On Geeq’s public mainnet, $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 behaviour bonds that help ensure honest behaviour by the validation network. As a purely transactional cryptocurrency, $GEEQ is also suitable for use in micropayment and other payment applications.
Geeq’s multi-chain architecture avoids a major problem in many approaches to cross-chain interoperability. In 2022, crypto losses to hacks and exploits of cross-chain bridges reportedly were close to $2 billion by early August.
Geeq’s public platform, however, supports multiple chains that use the same high security model for their ledgers. A result of Geeq’s protocols is that any user always is able to identify an honest ledger to check an account balance – on any Geeq chain. Because there is an accurate, uniform method of accounting, users are able to exchange $Geeq securely throughout the public ecosystem.
System account records are submitted to a Treasury blockchain for transactions of $Geeq from chain to chain.