By: Geeq on Sep 8, 2022
Geeq is still, and always will be, committed to public blockchain. We’re going slowly to get there faster – because we have set our sights on a big target. And there are so many advantages to taking the time to get it right.
Building a brand new kind of blockchain platform is a challenge on multiple levels. Besides the technical development work, we have a host of sometimes competing priorities: we need to ensure strong tokenomics and keep our community informed, while developing the business relationships that will ensure Geeq’s survival and success, and all in service of the big long-term goal: better blockchain for a better economy. As a result of some great progress on the technical and business side, a new focus and a shift in strategy has emerged, and we realize we have not succeeded in communicating what this really means. In a nutshell: nothing about our goal has changed. But we have found a better route to achieve it.
Geeq is, always has been and always will be passionate about the transformative potential of decentralized networks. Our technology avoids the pitfalls of so many better-known platforms, and so has real potential to win over those who are not yet sold on blockchain. Our strategy is designed to achieve just that. It’s time to explain how.
A clear path to real-world adoption.
Geeq creates solutions to real-world problems, and we know the real obstacles facing our clients – and us – on the road to mass blockchain adoption. As much as we would like to see corporations whole-heartedly embracing the decentralized future, that’s not going to happen in one jump. We have to bring them on board in stages, by focusing on what real value we can offer them right now, making it easy for them to take each step, and then demonstrating how much more value they can reap from the next step.
Right now, only a few corporations are ready to look beyond private blockchain instances. There are simply too many risks and challenges surrounding public chains, from cryptocurrency on-boarding to control issues. Corporations instinctively want to maintain tight control over their data, so we offer them solutions that accommodate that.
Our services have use cases that fit well into the full range of blockchain environments: private, public and hybrid designs. Offering private instances, while we build the public infrastructure, supports the later mainnet release in vital ways – both technically and commercially.
- Instead of building, auditing and testing a complete Geeq beta release, we can soft launch and refine separate feature sets in real-world field tests, in real time, with actual users and networks.
- It is possible to test features for applications in tightly controlled settings, informing the requirements to launch the same features for public chains.
- With this real-world feedback on what users really need and how they actually use these services, we can polish our services to deliver the best value through the public platform.
- Any bugs or bottlenecks can be fixed without breaking our principle that code is law.
- We also gain a well-articulated set of APIs and learn how others will integrate them into their dashboards and front ends.
- These customers then form examples of successful use cases.
- On top of that, we get a strong foothold in the market and are ready to bring our installed customers onto the public platform once they have seen that Geeq works as we claim.
Private networks cannot offer some of blockchain’s key benefits. They still rely on assumptions of trust, which Geeq for public chains works to minimize. For example, public blockchain is required for broadscale usage of NFTs, loyalty points, streaming micropayments, creating transparency for government agencies, and corporate regulatory compliance – all areas of interest for our selected partners. We will be ready to meet those needs by the time they are ready to take the next step, and will have an installed customer base ready to on-board from the day our mainnet is launched.
We can’t and won’t rush the real change we are building.
Many projects follow the “if you build it they will come” philosophy. Geeq has chosen a more proactive approach: we are meeting our clients where they are, giving them what they want right now, and accompanying them down the path to decentralization. This enables us to serve a far greater market than the small pool of those already sold on Web3. The fact that it also gives us more time to be sure our technology is fully ready, once we flip the switch on mainnet, is a fantastic advantage.
We cannot overstate the value of this thorough real-world testing. We’re doing blockchain differently. We’re not using DeFi or smart contracts or proof of stake or proof of work… we’re not forking off any existing technology. We are building from the ground up, and that takes time.
We have to get it right. Once the public network is live, we won’t ever fork the code. We can’t risk making something less than robust to meet an artificial deadline, only for users to be disappointed quickly afterwards. That is not the Geeq way. What we build must be solid.
But we are also building real token value.
Our community has understandable worries about what all this means for the token value. The Geeq team is as motivated as any of our supporters to launch mainnet and to support the token – we are after all paid in GEEQ. What matters to you, matters to us.
Our strategy of pursuing private instances first is what we believe will bring us most rapidly to a successful launch. But since private Geeq deployments do not directly impact the market, until the public platform is launched, we will support the token value through direct purchase. We will purchase two-thirds of the transaction costs in the ERC-20 Geeq token on the open market and lock it until mainnet, to be used thereafter primarily for new customer acquisition. The other one-third will be kept by Geeq as revenue.
This commitment ensures that building private instances will still create demand for GEEQ – it remains an integrated ecosystem. Token purchase remains an essential and intrinsic part of Geeq services and a signal of market demand.
Through this mechanism we can more closely align current market demand for permissioned networks with our goals as a Web3 company, just as building these private instances aligns market development with our internal progress. The Geeq team is excited to be pushing forward with a strategy that gives us the ability to accelerate past the competition in the very near future, and we are deeply grateful for our community’s trust and engagement as we continue to push forward.
We are in this together – and you’re going to love what’s coming.
— The Geeq Team
Forward Looking Statements
Statements in this update, including statements relating to Geeq’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in technology development and commercialization. As a result, actual results may vary materially from those described in the forward-looking statements