GeeqChain

Traditional databases are maintained on private servers by central authorities who control access, grant permission to alter, update and delete records, and who are ultimately responsible for the accuracy of the data. Trusting such data is equivalent to trusting in both the honesty and the security competence of the central authority. Blockchains are append-only, distributed ledgers. No central authority owns or controls the data. Users send requests to write new records to a set of decentralized, often anonymous, nodes 3 who must come to a consensus on their validity. Once a record is written to a block and committed to the chain, it becomes both immutable and nonrefutable. Cryptographic signatures and recursive hashing of blocks make it computationally impractical to delete, alter, or claim that one never
agreed to the contents of a record. If a blockchain is public and transactions are written in cleartext (as they are in Bitcoin), records in the chain can be independently verified by any user who wishes to do so. If copies of the chain are stored in many places, it becomes almost impossible to censor or prevent access to the data it contains. Blockchains allow agents to cooperate without the need to trust in the honesty or good behavior of one another or any third party. For example, Bitcoin’s transaction protocol ensures that a sender has enough tokens in his account to cover a transfer and, once the transfer is made, the receiver can be secure in the knowledge that it cannot be reversed. Ethereum’s smart contracts permit even more sophisticated interactions between users without the need for mutual trust.4
Unfortunately, the promise that blockchain holds for creating decentralized and trustless ways to transact, share information, and improve distributed business processes is limited by several factors. Most importantly, existing protocols offer relatively weak security guarantees. Most approaches are subject to 51% attacks, have relatively centralized or small validator/delegate pools, have high transactions cost, and/or have difficulty scaling up to handle large numbers of transactions. GeeqChain addresses these problems using a new proprietary protocol for validating blockchain transactions called Proof of Honesty (PoH). PoH empowers users who hold tokens on any
GeeqChain to determine for themselves whether the network of validating nodes is behavinghonestly. This allows GeeqChain to provide 99% Byzantine Fault Tolerance (BFT)5 while delivering rapid transaction finality at extremely low transactions cost. Blocks or chains with false transactions are easily identified and orphaned, while dishonest validators are automatically ejected from the system. Additional protocol elements based on economic mechanism design bring GeeqChain up to 100% BFT.
The GeeqChain ecosystem (the Geeqosystem) is built on a foundation of federated and interoperable instances6 , each supported by a hub and spoke network of anonymous and decentralized nodes. A single instance of GeeqChain is able to validate 40 transactions per second using standard residential broadband connections. If volume increases, the GeeqChain protocol automatically splits the chain in two and places half of the accounts and nodes on each new ledger. Since a chain can be split as many times as needed to meet transactions demand, GeeqChains are infinitely scalable. GeeqChains have separate validation and application layers, each with their own blockchains
and ledger states. The validation layer contains only GeeqCoin accounts for users and nodes and allows only simple accounting transactions. This minimizes potential attack surfaces and protects GeeqChains from contamination by dangerous smart contract code or having slanderous, racist, or copyrighted material written immutably into the ledger. The main purpose of the validation layer is to make payments to nodes for the validation and virtual machine services they provide to the application layer. GeeqCoin itself is a utility token that can be moved across all instances of GeeqChain and lubricates the transaction validation engine that is the foundation of the Geeqosystem.