GEEQ — Telegram QUIZ & AMA — September 04
On Friday, September 04, we had the pleasure to welcome to our Telegram chat:
We asked them questions about the development of GEEQ.
Some sentences have been slightly edited for readability but the meaning has been conserved.
GEEQ is reconstructing blockchain with its Proof of Honesty technology, which reworks how blockchain is constructed and guarantees the end-user that they can access and be served a correctly validated ledger.
Proof of Honesty provides the security necessary for large scale, decentralized commerce at a low cost with unlimited scalability
GEEQ’s transaction fees are lower than other platforms that use either hash power or gossip.
The token use case is a native token that’s primarily used for all the validation payments.
Main-net will have all the features that allow applications to use GEEQ’s validation for each chain.
Q — Alex Raffin from GAINS: What did you do before crypto, how did you get into crypto, and did you have any other venture in crypto previous to being involved with GEEQ?
A — Stephanie from GEEQ: I became interested in crypto/blockchain only after my fellow Founder and better half, John Conley, started talking to me about the problems he saw in security models of blockchain.
He’s on the technical side, and I have learned that also. I plunged headfirst into the world of crypto and blockchain and what was being promised about adoption, and it worried me that these promises could bring financial and policy ruin if these promises weren’t kept. So we’ve worked to put that safety net.
GEEQ is a leading project in crypto because our Team spans the space in crypto, blockchain, software tech, business leadership, enterprise and SaaS and security and telecom experience, among other industry leaders — and we know the effects and outcomes we want to have. We’re not building technology for its own sake.
A — Hans Sundby from GEEQ: We are all a part of a bigger team of really great people within different fields. I’m Hans Sundby, Head of Crypto for GEEQ. I am a crypto maximalist with 6 years of experience in the crypto market as a Key Investor, CEO, Consultant, Advisor, and expert in investments & crypto business development. My main expertise is market strategies and exchanges. I joined GEEQ about 1 year ago, and have been building up a marketing and business development team for GEEQ.
My first introduction to crypto was in 2014/2015. Since then, I’ve mostly done investments with my investment group NCG and helped different projects out with their market approach.
Q — Alex Raffin from GAINS: What is GEEQ about?
A — Stephanie from GEEQ: GEEQ is reconstructing blockchain. We’ve developed a patent-pending technology, called Proof of Honesty, which reworks how blockchain is constructed and guarantees the end-user that they can access and be served a correctly validated ledger. In fact, the user can require proof that it is correct. That requires building from the ground up because no blockchains give the ordinary user the power to demand proof themselves. If no proof of honesty is given, the user can walk away and find information elsewhere in the network that holds the honest record of the account.
What it means is that tokens cannot be moved or stolen without the user’s validating credentials for the exact transaction they authorized.
Since GEEQ’s PoH handles the extreme case of complete permissionless and complete decentralization from the outset, we’re excited to be able to bring blockchain services of any kind to mass adoption.
Q — Alex Raffin from GAINS: How different is it from other consensus mechanisms?
A — Stephanie from GEEQ: GEEQ’s PoH often resonates by calling it a no-consensus consensus. In no way do nodes have to agree. That’s what makes it Sybil proof and eliminates gaming or collusion.
Consensus protocols that depend on 51% agreement of hash power — well, they can take over the chain. You can prove that 51% have agreed, but they might not be agreeing on what they’re supposed to do.
It’s similar for consensus protocols that depend on stake. Concentrated power in stake makes it easy to take over a chain, as we’ve seen this year.
So you can prove it sort of — watch it happen — in other consensus protocols, but you can’t demand recourse. You can’t walk away. And that means that the user is subject to forks, delays, huge arguments, … we avoid that at GEEQ.
Q — Alex Raffin from GAINS: What happens when nodes disagree?
A — Stephanie from GEEQ: PoH is constructed so there’s only one correct answer invalidation. So if nodes disagree, they’re either all doing something wrong, or someone(s) are doing the correct calculations. You can identify which is which, which we call Edge Security.
So the idea of security is, GEEQ has constructed it so that a malicious node or attack has no effect on you.
Q — Alex Raffin from GAINS: Is GEEQ a blockchain? I read on the website that it’s a multi-blockchain platform, could you expand on that?
A — Stephanie from GEEQ: Proof of Honesty is a way to construct a blockchain and guarantees at least one blockchain will be probably honest at all times and that will be the reference one for users of that blockchain.
GEEQ is the ecosystem token that the engine of validation runs on. All validations use $GEEQ. That validation layer is completely specialized to only do the PoH without any intermediate control.
