So what is exactly is GEEQ? Simply put, GEEQ is a multi-blockchain solution that is secured by a patent-pending protocol called Proof of Honesty for the purpose of block validation. You may have heard of other validation protocols:
- Proof of Work
- Proof of Stake
- Public DAGs
- Private PoA
- Private DAGs
But GEEQ sets itself apart for the following reasons: compared to any of those protocols, it is the most secure, has limitless scaling, extremely low cost, no mainchain (or central point of failure), interoperable, patent-pending and has very innovative tokenomics to boot. Geeq’s entire ecosystem is designed for everyone to win. Based on their white paper, this is how it works: Users interact with geeqchains through a “user client”. This is a software application that makes it easy to use Geeq, but also allows users to protect themselves from dishonest behavior. When a user wishes to make a transaction, his client contacts a node and asks for the Active Node List (ANL). The user client then selects a node from the ANL at random and sends it a request for a proof that it is keeping an honest geeqchain. If the node is honest, it sends the proof, the user client verifies it, and the user sends the transaction. If the node can’t or refuses to prove its honesty, the client tries another node. PoH does not require that a majority of the hashing power or stake holders are honest. It only requires one honest node. Thus, PoH is 99% Byzantine Fault Tolerant (BFT) instead of 50% or 33% like other protocols. If you want more technical information, check out their Technical Paper.
Compare security, speed, and cost amongst competitors:
Stephanie So, one of the owners and developers of the PoH protocol states, “PoH is far more cynical. Geeq doesn’t depend on people behaving themselves if identified because they might not. Might as well go with completely anonymous, permissionless nodes. They might not behave either, which is why PoH is designed with a layered security model that makes the bad behavior irrelevant to a user who checks first (Edge Security). There is an auditing mechanism as part of the layers of security which gives a weak economic disincentive for a node to lie (I think that is what is meant by punishment mechanism) but it by no means is the only layer because people do all sorts of things against their best economic interest.
There’s no winning in the sense of mining. The validation mechanism, PoH, at Geeq pays for honest work for anyone (even anonymous) who contributes work as a node. In other words, there’s not a competition where someone gets the reward or “wins”, partly because that gives a tremendous incentive to game the PoW system and partly because that’s not very nice to people who are at a disadvantage and also honest.
So, if only 1% is honest, that 1% is the only one who gets paid. However, it’s the user who “wins” in the sense that the user can ask for Proof that the node has followed the code and therefore the data on THAT 1% of nodes’ blockchain has been validated correctly.”
And in case you were wondering if this protocol is legit, here’s how Stephanie responded to a question asking if the protocol has been vetted by peers in the blockchain industry:
“In May 2018, the crux of the workflow was presented in Paris at the General Equilibrium Theory European meetings — there, John [Conley]also discussed the incomplete game theory in the other consensus protocols (which come mostly because there is not a way to specify the game formally.)
In Fall 2018, John was invited to present Proof of Honesty at the Cheriton School of Computer Science, University of Waterloo. There, he also met with Michele Mosca, at the Institute of Quantum Computing
Both of those audiences were excellent tests of the theory and PoH was rigorously specified and robust.
Moving onwards, we were both selected to present PoH at DARPA’s conference for Distributed Ledger Technology in Feb. 2019.”
John has also presented in front of the likes of Microsoft and the World Bank. Watch his videos, he’s pretty incredible. So yeah, it’s legit. And you have to be, because even if you have the greatest marketing strategy in the world, if you don’t have great tech and product, you cannot dominate your competition. GEEQ will provide the most scalable, fastest, cheapest and MOST secure protocol and platform available to enterprise to-date. Why would you consider anything else?
Additionally, the team was very creative with their tokenomics. Geeq introduces an original algorithmic monetary policy (AMP) that provides users certainty about Geeq’s token supply and ties it directly to platform usage. By expanding or contracting the tokenbase in response to market conditions, this policy creates a “stabilized-token” that can increase in value in an orderly way, but is supported to protect it from rapid decreases driven by thin speculative trading. The AMP will kick in one year after launch of their mainnet. See their page on tokenomics for full details — I believe other projects will follow similar suit in the future.
THE OPPORTUNITY and TIMING
Blockchain has been around for over a decade now, but have you ever asked why it isn’t a part of our every day life yet? Why haven’t most companies adopted the technology? Imagine if you’re the CEO of a multi-billion dollar corporation, what would be the one thing that is paramount in migrating to blockchain? Efficiency, transparency, cost-effectiveness, decentralization? While these are important, it’s probably not the most important. I would venture to say that security is the first and foremost concern because protecting your assets is just as important as multiplying them. GEEQ sets out to be the blockchain platform that boasts the highest level of security that is incomparable to other platforms — having 99% Byzantine Fault Tolerance. Whether their initial focus will be in IoT, micro-payments, decentralized finance, or otherwise, the potential for growth is truly infinite and unlimited.
