N.B: In the spirit of full transparency, the following Coin Report on GEEQ is a Sponsored Post.
Welcome to the 62nd Coin Report. In today’s report, I will be assessing the fundamental and technical strengths and weaknesses of Geeq. This will be comprised of an analysis of a number of significant metrics, an evaluation of the project’s community and development and an overview of its price-history. The report will conclude with a grading out of 10. I hope you enjoy the read!
Prior to conducting my research for this report, I was largely unaware of Geeq, beyond having seen the ticker on my Twitter feed a few times. I was contacted by the team to get a report scheduled, and having done some preliminary research upon this request it did appear genuinely interesting, and here we are…
I hope this report will prove objective where it must be and fair on more subjective matters. For those who’d like to learn a little more about Geeq prior to reading this report, here are some primary links:
Algorithm/Consensus: N/A (ERC-20 until Mainnet. Proof-of-Honesty consensus mechanism post-mainnet)
Sector: Public Multi-Blockchain
Exchanges: BitMax, Uniswap, Poloniex, Hotbit and Bilaxy
Geeq was conceptualised in 2017 by John Conley, Stephanie So and Ric Asselstine as a solution for public blockchain scalability, at the heart of which is a multi-chain network operating on a novel consensus mechanism called Proof-of-Honesty. Geeq was incorporated in 2018 and a preliminary patent was filed in January 2019. Development began later in 2019 and the project was officially launched in 2020 with a series of three fundraising rounds in exchange for GEEQ, an ERC-20 token that will later be swapped for the native GEEQ token upon mainnet launch in 2021.
Concerning fundraising, Geeq initially raised $250,000 for 1,000,000 GEEQ, equating to 1% of the maximum supply of 100,000,000, at a price of $0.25 per token. This was followed by a pre-round raising $400,000 for 2,222,222 GEEQ, equating 2.22% of the maximum supply. Finally, prior to the token generation event in early August 2020, the team conducted an unlocked round for the public, where $100,000 was raised for 0.4% of the maximum supply (400,000 GEEQ). In total, Geeq has raised $750k for 3.62% of the supply.
Regarding the remainder of the available tokens, 3% is allocated to Customer Acquisition, 9% to Marketing, 5% to Advisors, 7% to the Founders, 11% to the Team, 2% for Floating Liquidity and there is yet unissued and unallocated supply of 59.38%. This latter supply can be minted by the team for liquidity provision or business development and is only subject to minting 6 months after the token event, with any mints expected to be fully disclosed prior to issuance.
Upon mainnet launch, which is scheduled for 2021, Geeq will operate using Proof-of-Honesty consensus, which facilitates 99% Byzantine Fault Tolerance.
Whilst Geeq has been in development for over two years, its token GEEQ has only been trading for a few weeks; as such, there is very little price-history available and the bulk of its existence has been spent in a downtrend. We will look more closely at this in the Technical Analysis section, but for now it will suffice to say that its all-time high formed at 41,530 satoshis in mid-August 2020, shortly after initial trading. This coincided with its all-time high against the Dollar of $4.88. Its all-time low formed at $0.94, or 9,350 satoshis, in the second week of September.
Geeq is, at first glance, somewhat complex in its design, with its novel consensus mechanism and its multi-chain architecture. However, its purpose is rather straightforward: to fix the scalability issues plaguing public blockchains whilst also improving on the security of current solutions, in doing so allowing for the flourishing of microcommerce and the integration of blockchain solutions into enterprises globally.
As stated in its whitepaper:
“Geeq is based on a new blockchain consensus protocol called Proof of Honesty (PoH). PoH empowers users who hold tokens on the platform to determine for themselves whether the network of validating nodes is behaving honestly. This allows Geeq to provide 99% Byzantine Fault Tolerance (BFT) while delivering rapid transaction finality at extremely low transactions cost. An additional protocol based on economic mechanism design gives Geeq Strategically Provable Security (SPS). Geeq’s multi-chain architecture creates an ecosystem of interoperable instances that can safely share $GEEQs (the platform’s token) and native application tokens while supporting almost any type of internal business logic. This makes Geeq suitable for a wide variety of use cases, allows for upgrades and bug fixes without breaking protocol or instituting hard forks, and offers a flexible and more secure platform for startups and DApp developers who wish to take full advantage of blockchain’s potential. The $GEEQ itself is a stabilized-token supported by an innovative algorithmic monetary policy designed to reduce price volatility and make $GEEQ a less risky store of value and a more attractive medium of exchange.“
I look forward to evaluating its progress.
