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 Network is a platform that will deliver a new class of applications based on geolocation. We believe there are many industries across the world that will benefit from this innovative approach. One of the greatest opportunities is in communities with low average income and with limited banking facilities.
Similar to existing cryptocurrencies, the Geon Network enables value transfer between individuals. However, the unique innovation of the Geon Network is that the recipient does not have to have an address stored on the blockchain in order to receive funds. Instead, the recipient simply provides proof-of-location, in order to validate any transaction on the network.
The transfer of value is implemented with Geons – virtual beacons planted in specific geolocations – which hold GeonCoins. Users can acquire the coins either by converting fiat or crypto currency, or through the process called geomining, during which the coins are transferred to an auto-generated wallet on the user device. Geon Coins can also be transferred between Geon Network users without limit. To participate, the only requirement is that the recipient owns and carries a mobile device connected to the internet (see section titled The Recipient Device for details), e.g. a smartphone.
The Geon Network is built on smart contracts, which govern the geomining rules and execute transactions. It is important to note, that the platform allows for 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 this beacon. The recipients use the Geon much like a standard Automatic Teller Machine (ATM), but with additional attributes. The Geon can drive people to certain locations and motivate certain actions (via affinity or entertainment) that provides value to the sender.
Geon & Geomining
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.
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.
Geon Coin Flow
Geon Network Ltd. (Inc. No: 116740)
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