What is a Geeq penny?

By: Geeq  on Jul 26, 2021

A Geeq penny is 1/100th of the value of a Geeq.

While developing Micropayments TF v0.2.2, a “Geeq penny” was the simplest, most intuitive way we could think of to talk about micropayments, because it conveyed the idea of a fractional unit.

Note: Geeq’s micropayments’ technology will not be limited to payments of a Geeq penny.

The technology itself is generalizable, from much smaller amounts to familiar denominations such as a Geeq nickel (5 Geeq pennies’ worth), and so on.

The remarkable points are:

  • Being able to transact micropayments on chain, at scale.
  • Doing so with the convenience of not worrying about your private key at time of purchase.
  • Being able to prefund a collection of denominations.
  • Being able to equip a machine, for example, to pay for its own transaction costs by setting it up with its own account of, say, one hundred pennies – without exposing the private key of the company.

Find out what Geeqs are saying:

Geeq talks Micropayments at Scale – a brief technical description of Geeq’s micropayments at scale

Geeq talks Freedom Through Geeq Pay – how a decentralized payments platform will break down economic barriers

Geeq talks Reinventing Donations – how microdonations can change the landscape of charitable works