GeeqChain is Blockchain V3.0 and the most scalable, secure and flexible blockchain platform on the planet.
GeeqChain is a scalable, inexpensive, and computationally light approach to building blockchains called the Catastrophic Dissent Mechanism (CDM). The CDM is based on game theory and economic mechanism design and takes a completely new approach to transaction validation: Proof of Honesty (PoH).
GeeqChain is a flexible platform that is built around interoperable federated instances of blockchain tailored to different use cases. Basic protocols and the custom business logic of GeeqChain instances is encoded in a series of Governing Smart Contracts (GSCs), which provide the components of the user and node clients (the software used to run and interact with GeeqChain).
Outstanding Problems with Existing Blockchains:
All the advantages that blockchain offer depend on honest transaction verification and block-writing. Bitcoin and Ethereum use a network of “miners” and a Proof of Work (PoW) protocol to establish the integrity of their ledgers. In the case of Bitcoin, block-writing rewards and transactions fees create incentives for honest behavior. Provided that more than 50% of the miners are moved by these incentives, the chain is difficult to corrupt.4 As a result, the Bitcoin protocol is said to have a Byzantine Fault Tolerance (BFT) of 50%.
In PoW protocols, nodes are generally run by anonymous agents. The principle of one CPU, one vote, applies. Any agent who is willing to bear the computational cost of trying to mine a block can join the validation network anonymously and as an equal. The hope is that the computational cost deters Sybil attacks in which many “fake” identities are created in order to gain majority control of the validation process. If votes must be paid for with work, then it should be too costly to mount such an attack.
Visa and Mastercard charge merchants a fee of about 25¢ plus 2.5% of the value of the transaction to use their networks. These transactions costs are very high, certainly too high to make it practical for a customer to make a micropayment of a few cents to a merchant or content provider. One of the great promises of blockchain-based cryptocurrencies is that they will make financial transactions more efficient. If Bitcoin, Ethereum, or any of the other alt-coins now in existence found a way to allow people to make transactions quickly, cheaply, and securely, it would revolutionize the financial industry.
The Ethereum and Bitcoin platforms have transactions costs that range from tens of cents to tens of dollars. Blockchains that depend on PoW protocols must have very large networks of validating nodes. Users ultimately bear the costs of having thousands of nodes using electricity and wasting CPU cycles to solve the cryptographic puzzles required, to win block rewards and validate transactions. In other words, high transactions costs are baked into PoW based cryptocurrencies.
Both the Ethereum and Bitcoin blockchains are operating near maximum capacity. The Ethereum blockchain writes blocks about every 12 seconds and currently processes between 4 and 7 transactions per second (with an estimated maximum rate of 15 per second). Bitcoin writes blocks every 10 minutes and processes 2 to 4 transactions per second (with an estimated maximum rate of 7 per second). Neither protocol would be able to scale up to the 2000 transactions per second handled by the Visa network, which has an estimated maximum rate of 56,000 per second.
Bitcoin’s proposed solution to this problem is called the lightning network and is similar to Ethereum’s raiden network. Essentially, users are required to lockup tokens on the main Bitcoin or Ethereum blockchains to serve as security for transactions that agents agree to off of the main-chain. These off-chain transactions are not validated or committed by the mining pool, but there is a degree of security provided by a system of smart contracts. This allows both parties to cancel or alter transactions until they mutually agree that a transaction is final. There are a great many problems with this approach, but we will not go into detail here.12 However, it is worth pointing out that users must pay normal transactions fees to move coins onto the Ethereum or Bitcoin main-chains and lock them into escrow in order to make them available for use on the raiden/lightning networks.
GeeqChain has the benefit of learning from Ethereum, which in turn, had the benefit of learning from Bitcoin. Just as Ethereum solved many of the limitations embedded in the Bitcoin protocol, GeeqChain solves most of problems remaining in Ethereum. In particular, GeeqChain is secure, cheap, fast, and scalable. It can be implemented with fully anonymous verifying nodes, no centralized points of trust or failure, and any level of encryption and privacy protection desired.
GeeqChain, using CDM, takes a completely different approach to validation called Proof of Honesty (PoH). Each node validates transactions, builds blocks, and publishes them for users to inspect. These blocks contain enough data for users to independently verify that the chain is “honest” in the sense that it contains only valid transactions and that the chain as whole follows protocol. In other words, nodes, and the chains they construct, are provably honest or dishonest.
Consider a GeeqChain processing 40 transactions per second and writing blocks every 10 seconds. This is a higher transactions volume than either Bitcoin or Ethereum are capable of. Further suppose that these transactions are validated on a network consisting of 100 nodes. This is far fewer than the 32,000 or so nodes on the Ethereum network or the 10,000 or so Bitcoin nodes. On the other hand, it is greater than the 25 or so nodes that validate some implementations of the Hyperledger fabric protocol and other PoS consensus systems. Finally, suppose that an average transaction contains 0.5kB of data, roughly in line with Ethereum and Bitcoin transactions.
GeeqChain is designed to support multiple instances of federated chains that form an ecosystem in which users can choose where their tokens are parked. This federated structure gives GeeqChain a flexibility that allows it to be adapted to many use cases, some of which we discuss in the next section. If 40 transactions per second (more than either Bitcoin or Ethereum can handle) is not enough, new federated instances of GeeqChain can be created by dividing the set of nodes and accounts on the original chain in two. These instances would share the job of validating transactions, and tokens would be able to move freely between them. Since any number of instances can be created, GeeqChain can be scaled up to handle arbitrarily large transactions loads.
GeeqChain uses a highly efficient, dynamically adjusting, hub-and-spoke network which allows it to handle arbitrarily large transaction volumes.
GeeqChain is based upon a new Proof of Honesty ™ validation protocol, which provides Strategically Provable Security™, effectively, 100% Byzantine Fault Tolerance.
GeeqChain is designed to support an ecosystem of federated chains that can exchange tokens and share business processes.
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Public sale —
Private pre-sale —
05 Jun 00:00 UTC
White paper published
Preliminary patent application filed for the GeeqChain protocol.
Token pre-sale and hiring of development team.
GeeqChain validation layer deployed and tested
Applications built by GeeqCorp and independent developers.
Continued building and testing of Application and GeeqCoin layers.
Full deployment and marketing of applications to customers