Enough time has lapsed since the emergence of blockchain that many corporations value its potential, but need a secure and effective bridge for its adoption. The timing for GEEQ couldn’t be better because low-hanging fruit is ripe for the picking from an enterprise-standpoint. GEEQ could undoubtedly lead the pack to mass enterprise adoption of blockchain technology.
Sometimes it’s beneficial to have the “first mover advantage” and be the first to capture marketshare. But do you know what’s better than being first?
Meaning, if you arrive to the market slightly later in time, but provide a dramatic improvement to what’s currently available and eventually break free from the competition — holding the competition off indefinitely, you have the potential to be the ultimate and final mover in the market. It could lead to years or even decades of monopoly-type profits. This is the only platform at this time that has the capability of supporting a smart city. If GEEQ is capable of capturing the majority of marketshare over the coming decade, the next competitor will have to be 10x more secure, 10x faster, 10x cheaper, 10x more scalable to overtake them. How would you like your probabilities if tasked with that responsibility?
Thiel’s Law: “A startup messed up at its foundation cannot be fixed.”
This is actually one of my personal favorite aspects of this piece. I cannot speak enough about the incredible team GEEQ is. You can read about their accolades on their website and LinkdIn. But asides from their innumerable scholarly merits and economic achievements, they are perhaps some of the most down-to-earth, humble and approachable personas you will come across in the industry. If you examine their backgrounds closely, you will how complementary each role will be — each with unique and invaluable gifts to help start and grow a business. Their approach has been simple: with in an incredibly cynical mind, engineer a proprietary technology that will be revolutionary, be integrated within a robust FinTech circle, and then build a community from the ground up without hype, pomp and circumstance. Even their modest token presale sale went under the radar and sold out quickly solely by word-of-mouth vs a large marketing campaign. Their initial marketcap is a meager $391K with only 1.57 million tokens in circulation initially, which is clearly undervalued and provides early adopters the potential for massive growth. They were very intentional in trying to build their community with a small group of fervent long-term believers rather than trying to amass a large group that was half-hearted in it for a quick pump and dump (cannot happen given vesting/lock up period and with AMP eventually in place). And if you’ve joined the Telegram group, you will see even one of the owners of GEEQ, Stephanie So, respond to questions related to the protocol itself (usually followed by a funny emoji), which is telling of their commitment to being grounded in their core beliefs. One telegram user, who is a team ambassador for GEEQ, had this to say about them:
“Why is the team willing to work for free for all these years? Why is the marketing team doing this for free? They have a very lucrative business before they joined the wing’s of the Geeq protocol (and they still do). Why is it for free? Why is the team decked with the most experience individuals in their fields?
Why is Ric Asselstine, the gentlemen that helped build Canada’s biggest software company doing $5 billion revenue a year dedicating so many years on Geeq’s protocol?
Why is John P. Conley with all his insane credentials in game theory, mechanism design, mathematical economics, and public theory join the team and do it for free for all these years?
Why is Stephanie So, CDO & Founder of Geeq dedicate all these years working for free for Geeq? She was the first to use machine learning on social science data at the National Center for Supercomputing Applications, and recently Dell named her top 4 Influential Women in tech, why is she doing this?
Why is Lun-Shin Yuen working on Geeq for free? He was the THIRD engineer working there, they are now worth $77.23 Billion in market share and doing over $6.7 Billion of revenue a year. Why is he here?
Why is Eric Ball the former treasurer of Oracle between 2005–2015 involved in Geeq? I looked up how well he managed the $60 billion Larry Ellison had, while he was in charge, Larry peaked to the 4th richest person in the world, Mr Ball was managing his money during then, so what does that say?
Why is Ian Smith, a savant and expert in network and OS security and system theory working here for free? He is fluent in 20 coding languages, He helped teach Linux at Nasa, why is this gentlemen here?
Why did Dr Yeap reach out to the Geeq team to join as an Advisor? He has dozens of patents under him that run for decade’s long.
Why Did Kurt Hoppe, the current Director at Google of Product Management in the Android Automotive sector of Google join as an advisor recently? He is a Board member in the Internet of things consortium, Former Global Head of Innovation at General Motors and former Director at LG Electronics Smart Home & Smart TV, why is he wanting to get involved with Geeq?”
This is a world-class technology team with blockbuster potential. It’s no coincidence they’ve all come together to bring forth something that will be disruptive WITHIN disruptive.
Just because you build it, it does not mean they will come. The importance of distribution is sometimes undervalued and often underestimated. But with Ric Asselstine as CEO and with their current advisors, they have a robust reach within the Waterloo FinTech world. Here’s a graphic of potential and actual partnerships :