However, GEEQ has no main chain. So, as a platform, developers can launch their own application blockchains that are then validated by GEEQ. Each application is validated by PoH but is powered by its own network.
Hence, we can have hundreds, thousands of application blockchains running side by side on the platform. Unlimited numbers.
Q — Alex Raffin from GAINS: Can blockchains decide to add GEEQ as an extra validation layer on top of them?
A — Stephanie from GEEQ: We sometimes refer to GEEQ as a platform with a validation running below and an application running above.
Blockchains could decide to move over to GEEQ (or run one on GEEQ in addition to wherever else they’re using them), by getting a genesis block with GEEQ’s validation code in it, combined with their application code).
Any ecosystem could build on GEEQ and we’d love that. I’d say we’re also going after enterprise blockchain.
Q — Alex Raffin from GAINS: Are there any existing blockchains that have chosen to integrate GEEQ?
A — Stephanie from GEEQ: Yes. As a company, we actually investigated the demand for GEEQ first before we even started developing. However, we are under NDA right now and I’m not really allowed to say much else. What I can say is that many people we talk to say, “that sounds great, please build the platform quickly so we can use it”.
Q — Alex Raffin from GAINS: Is there any timeframe on when the patent could be accepted?
A — Stephanie from GEEQ: We have a pipeline of IP. The first patent application that covers the way we’ve re-defined the GEEQ PoH engine and the multi-chain architecture, and the ecosystem token were submitted a while ago. The timeline after that is mostly out of our hands. We are submitting more patent applications as we go.
Q — Alex Raffin from GAINS: What stage is the project/product at?
A — Stephanie from GEEQ: We’ve been developing and working all along. It’s really from the ground up. We’ll start revealing some of the features of the testnet late next month, if not before, and then the mainnet is expected next year. You can find out more here.
Q — Alex Raffin from GAINS: What is the token use case? How did you make sure it captures the value of the ecosystem you’re building?
A — Stephanie from GEEQ: The token use case is a native token that’s primarily used for all the validation payments. One feature of PoH is that validation payments are automated for each network that supports each app.
We have plans to kickstart the ecosystem with IoT and fintech and a surprise or two, which essentially generates huge volume in transactions, which increases the velocity of the token.
The token also can be adopted as a native token for applications that don’t want to bother with it themselves.
A final thing I’d say is that the ecosystem’s ability to provide correctly validated ledgers for every chain, allows interoperability for the GEEQ token, so it is in some sense fungible. A user opens a GEEQ account on one chain and then does not have to go back to exchange to use it for another application.
I doubt we’ve even thought of all the use cases for the token, but that’s the primary function that’s built-in.
Q — Alex Raffin from GAINS: Will there be staking or some other kind of similar mechanism?
A — Hans Sundby from GEEQ: Absolutely. People will be able to become validators on the GEEQ mainnet. Before that, we are going to do pre-staking with various partners.
A — Stephanie from GEEQ: I’d like to remind everyone that a feature of GEEQ is that it’s a platform for application developers to build on top of. Developers can build applications that have staking features.
The mechanism that Hans is talking about to become validators is actually a fixed Good Behavior Bond that we’re trying to make cheap and accessible for people to participate. It will be the same for everyone, and it will get locked up and returned if you’re honest. It’s not staked in the sense that it lets a validator acquire more influence in the network — on the validation side. Again, on the application side, who knows?
Q — Telegram user Jairo Chain: What other added value could GEEQ offer for IoT?
A — Stephanie from GEEQ: As for IoT, the value-added is partly because of the protocol and this network configuration, partly because the code that’s being written is to make messages super efficient, and partly for the low cost. We have a lot of IoT domain experience on the Team.
Q — Telegram user Retirement.finance: Could you tell us your solution to expensive transaction fees?
A — Stephanie from GEEQ: Yes. GEEQ’s transaction fees are magnitudes lower than other platforms that use either hash power or a gossip network (or both) to construct blockchain. Everyone understands the cost of PoW or any other mechanism that requires the expenditure of money to get into the system. Gossip networks require communication and bandwidth to go all over the place. That increases costs.
Because each GEEQ application is powered by this particular provable mechanism of honesty, it can be achieved with very small networks, hence the low costs of the transaction.
Q — Telegram user imearth: How can a blockchain product work with no mainnet and where are the transactions being recorded?
A — Stephanie from GEEQ: “Main-net” is used to compare to other projects. Main-net will have all the features that allow applications to use GEEQ’s validation for each chain. So every application is separate, but it’s easier to refer to main-net to mean both the protocol and the platform will be ready.
