The broad adoption of most popular cryptocurrencies is hampered by many factors. A steep learning curve for end-users, low transaction throughput, regulation and few others top the list. We propose a solution, called Geon Network, which addresses some of these issues by providing a frictionless user experience and improved efficiency. It builds on top of a new generation blockchain and adds a thin service layer responsible for transaction optimization and batching. In addition, we introduce a new concept called geomining, which is based on proof-of-location and allows users to ‘mine’ a cryptocurrency based on their geolocation, rather than using expensive mining equipment. Geon Network is a platform that will host a whole new category of applications in many industries, including marketing, entertainment, philanthropy, and others.
The advent of blockchain and cryptocurrencies opened the doors to limitless opportunities for both entrepreneurship and philanthropy. The technology enables new business models that were not feasible or known before. There are many industries that will benefit; a major one that is already being heavily impacted is finance and accounting. The first blockchain-based currency, Bitcoin, has changed how value can be transferred securely across borders and jurisdictions without the need for a mediator (e.g. a bank or another financial institution). This is significant, because it removes points of failure between two transacting parties, lowers the cost, and greatly improves efficiency. However, the blockchain implementations used in the most popular cryptocurrencies today have drawbacks that impact broader adoption. First, when one wishes to acquire, use, and store a cryptocurrency, there is a learning curve involved.
The software tools, required know-how, and a new responsibility, that comes with being the sole custodian of the cryptographic private keys which control the wallet, all create 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 lot of work being done to address these problems, it is not clear when the solutions will be production-ready and available to every-day users. Geon Network is a platform that aims to provide improvements in these areas, but also to facilitate a new class of applications based on geolocation. We believe there are many industries across the world that will benefit from this, but one of the greatest opportunities is in societies with low average income and with limited banking facilities.
Check our website for more details – www.geon.network