Geon

Geon Network Logo

Secured by blockchain technology, enabled by geolocation and enhanced by augmented reality, Geon Network represents an entirely new way to distribute value. Geon Network provides a tool, which allows anyone to securely transfer, exchange and store value, regardless of the local infrastructure – using only a smartphone.

Contents

Why Geon Network?

The Geon Network is built on top of a new generation blockchain and adds a thin service layer responsible for transaction optimization and batching. In addition, it introduces a new concept called geomining which is based on a proof-of-location. Geomining allows users to ‘mine’ a cryptocurrency based on their geolocation, rather than using expensive mining equipment. The Geon Network enables frictionless value transfer between individuals.

Geon

Geon is a virtual beacon placed either in a specific location on Earth or bound to another Geon or a mobile device (e.g. a smartphone or a wearable). Geons can be discovered via the Geon App – a client application that runs on a smartphone. Geons can hold Geon Coins, which can be mined using the Geon App. An ATM is a good analogy here – it holds cash, which users can withdraw when they physically locate and operate the ATM. Geons are used in the same fashion – users identify a Geon, either using their phone app or via a link shared by another user. If necessary, they travel, and once within the Geon range, they start mining coins stored in that Geon in a process called geomining.

Geomining

Geomining is a process of withdrawing cryptocurrency from a Geon. A user simply needs to use their GEON Android | iOS app to find a GEON at a location set by the founder of that particular GEON. Founders can set the rules around their GEON. They can control who can see and/or geo-mine from their GEON, when they can geo-mine, as well as at what speed and what conditions users have to fulfil to be able to begin mining. This entire process is based on smart contracts and safely stored in blockchain to ensure nobody can interfere with the records.

Geon Coin

Geon Network’s native currency is the Geon Coin. It is an in-app value carrier that can be geomined or transferred between users. The coin can be bought for fiat currency, which means that supply is not fixed; however, to ensure geomining reward stability, as expressed in the fiat cur- rency, the Geon Coin will be pegged to the US Dollar at 1:1 ratio.

Geon Token

The Geon Token [GEON] is a pure utility Token and we anticipate that it can be used to:

  • purchase Geon Coins for use on the Geon Network;
  • obtain discounts when converting Geon Coins to fiat or Geon Tokens (please see further details below).
  • obtain discounts when using additional paid features on the Geon Network, such as advanced Geon customization, including extra geomining requirements, custom Geon range map etc.

Geon Witness

Before geomining can start, the miner’s device needs to be able to prove that its geolocation meets given criteria, i.e. that it is within x meters from a Geon. This is enabled by the proof-of-location platform, called the Geon Witness, which is a foundational part of the Geon Network. The platform’s main goal is to make it extremely hard for attackers to spoof their location. The mining device utilizes the Geon Witness to create a digital certificate, which encodes its coordinates at a specific time. The certificate is used as a high-level confidence data point by the Geon Network during geomining. Geon Witness itself is a blockchain-based solution, which can be deployed on a separate, dedicated blockchain. It provides a verifiable, immutable and trustless mechanism for devices to prove their geolocation, while maintaining user privacy. Eventually, it will be made available to third parties as a platform, independent from the Geon Network.

Security Considerations

Geon Network must be both easy-to-use and secure. The goal is to discourage, quickly detect and prevent any attempts at cheating. Geon Witness takes a number of data sources into account when producing a proof-of-location. Data collected by the recipient device include the following:

  • GPS coordinates,
  • available Base Transceiver Stations (BTS),
  • available Wi-Fi networks,
  • available Bluetooth devices,
  • available neighbouring devices running the Geon App (discovered via Bluetooth or NFC)
  • device fingerprint (e.g. MAC address).

The data related to BTS and Wi-Fi networks is cross-verified against known network locations. In the initial phase of the project, this reference data is provided by a third-party service (Google Maps Geolocation API). However, in later stages, Geon Network will maintain and use its own database of reference data to remove this external dependency.

ICO

  • Presale: 15 Oct 2018 – 30 Jan 2019
  • Public: from 31 January 2019
  • Token symbol: [GEON]
  • Total supply: 850 000 000
  • Price: $0.01
  • Hard cap: $35 198 557.50
  • Accepted currencies: ETH, BTC, FIAT (only for Private Round)

Token allocation

  • Public Contributors – 47%
  • Seed and institutional – 29%
  • Company reserve – 12%
  • Founders, current and future employees, advisors – 12%

Team

  • Robert Radek – CEO
  • Maciej Rynarzewski – Chief Product Officer
  • Aleksander Debski – Chief Operating Officer

External links


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See Also on BitcoinWiki