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GEO Protocol allows creating assets and exchanging them via off-chain transactions

12-03-2018 01:59 PM CET | IT, New Media & Software

Press release from: GEO Protocol

GEO Protocol allows creating assets and exchanging them via

GEO Protocol, a decentralized p2p network, allows creating various assets and exchanging them via fast off-chain transactions. It connects different ledgers while making inter-blockchain value exchange as simple and cost-effective as sending information over the Internet.

Current challenges: compatibility, slow processing, high fees.

Today’s public decentralized solutions are not ready to enter the general global mass market due to the inability of using different asset types. Most of these proposed solutions have no advantages over the existing financial system because ledgers are more suitable for storing assets than for their convenient exchange and microtransactions.

Blockchain teams focus on modernizing their own technologies that are not interoperable with other ledgers. Due to a high cost of integration, just a few payment service providers cooperate with each other. Fees are charged for transactions, and the transaction speed is extremely low.

On top of that, the immature industry struggles with monopolization of the payment processing market, lack of open-source technologies, friction in cross-border payments and other bureaucratic restrictions.

Making network flexible and customizable

GEO Protocol embraces an approach which is completely different from those taken by already existing projects like Ripple or Lightning Network. The main distinctive features are its unique method of transactions executing, an absence of a common ledger and consequently sharing information throughout a network. That is not a mere blockchain system, but a network that may function, connecting existing and future ledgers while existing independently of them.

The Protocol enables combining various types of relationships, selectively trusted or
trustless, offering a flexible and scalable network. It uses inner economic incentive systems for solving complicated technical questions, preventing fraud and attacks inside the network.

Node = ordinary smartphone

GEO is an off-chain protocol where data is distributed over the network, and is stored by the nodes between which the channels are installed. The consensus is reached locally only between the parties that are directly involved in the operation. This approach allows to reach high throughput, as well as accessibility for less powerful devices, be it even an ordinary smartphone.

The main idea is not to attach to one blockchain, but to allow users to have multiple channels between two nodes in different assets. This type of channels is called “composite channels”. That’s a combination of state channels and trustlines that allows building a more flexible infrastructure, as well as the integration of the existing ones.

Advantages of GEO Protocol are:

- almost instantaneous consensus limited only by the speed of data transfer on the Internet;
- secure data transfer using post-quantum cryptography without imposing additional
- restrictions on users;
- transactions without network fees;
- high availability of the system;
- multi-currency and multi-asset;
- possibility to create and exchange equivalents of physical assets in the network.

“Our purpose is to build a multi-equivalent protocol based on availability, productivity and multi-equivalence to make value exchange as simple as sending email,” Max Demyan, GEO Protocol Founder and CEO says.

Decentralized p2p protocol for value exchange.
Our Protocol can both serve as a highly efficient trust-less payment network layer for existing blockchain systems, and facilitate payments in fiat and other non-blockchain-based units of exchange through a network of distributed trust.

GEO protocol is a technology for highly efficient decentralized processing of peer-to-peer payments in a distributed network of nodes that does not depend on a common ledger or consensus process.

GEO Protocol
https://geoprotocol.io
KYIV, UKRAINE
26 Metalistiv St
+38 095 53 72 031
Press Contact: Daria, dv@geoprotocol.io

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