Broad adoption of cryptocurrencies is hampered by many factors including a steep learning curve for end-users and low transaction throughput. Geon Network 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.
The Geon Token [GEON] is a pure utility Token and we anticipate that it can be used to: • purchase Geon Coins [GC] for use on the Geon Network; • obtain discounts when converting Geon Coins to fiat or Geon Tokens.• obtain discounts when using additional paid features on the Geon Network, such as advanced Geon customization, including extra geomining requirements, custom Geon range map (see section titled ‘Geomining Policy’ for further details), or Global Geons (see section titled ‘Geon Types’).
Geon creation – senders create Geons and define geomining parameters (location, geomining rate, etc.). This can be done in numerous ways; a quick and easy way using the Geon App on a smartphone, or, a more accessible way, using the Geon Business Portal, which provides a richer customization and branding experience.Geomining – recipients participate in geomining using a mobile device, which communicates with the Geon Network.Geon App The Geon Network client app that runs on the recipient device. Responsible for end-user interaction and geomining. The app initiates the proof-of-location protocol by providing geolocation data to the Geon Network Web Service. Also, it contains the user wallet.Geon Network Web Service This is the intermediary, thin layer between the client and the blockchain hosting Geon smart contracts. Main responsibilities include: • Verification of geolocation data for added security (independent from proof-of-location provided by the miner). • Optimization logic to improve overall system performance and user experience. Examples include batching individual geomining requests (in continuous geomining mode) or request throttling. • Proxy for Geon App communication with the blockchain, e.g. Geon Coin wallet balance retrieval.Geon Network Business PortalA website that provides rich user experience, intended mainly for Geon creators. Used for invoice management or access to Geon Network products like market research reports, survey and poll results, etc.BlockchainAuthoritative source of Geon Coin balances and transfers, provides geomining rules enforcement (in the form of smart contracts).
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