Similar to existing cryptocurrencies, the Geon Network enables value transfer between individuals. However, the unique innovation of the Geon Network is that the recipient does not have to have an address stored on the blockchain in order to receive funds. Instead, the recipient simply provides proof-of-location, in order to validate any transaction on the network.
The goals of the project intend to tackle the issues described in the previous section: Ease of use Geon enables frictionless transfer of value between users of the network based on their geolocation. Users can re1 Global Geons do not have that restriction. See the section titled ‘Geon types’ for details. and acknowledging a notification on their mobile device. This results in a low bar for participation and should accelerate adoption across all types of users. ceive funds without having to generate and store a cryptocurrency wallet or mine a cryptocurrency the traditional way, computing a proof-of-work. The user simply agrees to the transfer by being present at a specific location.
Efficiency In the Geon Network, many users can transact, or ‘geomine’, at a given location. The system will optimize geomining requests on the underlying blockchain to enable hundreds of thousands of transactions per second globally (please see section titled Transaction Throughput below). The transfer of value is implemented with Geons – virtual beacons planted in specific geolocations – which hold Geon Coins. Users can acquire the coins either by converting fiat or crypto currency, or through the process called geomining, during which the coins are transferred to an auto-generated wallet on the user device. Geon Coins can also be transferred between Geon Network users without limit. To participate, the only requirement is that the recipient owns and carries a mobile device connected to the internet (see section titled The Recipient Device for details), e.g. a smart phone.
The Geon Network is built on smart contracts, which govern the geomining rules and execute transactions. It is important to note, that the platform allows for instant transfer of value to any place in the world without the need to specify the recipient’s address, as would be the case with traditional cryptocurrencies. Instead, the sender creates or identifies an existing Geon and transfers the funds to this beacon. The recipients use the Geon much like a standard Automatic Teller Machine (ATM), but with additional attributes. The Geon can drive people to certain locations and motivate certain actions (via affinity or entertainment) that provides value to the sender.