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The term “paradigm shift” was coined in 1962 by American philosopher of science, Thomas Kuhn. He used it to describe how research in science moves forwards under a certain paradigm, until the flaws within that paradigm start to become exposed. At this point some kind of breakthrough usually occurs, and the paradigm shifts.
The Earth isn’t the centre of the universe.
Money does not have to be tied to a bank or government.
Every one of us fortunate enough to be financially involved in the crypto world these days is also unfortunate enough to have experienced its flaws. Long transaction times. Preposterous trading fees. Lack of decentralisation. These issues are seemingly inescapable, due to the infamous “scalability trilemma”.
Scalability. Decentralisation. Security. A holy trinity of qualities that the idealised cryptocurrency would possess. At the same time, they are a triumvirate of problems that cannot seemingly all be solved. No sensible corporation or individual will use something that is not secure. Poor scalability will forever keep the average individual from using cryptocurrency. Lack of decentralisation and we end up back where we started, at the mercy of middle-man institutions such as the banks, Amazon, Uber, to name a few. This is the unsolved crux that may be holding back the crypto world from the fabled “mass adoption” it so vehemently desires.
And Geeq might just have the best solution yet.
Geeq is a multi-chain platform, combined with a novel consensus mechanism, that provides possibly the most innovative answer yet, to the question posed by the scalability trilemma. In short this is how they tackle these three key issues:
● Scalability: A computationally light protocol (200 TPS per chain), with the ability to parallelise chains allows Geeq to scale well with demand.
● Decentralisation: The inexpensive computational power needed to validate transactions encourages many, independent nodes; allowing for better decentralisation.
● Security: Having separate validation and application layers along with the unique, and patent pending, consensus protocol, Proof of Honesty (PoH), provides unrivalled security.
As Geeq Founder & Chief Economist, Professor John P. Conley analogises in this video, security measures in crypto are usually based around “building a wall” to keep out “the barbarians”, the bad nodes, that threaten the users in the ecosystem of that cryptocurrency. Proof of Stake (PoS) and Proof of Work (PoW) are based around making it too expensive to
build a dishonest chain. They are building a wall with expense, that is too high for any “barbarian” to climb. This is inherently flawed. The “barbarians” will always find a way to get over the wall, to break it down, or get through the gate. It is well documented that China has the lion’s share of the world’s Bitcoin mining power(1). Not only is this an ever increasing flaw in one of the core philosophies of Bitcoin, decentralisation, this is also a security risk. After all, Bitcoin, and most other PoW systems operate under a “longest chain” rule. Essentially this means that if enough of the miner’s say “this is the correct chain”, then that becomes the correct chain, regardless of whether that chain is the “ground truth” or not. What use is it then, building a major financial institution such as the stock market, on blockchain, if a nation state, or group of nation states can have the power to disrupt it with relative ease. Even now, with enough capital, and enough programming knowledge, a single person could take advantage of cloud computing and spin up more than 51% percent of the nodes in the Ethereum blockchain, and the house of NFT cards would come crumbling down.
What Geeq aims to do is provide the citizens within the walls, the ability to defend themselves. As Prof Conley points out - fake news is only an issue if you can’t tell the difference between it and real news; the barbarians at the gate are armed only with deception. If you can verify that a node is misbehaving, or that a chain is incorrect, then you can just ignore it and the problem vanishes. Geeq calls this edge security; instead of focussing on keeping bad actors out, make it simple to identify them when they get in.
This is all part of the novel consensus mechanism called Proof of Honesty (PoH), the patent for which the Geeq team have already applied(2) . Their system is built from the ground up to reduce transaction times, increase efficiency, decrease transaction costs and improve security.
The Geeq team have redesigned nearly every facet of the modern crypto currency in order to do this, and for the sake of brevity, not every aspect can be discussed in detail here (although the inquisitive reader is encouraged to read both the white paper and technical paper), however we can discuss a few of them.
The hypothetical attack on the Ethereum network mentioned earlier, is often referred to as a 51% attack. This the amount of fraudulent nodes that Ethereum can handle before collapsing. Amongst computer scientists it is formally labelled the Byzantine Fault Tolerance (BFT), and the typical value for a PoW based system is 51%. For PoS, the protocol Ethereum plans to adopt, it is 33%(3). PoH boasts an impressive >99% BFT(4) , which would make it one of the most secure cryptocurrencies on the planet.
There are no miners at Geeq. Just users, and nodes. Users send their transactions to nodes (who are paid for their validation work(5)), a randomly selected(6) node (the hub) bundles the groups of transactions together and sends them back to the nodes to update their ledger with.
At each stage the nodes check the transactions for honesty, removing any nodes/transactions that are dishonest or invalid. The system is deterministic, and every node gets a chance to check every transaction, so every node should come to the same conclusion about the current ledger state. Since the underlying mathematics ensures that there can only be one provably correct blockchain then if a node has any other version, the other nodes will issue a fine and/or remove it(7).
The mathematical theory of PoH is elegantly designed in such a way so that the most profit a node, or group of nodes, could ever gain is by behaving honestly. And most importantly, Geeq gives the users the final say. The user, or rather the user-client software, will check nodes for honesty before sending transactions to them. The citizens can defend themselves. The precise interaction between all these moving parts, along with formal proofs of their outcomes, are described in detail in the technical paper.
