Ever since the advent of the Internet, data in general, and more specifically Big Data, has experienced an upsurge in its usage and collection. With this, data has since found and etched its importance within the IT industry.
The ease of use of internet-driven services has significantly increased internet users’ quotient, which is the primary source of data. Just take a look at the mass amount of internet users globally as seen in the graph. The average time spent on the Internet is close to seven hours a day, which ironically, is the same as the recommended sleep time – time that many of us actually choose to spend as ‘internet-time.’
So, if the predictions are correct and we’re spending an average of seven hours a day on the Internet, that means that 1.7*7*60*60 MB of new information is being created by every internet user per day – with around 44 trillion GB of comprehensive data generated each day! The most crucial point to note here, is that the most significant share of the data generated is your private & personal data. For instance, a location-sharing app discloses that John Doe was at this cafe for X amount of time. None of us want to feel as though we’re being watched, as this is a huge breach of privacy which many data collectors do not take very seriously.
GeoDB, as a platform, is one of the largest growing frontiers of Big Data and Blockchain-driven organizations, where users can choose to share their data and get compensated in return.
With GeoDB, data sellers (in the form of users) get rewarded for data generated, and as these users are generating data through different apps, those apps also get rewarded and are able to connect to GeoDB to stream the data in an effortless and compliant way. What’s more, the data analytics service providers can sell their services, which will be complementary to generated data. The data buyers will be able to consistently buy data in the same format, enabling them to verify the source of data (app) through blockchain. And in addition to buying the raw data, they will be able to purchase analytical services, which can be used on all business levels. Even if you open a coffee shop, you can get data insights into the best location to do so with several clicks. GeoDB is a solution that solves the existing problems of a vast market using blockchain technology, and is sure to have significant traction from day one following the main net launch.
Geo-Cash: A handy app to earn and track GEO-tokens.
GeoDB is currently running a testnet of its first pilot app, GeoCash. With the user’s consent, the app mines the location and other device data of the user anonymously. Rewards are subjected to rules laid down by the federation which handle all internal operations of the ecosystem.
In reality, your app will do all the work; simply keep the app open in the background mode while it generates valuable data. Today, GeoCash has more than 100,000 downloads and signed agreements with third-party apps of more than 12 million users. They will be joining the GEO ecosystem right after the launch of the main net.
GEO becomes the representation of data value itself in the form of a virtual financial asset. Data as a new asset class that can be traded, lended or added as liquidity in the blossoming Defi industry.
GeoDB and the decentralized finance ecosystem (DeFi)
The blossoming of DeFi has brought about a series of tools and options that, if properly activated, should add value to any project in the crypto space. Luis Gelado, CEO of GeoDB says: “In GeoDB we are developing our DeFi strategy as a way to allow our stakeholders and investors to enjoy the wide opportunities of DeFi tools through their wallets directly, and make extra returns from their initial investment in GEO token. Currently we have recently launched our incentive FAUCET system to complement the return that our Uniswap Liquidity Pool (GEO/ETH Uniswap Pool) is generating for participants. Through our Geyser / Yield Farming platform (geoliquidity.geodb.com) all pool participants will be able to stake their pool tokens and participate in our 90 days programs, receiving extra GEOs as a return. Yield in the form of extra GEOs. The longer you stake your GEO/ETH pool tokens, the higher the yield you will receive. This is one of the examples of tools we are providing to our investors. We keep on exploring more opportunities of using external systems and developing internal solutions to stake GEOs, and get more rewards through data sharing apps and other activities.”
According to GeoDB rodmap, several major updates are expected in the next several months. Among them is the release of new apps like GeoScan, which allows users to get rewarded for scanning their retail shops tickets, developing other proprietary applications and partnering with third party apps. And of course we can’t wait for the main event of 2020 – the launch of main net and GeoDB Marketplace, which is expected to happen by the end of the year.
We hope you all join the new data economy!