Geon Network is a service that allows you to create virtual objects (Geons) located anywhere in the world. You can deposit funds (Geon Coins) in Geons, which can be withdrawn by anyone nearby. In order to withdraw, users need to complete the tasks defined by the Geon creator.
Blockchain and cryptocurrencies enable new business models that were not previously feasible or known. There are many industries that will benefit; a major vertical that has been heavily impacted is finance and accounting. The first blockchain-based currency, Bitcoin, has changed how value is transferred securely across borders and jurisdictions without the need for a broker or custodian (e.g. a bank or another financial institution). This is significant, because it removes points of failure between two transacting parties, lowers the cost, greatly improves efficiency, and removes possibility of censorship. However, many blockchains powering the most popular cryptocurrencies in market today have drawbacks that impact mass adoption. First, there is a learning curve to acquire, use, and store a cryptocurrency. The software tools require a level of know-how as well as a new responsibility that comes with being the sole custodian of the cryptographic private keys. This creates a barrier to entry for many, especially those unfamiliar with the technology. Second, the intrinsic property of the most popular cryptocurrencies (e.g. Bitcoin, Ethereum) is low transaction throughput and limited scalability. While there is a considerable amount of work being done to address these problems, it is not clear when the solutions will be production-ready and available to everyday users.
Geon Network is a platform that will deliver a new class of applications based on geolocation. We believe there are many industries across the world that will benefit from this innovative approach. One of the greatest opportunities is in communities with low average income and with limited banking facilities.
Geon Network and its Goals:
Similar to existing cryptocurrencies, the Geon Network enables value transfer between individuals. However, the unique innovation of the Geon Network is that the recipient does not have to have an address stored on the blockchain in order to receive funds. Instead, the recipient simply provides proof-of-location, in order to validate any transaction on the network. The goals of the project intend to tackle the issues described in the previous section: Ease of use Geon enables frictionless transfer of value between users of the network based on their geolocation. Users can receive funds without having to generate and store a cryptocurrency wallet or mine a cryptocurrency the traditional way, computing a proof-of-work. The user simply agrees to the transfer by being present at a specific location.
In the Geon Network, many users can transact, or ‘geomine’, at a given location. The system will optimize geo-mining requests on the underlying blockchain to enable hundreds of thousands of transactions per second globally.
The transfer of value is implemented with Geons – virtual beacons planted in specific geolocations – which hold Geon Coins. Users can acquire the coins either by converting fiat or cryptocurrency or through the process called geo-mining, during which the coins are transferred to an auto-generated wallet on the user device. Geon Coins can also be transferred between Geon Network users without limit. To participate, the only requirement is that the recipient owns and carries a mobile device connected to the internet (see the section titled The Recipient Device for details), e.g. a smartphone.
The Geon Network is built on smart contracts, which govern the geo-mining rules and execute transactions. It is important to note, that the platform allows for instant transfer of value to any place in the world without the need to specify the recipient’s address, as would be the case with traditional cryptocurrencies. Instead, the sender creates or identifies an existing Geon and transfers the funds to this beacon. The recipients use the Geon much like a standard Automatic Teller Machine (ATM), but with additional attributes. The Geon can drive people to certain locations and motivate certain actions (via affinity or entertainment) that provides value to the sender.
Software Development Start
MVP on iPhone
Start of the Private Sale
Closed 1st Round of Private Sale
Alpha App release on App Store (for iOS) and Google Play (for Android)
Start of Pre-Sale
Start of Public Sale
Development Start for Geon B2B Platform
Release of secured app with payouts and token/coin economy available on AppStore and Google Play, - further features will be added in time according to features roadmap and market needs
Release of B2B platform - further features will be added according to market needs,