Let’s begin with some Metric Analysis:
Below are listed a number of important metrics, all of which are accurate as of 16th September 2020. For anyone reading this who has yet to read a Coin Report, it might be worth reading this section of the first report, where any potentially unfamiliar terms are explained. For any terms or metrics specific to this post, I will provide explanations besides the figures.
Price: $1.24 (11,450 satoshis)
Circulating Supply: 3,066,665 GEEQ (source)
Total Supply: 100,000,000 GEEQ
Maximum Supply: 100,000,000 GEEQ
% of Max. Supply Minted: 100%
Network Value: $3,801,367 (351.13 BTC)
Network Value at Max. Supply: $123,957,700
Exchange Volume: $1,042,588 ($916,782 excluding wash)
Exchange Volume-to-Network Value: 27.43% (24.12% excluding wash)
Average Price (30-Day): $2.21
Average Exchange Volume (30-Day): $1,014,595
Average Network Value (30-Day): $4,600,262
Average Exchange Volume (30-Day)-to-Network Value: 22.06%
Volatility* (30-Day): -0.4921
Average Daily On-Chain Transactions (30-Day): N/A
Average Daily Transactional Value** (30-Day): N/A
NVT*** (30-Day): N/A
% Price Change USD (30-Day): -52.1%
% Price Change USD (1-Year): N/A
USD All-Time High: $4.88
% From USD All-Time High: -70%
Premine % of Max. Supply: 0
Premine Location: N/A
Liquidity (calculated as the sum of BTC in the buy-side with 10% of current price across all exchanges): 2.24 BTC (excluding $101k liquidity on Uniswap)
Liquidity-to-Network Value %: 0.64%
Supply Available on Exchanges: 36,558 GEEQ
% of Circulating Supply Available on Exchanges: 1.19%
*Volatility is calculated by taking the average price over the given time-period, calculating the difference between it and the highest price and it and the lowest price over that same time-period, and multiplying those figures together. The closer to 0, the less volatility during that period, and vice-versa. Read this for more on volatility.
Supply Emission & Inflation:
Block Reward Schedule: No block reward schedule. Tokens join circulation via vesting unlocks. 60% of the maximum supply is yet unallocated and can be unlocked by the team 6 months following the Token Generation Event, subject to board approval. Expected circulating supply is ~14mn GEEQ in 12 months and ~41mn GEEQ in 24 months, as per the chart below.
Average Block Time: N/A
Current Block Height: N/A
Annual Supply Emission: 10,933,335 GEEQ for the next 12 months (~1251.87 BTC at current prices)
Annual Inflation Rate: 356.52% for the next 12 months, expected to be declining thereafter but still high for the period between August 2021 – August 2022.
Circulating Supply in 365 Days: ~14,000,000 GEEQ
The following details were taken from this source.
Public Sale Period: Ended 31st July 2020
Total Tokens: 100,000,000 GEEQ
Total Tokens Available for Public Sale: 400,000 GEEQ
Total Raised: $100,000
Average Price Per Token: $0.25
Total Tokens Sold: 400,000 GEEQ
- Seed Round: Raised $250,000 for 1,000,000 GEEQ (1% of supply) at average price of $0.25 per token.
- Pre-Round: Raised $400,000 for 2,222,222 GEEQ (2.22% of supply) at average price of $0.18 per token.
- Unlocked Round is the round detailed above raising $100k for 400,000 GEEQ (4% of supply).
- Total raised by Geeq is $750,000 for 3.62% of the maximum supply.
- Unissued Supply: 59.38%
- Pre-Round: 2.22%
- Unlocked Round: 0.4%
- Customer Acquisition: 3%
- Marketing: 9%
- Founders: 7%
- Advisors: 5%
- Team: 11%
- Floating Liquidity: 2%
- Seed Round: 1%
Address Count: 1,337
Supply Held By Top 10 Addresses: 0.58% of maximum supply, 18.84% of circulating supply*
Supply Held By Top 20 Addresses: 0.72% of maximum supply, 23.64% of circulating supply*
Supply Held By Top 100 Addresses: 1.04% of maximum supply, 33.8% of circulating supply*
Inactive Address Count in Top 20 (30 Days of No Activity): 0**
*Excluding smart contracts and exchange addresses, which occupy the entire top 12 addresses; as such, I have included the subsequent 12 non-exchange/smart contract addresses in these figures.
