GEO Protocol is an open-source overlay protocol that enables creation and interoperability of value transfer networks.
In other words, it is a protocol solution that enables the creation of the so-called “Internet of Value”, a concept for a global network of value exchange and transfer. The ordinary internet disrupted the realm of information, and the upcoming IoV is supposed to do the same in the world of money and finance.
What problems did we have to solve?
- Creating the scope of interaction rules for native blockchain with the following properties: decentralized, scalable, semi-permissioned.
- Creating a proper token economy for the network that combines several different ecosystems and actors.
- Finally, making mathematical and economic models verify the tokenomics’ efficiency.
Challenges/difficulties we confronted doing this:
- The internal economy and security of the GEO Protocol are ensured by a complex motivation system for various categories of network participants. Together with the GEO team, we had to develop the right model for voting and the choice of blockchain validators that provide security on the GEO Protocol network.
- We had to invent a way to combine trustlines and state-channels of various blockchain (Bitcoin, Ethereum based and other smart-contract platforms)
- We needed to create an interactive 3D network visualization consisting of more than 10,000 nodes while ensuring high performance with simultaneous requests from more than 1000 users.
- We needed a gateway for cryptocurrency deposits to the GEO Protocol network, it should be convenient to use and be supported by both desktop and mobile devices.
We have studied the basic mechanics and algorithms of the protocol carefully, and have researched similar technologies with the aim of designing a blockchain with a suitable consensus mechanism.
After that, we studied the existing token models and designed a token economy for the protocol’s network to coordinate the actions of different actors. To prove the efficiency of the proposed tokenomics we created a mathematical model and simulation of the network performance under various conditions.
We have developed a solution that allowed event data collection from the network of nodes (node appearance, payment processed, a payment channel created, a node shuts down), cache them and display them in real-time in the user interface. The calculations of the position of 3D elements and the web-socket interface were optimized so that the required performance was achieved.
GEO Portal. Prototype for deposit/withdrawal and exchange of ETH & BTC via Telegram interface. We decided to create a Telegram bot with an intuitive interface and that could work on all devices. The bot has a functionality of exchanging various assets, and an external cryptocurrency exchange served as a custodian.
We used the following technologies:
- Telegram API