By: Geeq on Sep 12, 2022
For users of public and hybrid (public-private) payments and applications powered by Geeq, all transaction fees on the Geeq ecosystem will take place with the native Geeq coin. All public nodes will be paid for honest work in the native Geeq coin, which will be automatically deposited to their node accounts by protocol.
As per Geeq’s White Paper, Geeq’s basic business model is to charge public platform users a fee equal to approximately three times the cost of the marginal resources needed to process transactions. Two thirds of this is used to pay nodes for their services and the remaining third is paid to Geeq. This gives both nodes and Geeq a net profit equal to the costs of running the network.
Geeq is differentiated from other platforms because it is designed to scale securely for high volume, low margin transactions. As the future becomes more decentralized and blockchain transactions and applications are de-risked by Geeq’s security-first infrastructure, the primary opportunities for adoption, value creation, and efficiency lie in creating generic applications that (i) can be repurposed to solve previously intractable problems and (ii) used to invent entirely new ways to interact.
When public mainnet is imminent, there will be an ERC-20 to Geeq token swap. For those who wish to keep the Geeq ERC-20 token, it will become a wrapped version of the GEEQ mainnet coin.