Unprecedented Flexibility in Transactions between Blockchains
GeeqChain’s Proof of Honesty (PoH)™ validation protocol offers secure transactions between chains, adding value to the GeeqCoin and customized tokens.
Strategically Provable Security (SPS)™, Scalability, and the GeeqCoin
We can’t say it enough. Cryptocurrencies, or any data on a blockchain, are only useful if they can’t be stolen and are reconciled correctly. The owner of any data must be able to trust that their information is safe, private, and says exactly what it is supposed to say. If those data are transactions in cryptocurrencies, then the first thing owners must know is that their assets are safe, which is a security and incentives issue. The GeeqCoin is secure.
If the first priority for a cryptocurrency is that it is secure, the second is that it has value because it is useful. To date, the cryptocurrency market has been fueled primarily from exuberance. Many of the investments by first-movers have been speculative, assuming the value of their cryptocurrencies will arrive later.
GeeqCoin derives its value from the many ways it can be used. Recall, every instance of GeeqChain is validated by GeeqChain’s Proof of Honesty (PoH)™ protocol. Because GeeqChains can be scaled to handle arbitrarily large transaction loads, huge volumes of transactions are more likely to be processed on the GeeqChain platform than on any other; each transaction requires that GeeqCoins are paid to validators. In addition, an ordinary GeeqChain that uses the GeeqCoin as its cryptocurrency is capable of supporting highly secure micropayment applications. Other blockchains such as Bitcoin, Ethereum, and Ethereum based ERC-20 chains simply cannot validate transactions cheaply enough to process micropayments.
Developers who wish to issue customized tokens can also expect all the advantages of GeeqChain’s (SPS)™, scalability, and flexibility as well. As we discuss next, instances of GeeqChain can be customized to include application-specific business logic that permits any level of interoperability or isolation desired within the GeeqChain ecosystem.
Strategically Provable Security (SPS)™ Transactions between GeeqChains
To our knowledge, GeeqChain’s approach to transfers is unique. The GeeqChain platform requires all separate instances of GeeqChains to use its Proof of Honesty (PoH)™ validation protocol, which means every transaction of customized token and GeeqCoin is protected by the same level of Strategically Provable Security (SPS)™. In other words, the GeeqChain platform creates an entire ecosystem in which all transactions on and between blockchains are secure. GeeqChain's interoperability allows processes to be far more efficient than ones that force transactions to go through a central clearing house. The decentralized nature of interoperability between GeeqChains also prevents the creation of central points of failure.
In contrast, both Bitcoin and Ethereum have a single “main” blockchain, which function as if they are a clearing house. If an entity creates its own customized token to live on its own ERC-20 based blockchain, the main Etherium chain has no control or insight in activities “off” chain. As a result, such off-chain transactions do not benefit from the limited degree of security Ethereum offers.
Consider the flexibility of being able to support SPS(tm) transactions between GeeqChains.
1. You are able to make secure transfers between chains.
Suppose you want to make sure your two accounts, involving two different blockchains, will be reconciled correctly. You may own shares on Company A’s ERC-20 blockchain and wish to move these to your blockchain account at Brokerage B. Since transfers between chains are not native functions to Ethereum, each chain would need to write a smart contract on the Ethereum platform to specify what sorts of transfers are allowed and how they are to be executed. Each transfer then would require invoking the Ethereum Virtual Machine (EVM) and a substantial transaction fee. With GeeqChain, transfers between chains is a built in function that is customizable and fees for such transactions are comparatively modest.
2. You have the ability to store private information, securely, on multiple chains.
Suppose you get a lab result, which is now a data item on a hospital’s GeeqChain. A smart contract would permit you (and all other patients in similar situations) to send a copy of your lab result directly to your provider's bioinformatic GeeqChain, without having to go through a central clearing house such as the hospital's medical records department. Storing your information on a blockchain gives you direct control over the privacy and security of your information. Furthermore, enabling this permission between GeeqChains means you (or any other patient in this position) would have to reinvent the wheel every time you wanted to send another piece of your medical record to your provider.
GeeqChain’s Adaptive Advantage
As a new entrant to the blockchain community, GeeqChain has been able to solve the important problems of scalability, security, and interoperability. In addition, the GeeqChain network is designed to support a massive blockchain ecosystem that is stable and robust. For example, GeeqChain protocols are able to dynamically adjust the form of the validating networks to accommodate changes in transaction volume and the number of nodes who participate. We believe the GeeqChain platform, taken as a whole, is a leap forward for blockchain.
Blockchain protocols are inflexible by design. Allowing trustless interactions between anonymous agents requires that the rules be well understood and unchanging (Code is Law). Up to now, the downside of blockchain has been that useful upgrades and fixes can only be made through hard forks or complicated governance systems.
The system of federated chains in GeeqChain provides an elegant solution to these problems. If an instance of a GeeqChain is found to have bugs, has become obsolete, or is not responsive to new technologies or user demands, a new instance of the chain could be created with the intention that it will replace the old one. The new GeeqChain would have a genesis block with a new set of validators, governing smart contracts, but no new tokens. Users and validators on the old chain could choose to move to the new chain, where the rules have been updated, or stay where they are. If they choose to move, their actions are voluntary and within protocol. If they choose to stay, they can continue to live by the old rules. If enough users and nodes support the continued existence of the old chain, they can trade tokens under the old rules indefinitely.
It will not be too long before 256 bit (or greater) encryption can be broken by quantum computers. This will undermine the security models of all existing blockchains and almost everything else in the cloud. Fortunately, with quantum computational approaches to breaking encryption will come new quantum-proof approaches to encrypting data. GeeqChain’s federated architecture allows the creation of new quantum-ready instances of existing chains and applications for users to migrate to as quantum technology matures. As a result, the GeeqChain platform is more future-proof than any other existing blockchain platform.