**Excluding smart contracts and exchange addresses, and including the subsequent privately-owned addresses.
There’s rather a lot to work through here, but I’d like to begin by looking at the General metrics before moving onto Supply Emission and Inflation and then concluding this section with some Distribution analysis:
Firstly, let’s take a look at Geeq’s Volatility, which came in particularly high. I calculated its 30-day figure to be -0.4921, which places it 3rd-highest amongst coins previously reported on. However, this is very much the norm for projects that have only been trading for a few weeks, so it is not too concerning. In fact, as we’ll see later in the report, there is a brief consolidation that is forming at present.
Moving on, let’s take a look at the two Liquidity-related metrics:
For buy-side Liquidity, I calculated that there was 2.24 BTC of buy support within 10% of current prices across listed exchanges (not including $101k of liquidity on Uniswap), equating to 0.64% of its Network Value. This is pretty impressive and places Geeq 10th-highest among prior reports.
Looking at the sell-side, I calculated there to be 36,558 GEEQ available for purchase on the orderbooks (not including Uniswap), equating to 1.19% of the circulating supply. This is in the bottom fifth of prior reports, indicating a relatively low desire to sell among current holders, at any price. That said, as I’ll discuss a little later in this sub-section, there is 1.6mn GEEQ held on exchanges according to the rich-list, equating to 53% of circulating supply, but very little seems to be in the orderbooks. There is clear reasoning behind this, as I’ll highlight.
Before I move on from the General metrics, let’s take a look at those related to volume:
Geeq traded a reported $1,042,588 of Exchange Volume over the past 24 hours, equating to 27.43% of its Network Value; a very high figure. Unfortunately, it is likely to be somewhat of a false one, although through no fault of the project itself. It appears that ~$130k of this volume is wash traded from Hotbit and Bilaxy. As such, if we discount the wash, Geeq traded $916,782 in the past 24 hours, equating to a still-impressive 24.12% of its Network Value. Further, its Average Daily Volume for the past 30 days was $1,014,595, equating to 22.06% of its Average Network Value for the same period. This is one of the highest figures ever recorded in these reports and there is clearly speculative interest in the project.
Now, with regards to Geeq’s supply emission, there is no block reward schedule available, with supply emission coming in the form of token unlocks after vesting periods and distribution from team/company allocations. Moreover, as aforementioned, 60% of the maximum supply (60mn GEEQ) is currently not allocated to anything. Given the information available and the circulating supply chart printed above, I calculated Geeq’s annual supply emission to be 10,933,335 GEEQ for the next 12 months, equating to 1251.87 BTC at current prices. This would give Geeq an annual inflation rate of 356.52% for Year One, likely to be decreasing annually. The expected circulating supply in August 2021 is ~14,000,000 GEEQ. That said, the expected circulating supply is ~41,000,000mn GEEQ in August 2022, so even Year Two will have high levels of supply emission. It is only following this that supply emission is likely to decrease dramatically.
What is more important than emission alone, however, is the relationship between it, traded volume and liquidity:
Using the above figures, we can calculate that Average Daily Supply Emission will be 29,954 GEEQ, equating to ~3,43 BTC, or $37,131-worth. When we compare this to traded volume (discounting wash), these emissions are covered by 24.7x; against average daily trade volume, emissions are covered by 27.3x. However, Geeq’s liquidity of 2.24 BTC is not sufficient to cover these daily emissions. If we include Uniswap liquidity, the picture is a little more attractive, but still not ideal. Speculative volume is sufficient at present, but not buy-side liquidity.
