Geon Network

Geon Network is a service that allows users to create virtual objects (Geons) located anywhere in the world.

Whitepaper

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Updated: Jun 30, 2019

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Ticker

GEON

Type

Cryptocurrency

FoundedGibraltar

Registration countryGibraltar

Office address6.20 World Trade Center, 6 Bayside Road, GX11 1AA, Gibraltar

What is Geon Network

Broad adoption of cryptocurrencies is hampered by many factors including a steep learning curve for end-users and low transaction throughput. In this paper we propose a solution, called Geon Network, which addresses some of these issues by providing an innovative, intuitive user experience and improved efficiency. 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, 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 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. This process is called geomining.

Any user can create a Geon and place it at any location on Earth. There is also a special type of Geon, which is not bound to a specific location, called Global Geon. Users can geomine coins stored in this type of Geon from anywhere in the world, but usually they will need to provide additional information required by the Geon creator (like fill in a survey or solve a puzzle). We expect Global Geons to be used by various companies to perform tasks important for their business, e.g. market research. There will be a limited number of Global Geons. Geons can hold arbitrary amounts of coins. They can be topped up at any time or removed entirely.

The Geon creator can customize a Geon in many ways, which allows for multifarious use cases. Apart from basic properties, like name and location, Geons can have the following features:

Some of these will be paid features. Please see the Technology section below for more details on Geon and geomining properties.

Geon is an Augmented Reality application. When in range, miners will be able to use their smartphones to see the visual representation of the Geon within the context of its surroundings. Custom imagery (still or moving) will be superimposed on the user’s view of the real world at the Geon location (either on the Geon itself or within a certain range). This feature will be useful for branding or promotional campaigns

In summary, Geons can be viewed as virtual Automatic Teller Machines that can be customized to engage users in ways that have not been previously seen in the market. Geomining is the mechanism that allows users to be rewarded for their presence and engagement at a specific location.

Technology

Geon Network requires the following two participants in the system: the sender and the recipient. The transfer is made possible through geomining, which occurs when the recipient’s geographic location meets the criteria specified by the sender. The sender defines the criteria by creating a Geon – a virtual beacon whose coordinates map to a physical location on Earth – and loading the Geon with funds. Once the recipient moves in the Geon’s vicinity, they receive the funds.

The sender can be an individual or a commercial/legal entity (e.g. a company or charity). Recipients are usually individuals who are incentivized to seek out and travel to Geons to participate in geomining. Geominers receive Geon tokens when in specific geolocation.