By: Geeq  on Oct 9, 2020

Geeq Corporation proudly announces its new patent-pending payment technologies: bearer tokens and certified tokens. These innovations significantly advance the capabilities of blockchain technology to transfer and convey value in a decentralized manner.

A hallmark of Geeq’s blockchain technology is that it is useful for mass adoption. A persistent barrier to adoption has been the level of difficulty in transferring cryptographic assets from one account to another. Bearer token and certified token technology simplify ways for a blockchain account holder to transfer value to a non-specific recipient or a pre-specified recipient, respectively. These categories of tokens have characteristics that are analogous to cash (bearer tokens) and certified checks (certified tokens) in traditionally intermediated financial markets.

Geeq’s bearer token technology primarily applies to cryptographic assets that exist on a blockchain, such as cryptocurrencies, non-fungible tokens, rewards points, etc. Geeq’s certified token technology may be further generalized to transfers of physical assets or shares that exist off-chain but are recorded on blockchain as tokenized assets, such as car titles, stocks, or other official documents.

These technologies also include the ability to customize tokens with locks, expiration dates, and reversions to the original account if unused.

Geeq’s patent-pending technology also includes a wallet to facilitate the use of these tokens, several applications enabled by these tokens such as micropayments, machine-to-machine payments, and streaming payments, as well as UI/UX that support these functions and uses.

Introducing Geeq’s Bearer Token Technology

Bearer tokens are a category of tokens that allow a blockchain account holder to create a token with pre-determined value. The bearer token is a simple data file, such as a small text file, that could be stored on mobile devices, gift cards, as QR Codes™, in directories accessible to browsers with plugins or on paper, for example. A bearer token enables the account holder to carry the representation of that token’s value freely, that is, detached from their blockchain account and the limitations and frustrations associated with cryptographic wallets. In this sense, bearer tokens are analogous to denominations of cash.

Once a bearer token is created, it may be transferred to any recipient. The recipient may be a person or a machine. The recipient is not required to have a pre-existing account on a blockchain. The account holder may spontaneously convey the bearer token, peer to peer, via text, email, as a .pdf, as an exchange of paper or through any other simple arrangement for data transfer.

Once created, the convenience of using a bearer token is that neither the creator nor the recipient has to protect, retrieve, or employ electronic keys while conveying the value of the bearer token. In fact, in some cases, a bearer token may be conveyed without any need for connectivity to the internet.

Bearer tokens may be redeemed in any number of convenient ways, for example, through plugins or on mobile devices through apps.

Bearer tokens, like cash, are not securely tied to an identity. Therefore, they are most likely to be created in small increments and/or small denominations. Geeq’s bearer token technology will facilitate blockchain use cases such as micropayments, machine-to-machine payments, streaming payments for content and other services, and automated payments.

Introducing Geeq’s Certified Token Technology

Certified tokens are a category of tokens that permit transfers of an asset of pre-determined value (e.g. units of coins) or type (the title to a specific car). Geeq’s technology for a certified token is similar to its technology for a bearer token in the ways that it simplifies the transfer and conveyance of value.

The important difference is that, at creation, a certified token designates the conveyance of the asset to an account associated with a specific public key. In this respect, Geeq’s certified token technology creates a cryptographic equivalent to a certified check or money order. While any person or machine who receives a certified token may redeem it, the value of the certified token will always go to the designated account.

Certified tokens may be securely transferred peer-to-peer or through several intermediaries. For example, the creator may be a donor who is able to transfer a certified token to any intermediary, who then redeems it for the intended charity.

Conclusion:

Geeq’s patent-pending technology for bearer tokens and certified tokens simplify interactions that rely on accounts on blockchains. These technologies de-couple the requirements of timing and availability to the underlying blockchains with the means and methods of conveying cryptographic assets or tokenized assets.

By increasing convenience, reducing technological burden, and widening the use cases for blockchain to include micropayments, Geeq reaffirms its commitment to continually elevate quality of life through services powered by blockchain.