Given this, I would argue that the mid-term tokenomics (for the next 12-18 months) are not particularly attractive from a speculator’s perspective, with moderate probability of price decline should liquidity not improve in 2021. That isn’t to say that short-term tokenomics aren’t attractive, as they arguably are, given that expected circulating supply in 6 months is only ~7.5mn GEEQ; I just feel that current prices aren’t sustainable over the next 18 months without improvements in liquidity. If we look forward 18 months (~30mn GEEQ circulating supply), you would be paying for a $37.2mn network value (or market cap) at current prices. However, this is naturally not accounting for fundamental/developmental progress over that period, which we shall discuss later in this report.
Let’s wrap up this section with a look at Distribution:
Looking at the Geeq rich-list, I found that there were 1,337 holders, which is in the bottom third of figures found in these reports. This isn’t particularly concerning at present, given that the token generation event was barely six weeks ago.
Of these holders, the top 10 addresses control 0.58 of the total supply and 18.84% of the circulating supply; the top 20 control 0.72% and 23.64%, respectively; and the top 100 control 1.04% and 33.8%, respectively. This is excluding smart contract and exchange addresses, the former of which occupy 9 of the top 10 addresses and control 96.9mn GEEQ not in circulation, which is very centralised. Exchange addresses occupy #9 and #11 (BitMax), #12 (Poloniex) and #20 (Uniswap), controlling 1.6mn GEEQ (53% of the circulating supply). The reason for so much of the circulating supply being held particularly on BitMax is likely due to the pre-staking program that they have launched; as such, I would imagine many holders are participating in this by holding their GEEQ on-exchange.
Regarding the activity of the top 20 non-exchange/smart contract addresses, I found that 0 were inactive over the past 30 days, with 18 addresses accumulating and 2 addresses distributing, with net inflows into the top 20 over that period of 425,406 GEEQ, equating to 13.8% of the circulating supply. The largest holders are quite clearly adding at present.
And that concludes this section; onto the Geeq Community:
There are two primary aspects of community analysis: social media presence and Bitcointalk threads. I’ll begin with the former before moving on to the latter.
Concerning social media presence, there are four main platforms to examine: Twitter, Facebook, Telegram and Discord.
Geeq is present on two of these platforms: Twitter and Telegram. To begin, let’s look at the various social metrics that I calculated from the Geeq Twitter and Facebook accounts:
Twitter Followers: 17,643
Average Twitter Engagement: 0.21%
Facebook Likes: N/A
Facebook Posts (30-Day): N/A
Average Facebook Engagement: N/A
As usual, I will be using RivalIQ‘s social benchmark report for evaluation purposes.
Geeq has a modestly-sized Twitter audience of 17,643 followers, which places it in the top third among coins previously reported on. However, it has less than impressive engagement at 0.21%.
Though this is 4.6x greater than the average across all industries of 0.045% and 7.7x greater than the average in the Tech and Software industry of 0.027%, relative to other Coin Reports, it is the 6th-lowest. This is not great at all and suggests that – despite the relatively large following – the community on Twitter is not particularly engaged by the content published to the platform.
There is no Facebook page for Geeq.
There is no Discord group for Geeq.
There are 13,391 members of the Geeq Telegram group.
This appears to be the hub of the community, although despite the fairly large group size, there is not a huge amount of activity. I found there to be a few dozen messages per day, on average. I’ve provided my key takeaways from the past week’s activity below:
- There is currently a pre-staking program underway on BitMax for GEEQ.
- The admins responds to queries promptly.
- There is some degree of palpable excitement about the future of the project among community members, although a few have expressed concerns about mid-term tokenomics.
- Geeq has integrated Chainlink oracles to connect to off-chain resources.
- There will be a token swap to native GEEQ from the current ERC-20 token post-mainnet launch.
- There are some basic questions asked by the community that are swiftly answered by the team, mostly relating to circulating supply, the mainnet launch and the token swap.
- Much of the most recent discussion is related to BitMax’s pre-staking program.
Whilst there is a moderate degree of activity and some sense of an engaged community, this is still in its infancy, despite the fact that over 13,000 members are in the group.
There is also a Turkish Telegram community with 100 members.
There is no BitcoinTalk thread available for Geeq.
Overall, there are many gaps here across community platforms and I believe a more concerted effort towards growth of the community is required.
And that concludes my evaluation of the community for Geeq. Let’s take a look at its developmental progress:
For the following Development analysis, I will be evaluating project leadership, the website, the roadmap, the whitepaper, the wallets and finally providing a general overview:
The Geeq team consists of 15 employees, as listed on the website, with 22 employees found on LinkedIn. Moreover, there are 8 listed advisors.
