
The token value is something we directly can not comment on. The overall strategy Geeq is following indicates a completely different approach than the new “norm”. Geeq is carrying out a small token sale before entering the market, all of the money raised through this will be spent on market expansion and to give the token liquidity, which is a must for our users, customers and the future high liquid platform we aim to become. We had contributions for tokens through our seed round for $0.25 with a mix of equity and 6 months lockup, our PRE IEO is sold at $0.18 with 3 months vesting and IEO at $0.25 with no lockup. Compared to the new “norm”, we are actually sticking to a strict structure, with no major discounts to anyone, this is in everyone’s interest when the token is tradable. I’ve been working on Geeq’s market strategy for 12 months now, and we have faith in a long and short term, healthy path for Geeq.
2020 is the important year for crypto and blockchain, I think. Recently we have great news from India and Korea. What are your plans for Geeq in this year ?
Good question. Launch Geeq on the market, build our product, bring on customers, partners and work closely on developer adoption with our Singaporian partner Morpheus Labs.
What is the circulating supply? 2) Where will you get listed? 3) Why is Geeq doing a small token sale and is it enough to build the blockchain?
1. Geeq will launch on market with a market cap of 391k based on $0.25 with an initial supply of 1 566 666 GEEQ. For in depth numbers, releases and information, I would recommend checking out our tokenomics page. https://geeq.io/tokenomics/
2. I love these questions about exchanges, there is alot I would like to say, but I can’t. Our strategy is based on a healthy and steady growth in liquidity. Good, regulated exchanges worldwide are extremely important for a leading blockchain platform we aim to become.
3. Like any other company in the world, crypto companies have equity. Geeq is proceeding the old fashion way and offering equity to potential long term investors, customers and partners. We are currently in our Series A and the total current valuation of Geeq is $15M based on the code development, patents, people and business development. The total of the token sale is 750k worth of tokens at two prices. We believe in a post market valuation of Geeq with great market expansion and liquidity, instead of a big pre market sales with big discounts and to cover the development costs, which still has to prove to be a good strategy for crypto projects.
Geeq Utility $GEEQ is a utility token used to pay nodes for the validation and virtual machine services they provide to Geeq’s multi-chain ecosystem.
Where do you see Geeq in 5 years?
I see Geeq as the leading public blockchain company in 5 years. Geeq’s platform provides the security that is needed for enterprise adoption, the flexibility and low entry costs to customize blockchain services to whatever the needs of the business, and the ability to bring microCommerce and IoT blockchain services to fruition. We also have the team to do it, and the timing looks like it will be about right.
In my head, I have huge plans for Geeq to be a jumping off point for decentralization, but I will try to stay business-grounded here. It all fits together, though.
How can developers & technical people contribute to your project and how do Geeq plan to get them involved?
It is already time for us to talk to developers about what they’re interested in and we are already. We have created a process for that. Geeq’s core business is as a platform for now. If you read our White Paper, or you talk to any of us, we always have wanted to create a place for devs to do their own thing – again, without legacy issues or overhead. :))
Is your project fully legally compliant? Are you working with some authorities?
Yes, as fully legally compliant as it is possible to ever be. In fact, that is the reason Geeq has taken so long, from its incorporation in early 2018 to issuing its tokenomics this quarter. We work closely with our legal team to ensure we do everything we can to ensure we are legally compliant. In terms of lining up growth for Geeq’s utility token, we definitely continue to work with our superb legal counsel to keep up with the most recent legislation & be as compliant as possible going forward. (Our legal counsel is Gowling, WLG).
Southeast Asia is a very vibrant market and most exchanges are competing campaigns here to entice users and grow, with Geeq you see how Southeast Asia is and do you plan to develop & expand there?
Absolutely. Hans and I both attended CoinMarketCap last year in Singapore, and met a lot of great people, as well as our partners at Morpheus Labs. Yes, absolutely. Asian markets are important for us. We are already in talks with exchanges that cover the Asian markets really well. What I look for, is long term relationships, security for the users, compliance, and transparency.
Great, we should close the AMA at this point I think, as you have another appointment soon (it’s 1 hour now). We really appreciate it and if you agree we will sum up the questions and answers in a PDF and share afterward here for our members.
Stephanie So – Thanks to all of you. Thank you for your time. We really appreciate it!
Hans Dallas – Thanks all for all the questions. We are doing things differently over at Geeq. Let’s build together!