Heading into the second half of 2022, we have a lot of exciting technical progress to report as well as a strategy update. It has already been a very busy year, as increasing interest from enterprise and strong technical development combine to drive traction for Geeq. There is a lot of good news ahead!
As we have shared previously, the transformative potential of Geeq’s technology has been recognized by a host of prospective customers who are eager to put our platform to work in their private environments, starting with Geeq Data. We are poised to deliver new software benefits with enterprise-grade security, by providing an efficient and unobtrusive blockchain layer that works in parallel with user-facing applications. Geeq Data will help these clients meet internally and externally imposed standards for data quality, as well as manage the sheer volume of requests they receive to interact with their databases across a variety of sources.
Scaling secure data usage for a growing, centrally run business paradoxically is better served by harnessing the power of more decentralized systems when they are based on Geeq’s innovative blockchain technology. Geeq’s inventions update the tech stack to allow data owners and users to track and adjust how they selectively share data, at much lower costs.
Geeq addresses an essential need that exists, or will exist, for everyone, now that it is too expensive to account for every exchange of information by traditional means. Our technology reduces these problems to ones with known solutions, whether the exchange of information involves payments, correct attribution, or a portfolio of digital assets. This broad applicability is Geeq’s strength, and will be seen in the huge range of future Geeq solutions. Of course, as much as we can and will do, we cannot do it all at once.
Strong demand shows us the way forward
All the commercial interest we are now enjoying has propelled us forward at a phenomenal pace. We would never have been able to reach this stage of development by focusing on building the public blockchain. As important as that goal is for our future direction, to get there, we need to continue to focus on serving those who have already put their trust in us.
This approach is paying off. In the near future, we will be able to speak publicly about some of the valued relationships that have helped Geeq win attention and respect within the private sector. Geeq Data continues to draw interest from a range of organizations that recognize it as a solution to their urgent internal data problems, while serving as the first stepping stone in addressing trust deficits between organizations via Geeq’s emerging hybrid private-public blockchain solutions. Patterns are forming to imagine blockchain mass adoption powered by Geeq.
By applying laser focus to developing the best data tools for the most pressing business needs, we have gained tremendous momentum. We have responded to feedback by enhancing the protocol to add new capabilities. A recent example was structuring the protocol to validate groups of requested transaction types, which required adding a series of new validity and joint validity checks at the base level while ensuring consistency throughout. We believe these changes will significantly increase the long-term appeal for any adopter of Geeq.
Rest assured, we continue to develop, prototype, solicit feedback, adapt, sandbox, and test, as we continue to push toward the productization and adoption of Geeq solutions. Geeq keeps getting better all the time.
We hit our public milestone for Q2, which was to release a demo for the community to demonstrate the overall ease of use and simplicity of adoption for Geeq Data, in an enterprise setting.
To do this, we developed the following components:
- Geeq node clients were deployed in a private cloud environment. Each node runs a version of the Geeq validation protocol separately and builds its own version of Geeq Data. The Geeq nodes are running code that is a combination of Typescript and Rust.
- A front-end application was provided for the user interface. Users are walked through a four-step process that automatically formats their input as a message to the blockchain (also known as sending a transaction). Blocks are written regularly every 10 seconds, even empty blocks. Please try using Geeq Data yourself at certify.geeqdata.io.
- The user experience was simplified in the demo by allowing every visitor to use the same account on the blockchain. This abstracted from the details of different users generating unique public-private key pairs, as well as the permissioning systems that enterprises have asked us to build for them sooner rather than later.
- Data uploaded by users is stored in a separate, private server that is completely independent from the blockchain. The maintenance and configuration of that database is completely up to the enterprise customer. For now, Geeq is hosting all servers.
- The conventions or rules for the accepted data files and the metadata are up to the enterprise customer and the application rules they adopt for their specific use cases. Metadata might be submitted as plaintext, in which case anyone who has permission to use the block explorer may view them and/or search for them. If security is more important than convenience, the metadata may be encrypted by the enterprise, so that only the enterprise can decrypt the description of the data.
- We also prototyped a separate web application for a Geeq Data block explorer at explore.geeqdata.io. Some users may be satisfied by confirmation of their transaction in the user-friendly Geeq Data app. The block explorer exists for users who wish to search for transactions (e.g. by metadata or hash) or explore blocks at any time. Geeq’s block explorer applications may be developed and permissioned to suit the use case. This is a powerful opportunity to tailor visibility and is made possible by Geeq’s multi-chain architecture; that is, based on the prototype, enterprises and technical partners may permission access independently.
- The block explorer application sends a message to query a node for results stored in the blockchain. Geeq’s emphasis on security is evident in every choice. In this case, the block explorer may ingest data from the node without ever touching the private database or repository where the original data are stored in (4) above.
- Both applications were prototyped in Typescript. The Geeq Data system is structured for adoption as a stand-alone service or as a service to be integrated with other software systems. The benefit of integration with other data services is that the consumer of any data product has the assurance that the underlying data has been validated on a blockchain uniquely secured by Geeq. Furthermore, users will not have to take Geeq or anyone else’s word for it as the chain of proofs will be available to them.
As some of you are aware, our Lead Developer Ian Smith left Geeq last month for personal reasons. We are sad to see Ian go and would like to thank him for all he contributed to Geeq, especially in the areas of advising us about the security issues surrounding smart contracts and alternative methods of sharding. We appreciate his continued confidence in Geeq’s approach.
From a coding and operational perspective, all goes on as it has. Geeq’s Chief Architect Lun Yuen and his team of developers are responsible for implementation, developing Geeq-native apps without smart contracts, pushing updates to the environment, and continuous testing and quality control. Lun and his team continue to grow in size and output.
A trade-off for stronger growth
With the scale of adoptive interest, current signed partners and forthcoming adopting industries, we have to make a trade-off to secure the future path we need for Geeq.
The public instances of the Geeq-chain architecture will be pushed back from 2022, freeing us to focus on the most efficient revenue streams and pathways to industry adoption. The agreements now in place, and the verticals that we are pursuing, are not just about securing Geeq’s immediate future: they mean establishing Geeq as the enterprise blockchain partner of choice. We see a chance to leapfrog over now dominant names and take the lead in building the next generation of secure and scalable infrastructure for software applications. Establishing Geeq’s leadership now will mean a far stronger start to the public blockchain on launch.
The stalwarts of the Geeq community are fantastic. You have kept us grounded by offering constructive suggestions and criticisms, and your conviction is a constant source of inspiration and motivation. Your lively and substantive participation on our social channels has helped to reinforce the conclusions of newcomers who have been convinced that Geeq has the fundamentals to lead the blockchain space. We thank you for your assistance in expanding Geeq’s global footprint and reputation across four continents, as we work toward Geeq’s ability to support public, private, and hybrid blockchain solutions – for everyone.
Thank you, from the bottom of our Geeq hearts,
The Geeq Team
And always continue to
Be a Geeq!
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.