More specifically, the team comprises:
- Ric Asselstine, Chief Executive Officer and Founder; assisted in the formation of Open Text Corporation, co-founded Terepac Corporation
- John P. Conley, Chief Economist and Founder; decades of experience in game theory, mechanism design, mathematical economics and public economic theory, co-creator of Proof-of-Honesty
- Stephanie So, Chief Development Officer and Founder; co-creator of Proof-of-Honesty
- Lun-Shin Yuen, Chief Architect and Founder; previously third engineer at Intuit, lead development at Career Central, PayCycle and Quicken
- Eric Ball, Treasurer; co-founder of Impact Venture Capital
- Hans Sundby, Head of Crypto; 5+ years experience working with cryptocurrencies
- Ian Smith, Lead Developer; experience in network and OS security and systems theory
- Bridie Mitchell, VP Corporate Development; co-founder of Covarity
- Andres Navarre, Adoption; 15+ years experience at Intel, United Nations, IADB and the Ministry of ICT, co-founder of RISE-Ops Solutions
- Amy Bell, Content and Communication; 20+ years experience in writing and marketing, founder of WritePunch Inc.
- Kieran George, Growth and Marketing; 10+ years experience in marketing within finance and technology
- Robbie Vander Ghinste, Business Development; 6+ years experience in Information Technology
- Russell Compton, Website Development; co-owner of Independent Development, a web development firm based in Canada
- Bill Griffiths, Community Manager; 25+ years in customer service
- Michael Reynolds, Motion Graphic Design; experience in video production, animation and design
The advisory board is as follows:
- Tom Hunter, Partner at Gowling WLG
- Rex Yeap, Partner at Invention Capital, LLP
- Kurt Hoppe, Director at Google
- Gene Deszca, Professor Emeritus WLU
- Murray Gamble, President of The C3 Group
- Simon Wilkie, Head of Monash Business School
- Blaire Gateman, President of Gateman-Milloy
- Wesley Pryor, CEO of Acheron Trading
The website is quite simple in its design, but navigation is smooth and content is readily accessible; moreover, there is plenty of information available on the site for potential new users or speculators.
If we begin by looking at the homepage, the tagline reads Embrace Blockchain With Confidence, below which we find a list of documents, including a whitepaper, technical paper, patent filing and a one-pager, as well as an overview of Geeq that highlights its two core features: its multi-blockchain architecture and Proof-of-Honesty consensus. We also find links to social platforms in the sidebar.
Moving further down the homepage, we find a list of partners, including Jun Capital, Morpheus Labs, Communitech, Terepac, MioVision, Chainlink and Impact Venture Capital.
We also find a more detailed breakdown of Geeq’s Limitless Ecosystem, which delves further into the primary features of the platform:
- Unsurpassed Security via the Proof-of-Honesty protocol, in order to more provide solutions more suitable for substantial commerce.
- Built To Last because of the from-scratch approach to development employed by the team, with individual blockchains within the Geeq ecosystem having full flexibility and customisation capabilities, with clear upgrade paths moving forward.
- Everyone Wins due to the ecosystem design, which incentivises everything and means that any value provision is paid for.
Below this, we find another link to the whitepaper and technical paper, as well as links to Telegram, Twitter, News and LinkedIn. We also find a video announcement of Geeq’s recent integration of Chainlink oracles, as well as a list of recent blog posts as we approach the footer of the page (which I will cover shortly).
If we scroll back to the navigation menu in the header, here we can find a Contact page, detailed information on the Team (covered above), a regularly updated blog on the News page, a Tokenomics informational page and links to important documentation.
I will refrain from repeating information found in these pages that will later be covered in the Whitepaper section, but I am impressed by the amount of material available here for users.
The roadmap can be found here.
Unfortunately, it appears that no real roadmap is available but there is a brief one displayed on the One Pager linked above, which contains a historical timeline of the project plus vague future expectations and milestones.