Transactions are recorded in two places, actually. Payments of GEEQ will be in blockchains consisting solely of GEEQ.
Application data and transactions are recorded in a blockchain for that application. In that way, the application is executed and validated by the protocol.
Q — Telegram user Shadnow: What do you mean by PoH being “Nation-State Proof”?
A — Stephanie from GEEQ: When we started, we were worried about scenarios where the stock market would be tokenized and put on a blockchain, for example, or critical infrastructure.
In Crypto terms, sometimes the only serious threat considered for Bitcoin is if a government decided to attack it. They would have the resources and be able to coordinate the hashpower. Some embargoed states, for example, that would take over the chain on PoW.
PoH can sustain an attempt at complete manipulation. That goes into a security layer we call the Catastrophic Recovery Mechanism. Essentially, what happens is the blockchain can resurrect itself from the last known honest canonical chain so that the blocks written by a full-out malicious attack becomes irrelevant.
Q — Telegram user David: In what language is your project built?
A — Stephanie from GEEQ: I’m not as versed on that part because I’m not a coder. I think the validation code is in Rust, but they’re reworking quite a few parts of the stack, I believe.
As for application code, we’re going to provide APIs and libraries so devs can essentially port over applications, with the modification that the $GEEQ is used for fees.
Q — Alex Raffin from GAINS: What’s your business model?
A — Stephanie from GEEQ: GEEQ’s business model is built around a core service of validation: massive volume, tiny slices.
We’re really thinking about an explosion in a newly formed decentralized economy. Even a portion of that — think about going from email in the earliest university network to the use of email now. GEEQ is a data service that can be used to support any blockchain app imaginable in a decentralized way.
Since we have expertise in IoT and fintech, being able to provide secure blockchain validation at scale, and fully decentralized, is a bonus for GEEQ.
This is very exciting for us.
Q — Telegram user YZmoney: Do you think it may be a disadvantage to enter late in the game when there are so many competitors around?
A — Stephanie from GEEQ: I think we are so differentiated, and we’ve been able to learn so much from early entrants, that we’re at an advantage. However, having said that, there’s nothing I take for granted. We are working all the time, on all fronts.
The great thing about working with both an experienced crypto team and also experienced tech and software entrepreneurs is that we know which spaces need to be worked on concurrently. And that, by itself, is an advantage.
Q — Telegram user Kakarot: What is the difference between Proof of Honesty (PoH) and Proof of Stake (PoS)? How does the Proof of Honesty Protocol (PoH) ensure “Decentralization”?
A — Stephanie from GEEQ: PoH is constructed so there is no opportunity to have more influence over how the blockchain is written by acquiring a stake, and it ensures decentralization by being able to accommodate a completely permissionless system (which I believe in). The default is that anyone can participate as a validator and they will get paid if they provide honest work (computation, etc.)
We’re providing a platform that is a level playing field at the validator layer. I just don’t feel that’s the same for PoS, and if you use a staking service, which is more convenient, it is possible to lose control over what you commit to doing.
In PoH, it’s voluntary. You can join as a validator to provide a lot of services or a little. Either way, you’re paid according to the honest work you do. You have complete control.
Q — Telegram user Shadnow: Will blockchains need to fork if they want to add GEEQ PoH?
A — Stephanie from GEEQ: No. They’ll need to come over and build on GEEQ. We’re going to make it as easy as possible, although according to demand.
Q — Alex Raffin from GAINS: How many people are in the team? For how long have you been working on GEEQ?
A — Stephanie from GEEQ: We have a strong Core Team of 7, including Hans, who is Head of Crypto, and Ian Smith, who is Lead Dev. However, we each have other members on the team that we work with, including 5 expert crypto members of Hans’ Token Team, and devs, and lean admin support, and 16 advisors who are well-known in their respective domains or industries. Find out more about our team here.
Q — Alex Raffin from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Stephanie from GEEQ: Yes, we’ve raised funds and as we say, the first dollars go to devs. There’s no company value without product, and the best devs have competition, so they are paid in fiat. The core team has not used funds. We’ve spent funds on legal services, including the patent application, and compliance, website development, some copywriting, but for the most part funds are reserved for those kinds of services. The rest of us are dedicated and have been working for the future.
We’ll continue to be developer-heavy this year, spending funds there and on more IP, for the most part, with a marketing budget that Hans decides.
Thanks for all the answers, Stephanie. Keep us updated. Where can we follow GEEQ? — Alex Raffin from GAINS
It’s my pleasure, thanks for having me. Will do! Yes! We’ve grown a lot. I still try to say hi and answer questions often and we have a community that’s been with us from the start.
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