Not just a utility token but a necessity token

By: Geeq  on Sep 20, 2022

Geeq’s enterprise-focused services are more closely tied to the GEEQ token than you might think. Here’s how they support token value.   

What comes first: token value or token demand? The challenge facing blockchain platforms that are designed primarily as payment networks is that they need to build a large user base very quickly. Without adoption, the token has no value. But without established market value, what can drive adoption? Where can the demand come from to achieve critical mass?

GEEQ has provable need.

Although the Geeq platform is not exclusively a payment network, it does rely on decentralized payments. We conceived of Geeq as offering extremely secure, but trust-minimized information and communication services, whether for payments, data, or anything else. Since these are offered publicly, anonymously, and at low cost, conventional payment rails were not an option. The GEEQ coin had to exist, to pay for transactions as well as to incentivize the validator network.

Geeq’s data services are built into the protocol, in order to avoid the cost, complexity and security risks associated with smart contracts. Taking advantage of chain data should not require that users force their business logic into the small, unchangeable packages of unfamiliar smart contracting code. Business is complicated, and requirements evolve. So we are creating a suite of templates that deliver easy-to-use but powerful functionality for common business needs. The templates are being deployed initially in private instances but will also be generalized for adoption in the public platform.

All these products are being built in direct response to specific enterprise demand. We know that our services are needed, and that means that our token will be needed too – far, far more than if we simply launched a public network in hopes that the crypto market would support it.  

Specifically, we are developing:

  • A scalable, green data validation service to accept streams of attestations, supported by a blockchain and block explorer, along with a mechanism to prove the existence of these attestations. Geeq Data is a foundational service for chain of custody, logistics, enterprise data integration and similar use cases.
  • An NFT service where the ownership and NFT descriptions are immediately visible in tight relationships between the application and validation blocks and ledgers, instead of in the implicit smart contract state found by replaying all relevant transactions. Anyone can set up an NFT mint for gaming buffs, skins, and items to financial assets.
  • Atomic swaps, both intra-chain and cross-chain, of coins and NFTs. Micropayments with special coins that don’t require users to stop and sign transactions. Certified payment instruments.
  • A decentralized collaboration engine (DCE) that can provide accessible and secure attestations to versions submitted to systems that manage collaborative work. The need for this service will only grow for on-location and remote work environments, as well as community-driven efforts that write to a common sources such as Google Docs or GitHub. The DCE serves the purpose of removing central points of failure, releasing you from trusting other entities to serve your data accurately, because you will be able to verify its state for yourself.
  • Additional features that will be revealed as we progress.

The practical usefulness of these services is clear, and the inherent value of the GEEQ token in supporting these functions should be clear too. Geeq is not only a utility token, it is a necessity token. The services we offer, and the structure of the network, require it. This is great news for our community: mainnet will unlock strong demand for the token, since the need for our services, and so for GEEQ, will be well established. Honing Geeq’s data services is a low-risk, effective and efficient way to be sure of the best market for GEEQ when the time comes.