In short: Geon Network is a platform that delivers a brand new class of applications based on geolocation.
We believe there are many industries across the world that will benefit from our innovative approach. One of the greatest opportunities is in communities with low average income and/or limited banking facilities.
Like with other cryptocurrencies, the Geon Network enables value transfer between individuals.
What makes Geon Network stand out though, is that the recipient does not have to have an address stored on the blockchain in order to receive funds. Instead, they simply provide a proof-of-location to validate the transaction on the network.
This enables frictionless transfer of value between users of the network based on their geolocation. You can receive funds without having to generate and store a cryptocurrency wallet or mine a cryptocurrency the traditional way, computing a proof-of-work. You simply agree to the transfer by being present at a specific location. There are also “Global Geons”, which can be mined without being close by, but we’ll cover them in another post.
In the Geon Network, many users can transact, or ‘geomine’, at a given location at the same time.
The system will optimise geomining requests on the blockchain to enable hundreds of thousands of transactions per second globally.
The transfer of value is done via Geons – virtual beacons planted in specific locations – which hold Geon Coins.
You can get the coins either by converting fiat or cryptocurrency, or through geomining. Geomining is a process during which the coins are transferred to an auto-generated wallet on your (or other user’s) device.
Geon Coins can also be transferred between Geon Network users without any limits. To participate, the only requirement is that the recipient owns and carries a mobile device connected to the internet (a smart phone in most cases).
The Geon Network is built on smart contracts, they control the geomining rules and execute transactions, so there is no room for human error.
To sum it up:
Geon Network allows 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 it. The recipients use the Geon much like a standard ATM, but with many additional features.
And all of it is safely stored on the blockchain and controlled by smart contracts.
And by the way – the GEON app is SUPER easy to use. How easy?
Well – it takes less than 30 seconds to create a GEON and literally 2 taps to mine one 🙂