As we know, Geeq was conceptualised in 2017, with its whitepaper released that year and the company’s incorporation and patent filing following in the subsequent 12 months. All we can gather from this roadmap moving forward post-project launch in 2020 is that 2021 is considered the Adoption phase and will consist of the mainnet release, followed by a focus on commercial adoption and consumer adoption. 2022 will be the Scale Up phase, focusing on the growth of microcommerce.
Honestly, this is not particularly useful for any potential users or speculators. It would be great to see something more detailed, independent of other documentation and perhaps native to the website, allowing for new users to more readily understand the short-to-mid-term future of the project.
I have provided my key takeaways from the whitepaper below:
- Geeq is built to improve upon the current issues faced by public blockchains, with a novel consensus protocol called Proof-of-Honesty that is designed to give users ultimate authority as opposed to a consensus of nodes on the network.
- Proof-of-Honesty is 99% Byzantine-Fault Tolerant, giving Geeq Strategically Provable Security.
- Geeq will be interoperable, with a multi-chain architecture. Each chain is a geeqchain, which can be customised and optimised depending on the required use-case.
- There is a validation layer and an application layer, with both existing separately and each geeqchain having its own validation network.
- An instance of Geeqchain is a blockchain that is utilising the Geeq validation protocols. Each geeqchain has its own genesis block and all instances comprise “an ecosystem of separate but interoperable blockchains that make up the Geeq platform”: Instance -> Geeqchain -> Geeq.
- Geeq are the creators of new genesis blocks in order to prevent duplication of chain and token names, ensuring chain adherence to Geed protocols (thus ensuring interoperability) and to fix the rules of operation to ensure honesty on the network.
- Once a genesis block is created, it is immutable, with Geeq having zero control over it and neither anyone else.
- Multi-chain architecture facilitates long-term upgrade paths, as new genesis blocks can be created for new instances of a geeqchain, with no tokens on the new chain. Users are then free to move tokens to the new chain where the rules have been updated or remain on the current geeqchain.
- Geeq Architecture: Each geeqchain will consist of a validation layer, which contains only GEEQ tokens, GEEQ accounts, manages token transactions between users and validation fee payment. There will also be an application layer, which will be customisable, supporting smart contracts, business logic, dApps, native tokens and specialised data items. Both layers for each geeqchain will have the same validation network, which will itself be independent from other geeqchain validation networks.
- Any user can anonymously join an Active Node List for a geeqchain and set up a Geeq node by transferring a yet undetermined amount of GEEQ into escrow as a Good Behaviour Bond.
- There is no master-chain for Geeq and thus no central point of failure.
- The first security layer utilises the Catastrophic Dissent Mechanism to ensure honesty among nodes, whereby, if all nodes are honest, all nodes reach consensus on the same correct conclusion. Dishonesty is the only way to reach a different conclusion to an honest node. This mechanism means that if even a single node is honest, it can audit against dishonest nodes and throw them out on its version of the ledger, with an honest and correct version of the blockchain existing because of this. Moreover, honest behaviour is coalition-proof, with universal honesty being the only coalition-proof equilibrium. As such, even if 99 of 100 nodes are dishonest, the 1 honest node has the authority.
- The second security layer utilises Proof-of-Honesty to give authority to users rather than nodes. Proof-of-Honesty works as follows: users use a software client to interact with geeqchains, whereby, when making a transaction, the user client requests the Active Node List from a node and then selects one of these nodes randomly. The node is requested to provide proof that its geeqchain is honest and correct. The proof is provided if the node is honest, the user client verifies this and then the user executes the transaction. This ensures that Proof-of-Honesty is 99% Byzantine-Fault Tolerant.
- Where Pow, PoS, public and private DAGs and Proof-of-Authority blockchains are all 50% or lower BFT, Geeq is 99%. As such, unlike these other types of DLTs, Geeq is also coalition-proof, whereas they have Nash equilibrium.
- Geeq has Edge Security, which allows account holders to protect themselves from dishonest nodes.
- Geeq can scale without limit due to its interoperable, multi-chain architecture, with transaction costs averaging $0.0001.
- Geeq utilises an Algorithmic Monetary Policy that expands the token supply gradually as GEEQ increases in prices in order to create a fiat cash reserve. This reserve will be used to support GEEQ’s price during declines. This goes some way towards stabilizing volatility across cycles.
- The utility of GEEQ itself is to pay for validation and for transactions. Geeq expect its properties to make it a viable option for payments, escrows, remittances and tokenization.
