Geeq (GEEQ) ICO Review

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Geeq is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

Essential Information

Ico TimeUnknown – Unknown
Token NameGeeq
Token SymbolGEEQ
WhitepaperView Whitepaper
Website LinkHome
Price1 GEEQ = 0.25 USD
PlatformEthereum
Soft Cap250,000 USD
Hard Cap750,000 USD

More about Geeq (GEEQ) ICO:

Geeq is a public blockchain platform that supports multiple independent or interoperable blockchains, each validated by a proprietary set of protocols that produce audit-ready ledgers. Blockchains on Geeq are completely Sybil-resistant and provide security guarantees against collusive Byzantine behavior, Geeq’s protocols also provide partition resistance so that a 100% attack on a Geeq blockchain will only result in a short delay of a few minutes of block writing. Together, any blockchain on Geeq is guaranteed to produce a globally honest, provably canonical fork, detectable to the end user based only on the information the user is able to see. Geeq users are empowered to do due diligence using our Proof of Honesty (POH) protocol, to interact only with other honest users and nodes giving them recourse against any dishonesty that may occur when using a permission-less blockchain. Tokens cannot be stolen from any user who uses our POH protocol to check that the chain is honest. Geeq blockchain solutions are directed toward any use case in which the blockchain must be reliable enough to stand up to audits. We expect demand for these services to grow as consumers become more aware and suspicious of the user of their data. Using Geeq allows businesses to claim a competitive advantage in the transparency of their practices. Finally, the Geeq platform will serve as infrastructure for any developer, enterprise, or individual to start their own blockchain applications, while Geeq’s primary business model is to validate their transactions. Validation costs are low enough to support IoT and micro transactions, and solves the scalability and interoperability problems due to multiple chains rather than a single independent chain and as a result Geeq is also future-proof.

Geeq provides an answer to all of these problems. Let’s begin by describing what Geeq is. An instance of a geeqchain is any blockchain that uses Geeq’s validation protocols and architecture (described below). The set of all instances collectively form an ecosystem of separate but interoperable blockchains that make up the Geeq Platform. Each geeqchain extends from its own genesis block created by Geeq which guarantees the integrity of security of the instance.

Geeq is based on a new blockchain consensus protocol called Proof of Honesty(PoH). PoH empowers users who hold tokens on the platform to determine for themselves whether the network of validating nodes is behaving honestly. This allows Geeq to provide 99% Byzantine Fault Tolerance (BFT) while delivering rapid transaction finality at extremely low transactions cost. An additional protocol based on economic mechanism design gives Geeq Strategically Provable Security (SPS). Geeq’s multi-chain architecture creates an ecosystem of interoperable instances that can safely share $GEEQs (the platform’s token) and native application tokens while supporting almost any type of internal business logic. This makes Geeq suitable for a wide variety of use cases, allows for upgrades and bug fixes without breaking protocol or instituting hard forks, and offers a flexible and more secure platform for startups and DApp developers who wish to take full advantage of blockchain’s potential. The $GEEQ itself is a stabilized-token supported by an innovative algorithmic monetary policy designed to reduce price volatility and make $GEEQ a less risky store of value and a more attractive medium of exchange.

Introduction

Blockchain has the potential to provide secure, uncensorable, and decentralized ways for society to interact, transact, and cooperate. As a source of provable and immutable truth, blockchain makes it possible for widely distributed agents, including machines, who neither know nor trust each other to create and share value. Blockchain can even serve as a counterbalance to the growing power of governments, corporations, and other centralized authorities.

Unfortunately, blockchain technology has a way to go before it can realize this potential. Existing platforms are not very secure, are expensive and difficult to use, and would be hard to deploy at any meaningful scale. The extreme volatility seen in cryptocurrency markets has undermined public confidence in their value as a form of payment and even more so as safe stores of value. Thousands of public infrastructure and Distributed Application (DApp) projects are underway or have already been launched. Nevertheless, the overwhelming majority of transactions volume are simple payments on the Ethereum and Bitcoin networks or take place on private, permissioned platforms such as Ripple and IBM’s Fabric.

Geeq’s objective is to take public blockchain to the next level. We propose a new blockchain consensus protocol called Proof of Honesty (PoH) that looks to users as the ultimate source of authority and truth instead of allowing that power to reside with the nodes on the validation network. Proof of Honesty is 99% Byzantine Fault Tolerant2 (BFT) and gives Geeq Strategically Provable Security (SPS), a guarantee based in noncooperative game theory. In contrast, blockchains using Proof of Work (PoW), Proof of Authority (PoA), Proof of Stake (PoS) can only offer between 33% or 50% BFT. This is simply not good enough if blockchains are to be trusted with critical infrastructure, personal and financial data, stock exchanges, or public records. It is even less acceptable if we view blockchain as a foundation for protecting freedom and privacy.

Geeq’s interoperable, multi-chain architecture allows geeqchains to be customized and optimized for a wide variety of use cases. Geeqchains include a flexible application layer that can be designed to follow almost any business logic and have its own native tokens and data types. Native tokens and data can be shared with affiliated geeqchain instances or kept on the instance where they originated. Geeq’s validation layer is entirely separate from the application layer, and each geeqchain instance has its own independent validation network.

The Geeq Genesis Block

All instances of geeqchain begin with a genesis block (block number 0). Blocks of validated transactions are created by nodes in the network and appended sequentially. Genesis blocks are created by Geeq at the request of developers who wish to build applications and include all the code that will run the validation and application layers. This tight control over the form of genesis blocks has several motivations.

  • It prevents duplication of chain and token names.
  • It ensures the chain adheres to Geeq’s protocols for transaction verification which in turn makes it possible for different instances to trust in the integrity of one another’s ledgers and to accept token transfers from other geeqchains.
  • Most importantly, it fixes the rules under which the chain will operate. Including copies of validation and DApp code that nodes are expected to use in the genesis block allows users to do their own audits to verify that the rules are being followed and nodes are behaving honestly.

A founding principle of Geeq is that Code is Law. If a protocol or the ledger of a chain can be altered by foundations, governance systems, collective action by nodes, etc. then the blockchain is neither immutable nor trustless. Instead, users must trust in the wisdom and good faith of those who are actually in control.5

It might seem that this approach gives Geeq a great deal of power. However, once a genesis block is created, neither Geeq nor anyone else can alter it or the operation of the geeqchain instance that uses it as a foundation. There is simply no mechanism to allow such manipulations to happen. Once launched, each geeqchain has a life of its own.

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