GeoDB Coin: GEO Token issued
We’re pleased to say that our token, the GEO token, has been issued on the mainnet of Ethereum on 29th August 2019.
As we said in our last post, based on our research ERC-20 and ERC-777 standards are the most suitable for our solution. Finally, we’ve taken the best of both worlds, issuing an ERC-777 token backward compatible with the ERC-20.
ERC-777 isn’t backward compatible with ERC-20 by default, but it can be (the functions of ERC-777 and ERC-20 are orthogonal) and it’s fully recommended in order to achieve an accelerated adoption of the standard. Our token is an ERC-777 token backward compatible with ERC-20 issued using open-zeppelin’s audited implementation released on May 7th, 2019.
In practice, the advantages of using a token backward compatible with a previous specification widely extended are clearly understood if we think of a well-known case described below.
Let’s think about USB-C. It’s faster, it’s reversible, but it requires new wires and a USB-C device can’t be plugged into a traditional USB port.
All previous USB upgrades were backwards compatible with previous ports, so you could connect any USB device to any USB port. If you connect a USB-2 device to a USB-2 port it works faster, if you connect it to a USB-1 port it works slower, but it works in all cases.
Our users will be able to use our token on all tools that support ERC-20 and ERC-777 standards. It’ll be better for them to use it as an ERC-777 token, but given the current variety of the tools, we believe that the best solution is the one we’ve taken, an ERC-777 token backward compatible with ERC-20 specification.
Thus GEO token is an ERC-777 utility token that will allow our whole solution to work, on the one hand as the channel of value exchange, and on the other hand to incentivize all of the users to share their data.
The ERC-777 standard is destined to foster increased usability and adoption for fungible tokens on the Ethereum network. With a completely revamped approach, the standard aims to allow the holder to use the tokens in the same way they would use the native token, ETH, in a simpler and safer way as was done with ERC-20.
This implies that a plethora of new and better features are available instantly for our token, the most important of them being safety when transferring back and forth your tokens to and from contracts, such as decentralized exchanges. ERC-20 has come with critical usage and security issues that are now gone with ERC-777, such as accidentally locking your tokens in smart contracts that won’t allow to send them back to their rightful owner. Not only safety is increased with it, the way the standard is defined allows deeper DeFi use cases; think about it: lending, periodic payments, compounding, stable-coin versions. ERC-777 is the next step for token platforms, so we wanted to both support the latest developments available in this ecosystem, and to lead the pack in the adoption race, with all the guarantees to safeguard a clean migration thanks to the ERC-20 backward compatibility.
Geo token use
One of the main differences of our solution compared to other data marketplaces or big data solutions is that we don’t aspire to compete, but to promote an integrated ecosystem. We believe that big data and DLT tools should be adapted to the specific needs of each user, and therefore, the interconnection between distributed ledgers and big data ETL tools will be increasingly common and necessary.
In this scenario, we conceive the GEO token as the fuel to move the economic value, representing each token the economic value of an amount of data.
Every day, each user that provides data to our solution will receive GEO tokens, and they can choose between several options:
- Exchange them for discounts and coupons from our partners.
- Use them in our connected platforms.
- Transfer them freely to other users.
- Sell them in external exchanges.
- Sell them to anyone interested in buying datasets in our solution.
Token in data
- SMART CONTRACT: 0x147faf8de9d8d8daae129b187f0d02d819126750
- SOURCE CODE: HERE
- NOTATION: i) Using the code ‘GEO’ followed by a hard space and the amount (GEO 200) or ii) Using the amount followed by the sign ‘G’ without space (200G).
- SUPPLY: Limited and capped to 1 billion tokens.
- ALLOCATION: i) 10% Reserve, Team & Bounties, ii) 20% Investors and Token Sales and iii) 70% User Reward & Community.
- REWARDS: Issued over a period of 21 years.
- UTILITY: Token is inseparable from the network.
Soon more news ;) Stay tuned!