GeoDB Project Insight: The First Big Data Sharing Ecosystem on the Blockchain

GeoDB will bridge the lack of trust in traditional systems using the decentralized technology of the blockchain. At all times, data scientists and users can get access to data owners, ensuring that data owners get ample rewards.

By
Wilfred Victor
on
March 26, 2021
Category:
Project Insight

What is GeoDB?

Geo Data Block is a decentralized peer-to-peer big data sharing ecosystem that returns value to its creators, the users powered by the blockchain. The platform rewards anyone around the world for the data they generate.

The platform is concentrated on its user base and the number of new apps being launched. In its mission statement available on its website here, the platform aims to democratize the big data economy and prioritize its users.


Key Features

  • Peer to Peer
  • Data Sharing Economy
  • Yield Farming
  • Open Decentralized Data Market


Project Components

Peer to Peer Data Sharing Economic:

A distinctive component with the GeoDB versus other available solutions in the traditional big data network is the platform’s decentralized peer-to-peer network approach. To achieve high throughput and shred big data across the network, a peer to peer approach using the decentralized nodes of the blockchain will achieve much more result in areas of;

  • Accessibility at all times
  • Zero Downtimes
  • Security and Privacy of data
  • And true Democratization of the Big Data Economy.

GeoDB comes at a time when the need for a better data-sharing ecosystem is high in demand. Big data is poised to take on the multi-trillion dollar market that is currently speculated in a few years of the data-sharing economy.


GeoMarket (Data Market): 

GeoDB data market proposes a real alternative to manage how users provide their information and how data scientists can obtain it. GeoMarket will create a regularized market for the trade of data between data owners and consumers. Due to the Distributed Ledger Technology (DLT) of the blockchain, a trusted solution can be created where users can obtain a fair reward for their information and data scientists can perform their analytics using it.


Yield Farming

Not only are the users going to enjoy a better data sharing service, but GeoDB has also initiated popular Geyser Yield Farming for its users.

Get access to Geyser 1 and Geyser 2 after you are done following the procedures correctly as stated in the guide and start earning ASAP! The GEO liquidity incentive mechanism is to reward users that provide health to the GEO ecosystem.


Recent  Achievements

GeoDB has attracted a high reward in various facets for all of its real value provisions and expansion of Defi users’ profit potential and data sharing economy. The recent achievements are as follows:

  • 250k+ worldwide users of the first app, Geocash, and more wallets getting created every day
  • New apps (GeoScan and Volta) developed and ready for launch soon
  • Geo Marketplace launching to facilitate the purchase of harvested data
  • Live on #BSC 2 weeks ago, and the bridge was created.
  • Own data oracle network Odinprotocol - http://odinprotocol.io/ - will be launching soon.
  • Recently announced new technology integrations/partnerships with Chainlink, Ocean. (we are providing foot traffic data to chainlink)
  • 6 million GBP raised in 3 separate successful crowdfunding rounds (One of our recent raises: https://www.seedrs.com/geodb1)
  • 2000+ retail investors, mainly from Europe
  • Highly experienced team of 30+, with 18 developers
  • 3-year-old project, company listed in the UK, building quietly and now ready to move forward successfully
  • $GEO token already listed on some exchanges, and more Major Exchange listings coming soon
  • Trading on Uniswap, PanCakeSwap, and some CEX already, with growing support as more people discover us
  • Liquidity and Yield Farming in place and proving very popular
  • Current Market Cap of $12.3M
  • A global community of 120K+ and growing all the time


Partnerships

The project has linked itself with credible strategic partnerships that further expand on the main goal and objectives of the platform;

Partnership with Ocean Protocol to bring more decentralization and openness to the big data industry.

Ocean Protocol, another data-focused blockchain, will be providing GeoDB its technology for GeoMarket integration to add the necessary element of data exchange deals, metadata management, and in the future a compute to data operations. These actions will bring value to both GeoDB and Ocean Protocol ecosystems which will now have a strong use case of mobile generate data.

Chainlink

The GeoDB team has partnered with Chainlink, using their oracle service. Chanlink oracles are crucial to GeoDB as they are used to trigger on-chain logic. Using these oracles GeoDB will be able to bring its data on-chain. Chainlink was specifically chosen as they are regarded as one of the most secure and reliable oracle services. The team has outlined the following features which ultimately make the use of Chainlink worthwhile:

  • Data Signing — Chainlink nodes cryptographically sign the data they provide on-chain, allowing consumers to verify the origin of GeoDB data and prevent man-in-the-middle attacks.
  • Blockchain Agnostic — Chainlink nodes can service any blockchain network, acting as a single gateway to supply GeoDB data on all blockchains both now and in the future.
  • Security Focused — Chainlink is thoroughly audited open-source software built upon strong academic research and maintained by a large developer community, ensuring high levels of security and reliability for oracle services.
  • Large Adoption — Chainlink is the most widely used oracle network and secures over 10 billion dollars in on-chain value, presenting GeoDB with a large developer base to tap into that’s already utilizing Chainlink for off-chain data.

Recent Integration into the Binance Smart Chain: As part of the mission to provide value to the growing number of blockchain participants, the platform has recently integrated into the BSC network’s economic system. 

The team has announced it will be implementing BSC as its second layer in the protocol that distributes rewards to users through Geocash and other future applications connected to GeoDB.


Tokenomics

To further drive value to the GEO token the team has decided to burn 65% (650,000,000 GEO) of the total supply. This burn will take effect on Monday, 03/29, reducing the max supply to 350,000,000 GEO. 

Max Supply - 350,000,000 GEO 

Circulating Supply - 21,593,684 GEO

Etherscan and Binance Smart Chain Token contracts.


Roadmap

  • Listing on top 3 exchanges
  • US market expansion
  • Start of Data purchase transaction with GEO
  • Loyalty reward for data uploaders
  • 10+ proprietary apps launched
  • 50+ data connected clients to the ecosystem
  • 100+ connected third-party apps to the ecosystem
  • Partnerships with the leading data buying company

The roadmap is heavily concentrated on driving value to the big data sharing economy. The users’ are incentivized with the loyalty rewards paid out to data uploaders. Currently, the project is in line with its roadmap, as seen in its achievements since the start.

Below is the Roadmap for the ODIN protocol,GeoDBs Open Data Interoperable Network (ODIN) 

https://odinprotocol.io/


In Conclusion

A big data-sharing network in a decentralized peer-to-peer system will provide industry advancement. It aids an industry marred with the low trust of participating individuals. It has resulted in the shortage of data for studies by data scientists and generally companies, individuals who need data for research purposes.

GeoDB will bridge the lack of trust in traditional systems using the decentralized technology of the blockchain. At all times, data scientists and users can get access to data owners, ensuring that data owners get ample rewards. This solution would give rise to more research in the future.

For those who wish to learn more about GeoDB, check out the following resources and media pages:

Website

Twitter 

Telegram

Medium

Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.