Who is behind it?
Possibly the two most crucial indicators of success in business are innovation and a team capable of realising that innovation. We’ve already briefly discussed how Geeq intends to innovate but what’s equally important is who is behind their novel ideas, and who will be driving them forwards.
When it comes to experience and talent, Geeq’s cup overfloweth. PoH is grounded in mathematical rigour, but that’s the least you’d expect from co-creators Professor John P. Conley & Dr Stephanie So. Stephanie has a doctorate in economics and was a senior lecturer & research assistant professor in economics for 5 years. Prof Conley has nearly 20 years of teaching economics and has published over 100 peer-reviewed publications, garnering 1500+citations(8).
And those are just two of the spokes from the wheel that is rolling the Geeq project forwards, but dig deeper and you will find a plethora of talent. Amongst the team & advisors you’ll find every need catered for. From legal experts, to marketing specialists. From backgrounds with the United Nations, to backgrounds in silicon valley. From a lead developer who’s taught Linux at NASA, to an advisor who’s a director at Google. An entire article could be devoted to this team and the wealth of experience and knowledge at their disposal. If you’re interested in reading more, you can learn about them here.
The team makes continued efforts to be communicative and transparent, and it’s not unusual to members of the team in their official telegram group, whether it’s to discuss technicalities or share memes!
What about the token?
Ok so that’s enough about the team, and the theory. Let’s get to the token. $GEEQ is the token by which nodes on a Geeqchain interact. There are actually two separate layers to Geeq, an application layer (for dApps and the like(9)) and a validation layer, where the $GEEQs would be moved from wallet to wallet. There is a total supply of 100m tokens, of which ~9m are currently circulating (giving $GEEQ a market cap of ~$15m at the time of writing), with the remainder reserved for: the dev team & founders (locked until successful mainnet release), marketing, business development and institutional buyers.
Geeq intends to create a “stabilized token” out of $GEEQ. This is not a stable-coin, like USDT, but rather a token with fewer massive swings in value. Approximately 12 months after mainnet release they plan(10) to introduce an Algorithmic Monetary Policy (AMP), which is essentially a bot that will either mint new $GEEQs or buy back $GEEQ for fiat, if the price swings too sharply. This is not to keep the token at a specific price, but rather to smooth out the sharp peaks and troughs that can easily dissuade major institutions from adopting cryptocurrencies. The price’s at which the AMP would take effect would be easily calculable and available for all to see. The AMP itself would not determine the market price, it would simply protect the value of $GEEQ from thin & speculative trading, allowing for further adoption, especially by larger institutions that the crypto space would need in order to evolve. The AMP is discussed in detail here.
What’s the current situation?
The Geeq team have recently released their testing framework (v0.1)(11) which they intend to keep updating until the planned release of their mainnet sometime in Q3-4. Currently $GEEQ exists as an ERC20, but would be swapped when the Geeq mainnet is up and running.
As with anything in crypto it is imperative that you DYOR(12),and It remains to be seen how well the ecosystem Geeq has put forth will function in reality. Nevertheless in this author’s opinion, you will be hard pressed to find a project with ambitions this high, combined with a team capable of achieving them, at a market cap that would still be considered low even if the project’s goals were simply a fraction as revolutionary.
TL;DR:
● Completely new consensus algorithm
● Network of interoperable chains
● 200 TPS per chain
● Low transaction costs
● Secure enough for mass adoption
● Non-Anon team of expert mathematicians, developers and business folk
● Mainnet launch planned for Q3-4
● Marketcap of ~$15m
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Useful Links
Telegram: https://t.me/GeeqOfficial
Coinmarketcap: https://coinmarketcap.com/currencies/geeq/ratings/v
References & footnotes
3 https://ethstaking.io/guide-to-ethereum-proof-of-stake-and-casper/byzantine-fault-tolerance-bft/ 4 As noted in their white paper and technical paper, their BFT is actually (N-1)/N %, where N is the number of nodes, but this value approaches 100% asymptotically as N increases. 5 Nodes are expected to receive 2⁄3 of the transaction cost, 50% of which should be profit 6 The order is random but also deterministic - the order can be calculated with information from the previous block. 7 Nodes are required to put up a “Good Behaviour Bond” which can be taken away if they are dishonest. The team has quoted this to be in the region of ~$200.
8 https://scholar.google.com/citations?user=Q-LRVgpXOHcC&hl=en 9 They note that the application layer could even support the EVM & run solidity - opening up the possibility of Ethereum smart contracts etc being ported to a Geeqchain 10 It has also been noted by the dev team that the AMP is not set in stone
11 The team have made it clear that this is a simplified version of the whole protocol, and is still in early stages with more features expected to be added 12 There is a vast amount of research that can be done for Geeq: as noted previously, Geeq have made their white paper, technical paper and patent application available to the public. Furthermore there are a number of long-form discussions & lectures on YouTube. Finally the team is often responsive to technical questions, at all levels, in the official Telegram channel