- The utility of the Geeq platform is expected to be limitless, with it able to fit the use-case of a plethora of sectors and industries. These include Internet of Things (smart cities come to mind here as a primary use-case), Compliance and Liability, Transparency and Accountability and Machine to Machine Markets. Other use-cases include micropayments, such as streaming payments and peer to peer content platforms, and distributed business processes, such as logistics chains and real estate transactions.
- Geeq receives one third of the fees generated on the platform, whilst nodes are paid two-thirds. For example, a 25-node network operating at 20 transactions per second across 1200 devices on 1 geeqchain instance would generate $63,000 of transactions fees annually, with $21,000 of this going to GEEQ and $1,700 going to each node.
Currently, GEEQ can be stored on any ERC-compatible wallet, including hardware wallets such as Ledger and Trezor, as well as a plethora of web wallets, desktop clients and mobile wallets. Following the launch of the mainnet in 2021, GEEQ will be swapped to the native mainnet token. It is yet unclear which wallet options will be available subsequently.
And that concludes my fundamental analysis of Geeq. Let’s conclude this report by taking a glance at its price-history:
As we can see from the charts above, there isn’t a great deal of price-history available for analysis, as GEEQ has only been trading since 7th August, 2020. Moreover, both the Dollar pair and BTC pair are pretty much identical due to the limited data, with both pairs having spent the bulk of their time in a downtrend.
If we look at GEEQ/BTC, we can see that price initially found support around 26k satoshis before rallying into the current all-time high at 41.5k satoshis in mid-August. This led to a retest of support, which was followed by a lower high at 38k satoshis and a subsequent collapse below the 26k-satoshi support zone. Price fell for a few days until new support was found at 15k satoshis towards the end of August, then rallying back into 26k satoshis to retest it as resistance, with price failing to hold above. Since, price has fallen to the current all-time low at 9,350 satoshis around a week ago, though for the first time in its history it appears to be forming a base. There is consolidation occurring between the all-time low as ranger support and range resistance around 12k satoshis, with price having poked above the range to retest trendline resistance but failing to break out. Now, there is every possibility that price continues lower, and a daily close below 9,350 satoshis would open up bearish price discovery and new all-time lows. However, if price is able to hold this range and break out above trendline resistance, I think we see the prior support at 15k satoshis tested; if that level is flipped, the next major resistance is back at 26k satoshis. As such, for a short-term trade setup, I am buying this range with a stop-loss on a daily close below the all-time low, looking for that 25-26k-satoshi area to be retested. More risk-averse traders should await for 15k satoshis to be reclaimed as support before entering, in my opinion.
However, more important than the short-term setups are the mid-to-long-term prospects. To be honest, I wouldn’t be comfortable holding GEEQ for more than 6 months at present without seeing improvements in liquidity during that time. I do think the next 6 months could be fruitful for holders, given it is the environment in which the lowest circulating supply will exist and where token unlocks are minimal. It is post-Q1 2021 that I think the trouble could be found for holders if liquidity doesn’t improve in line with the expected emissions. That said, you are buying all-time lows and a 70+% decline from the all-time high here, which is about as good as it gets if you are bullish moving forward; the invalidation level couldn’t be clearer.
And that concludes my evaluation of Geeq.
This report is now over 5,000 words, and it is time to draw it to a close.
My final grading for Geeq is 7 out of 10.*
*Now, I’d like to say straight off the bat that this grading is simply where I deem Geeq to be at present, and it is primarily based on the issues I have with mid-term tokenomics versus current liquidity levels, a lack of consistency across social platforms and marketing efforts and, of course, the pending launch of the public multi-blockchain. However, I very much expect that this grading will be subject to revision if I see signs of growth across the community and liquidity fronts and once the mainnet has been successfully launched. The concepts and the protocol are genuinely novel and I am intrigued to see how project develops.
Here, you can find my grading framework, for reference.
Lastly, here is a link to a Google Sheets file with any significant data from previous reports compiled for cross-comparative purposes. I will keep this updated as I continue to write these reports.
I hope this report has proved insightful and that you’ve enjoyed the read! Please do feel free to leave any questions in the Comments, and I’ll answer them as best I can.