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What Is GeoCoin (GEO)?
GeoCoin has created a real-world scavenger hunt rewarded with cryptocurrency. Users can drag and drop GEO on the map for other users to collect. Users are able to ‘mine’ GEO through a process referred to as Proof-of-Location (PoL). Simple login, turn on your smartphone GPS and navigate to the location of the nearest GEO. Once users get within 5 meters (15 feet) they will collect the GEO off the map. GeoCoin creates a fun blockchain gaming experience that rewards healthy lifestyles through promoting outdoor sports and recreation. GeoCoin is an ERC-20 token hosted on the Ubiq Network. First launched in January 2015 as a Proof-of-Work Qubit blockchain, GeoCoin migrated to the Ubiq Network in January 2018 and has continued to grow with the community. Users can head to the #geo channel in the Ubiq community Discord to get started.
Who Are the Founders of GeoCoin?
The original blockchain was launched by the creator Tobler. Near the end of 2016, Weifa took over as lead developer and has continued to provide on going developments and community support. Weifa is an experienced GIS Technologist, specializing in open source GIS web and mobile applications. Many other blockchain developers from the Ubiq community contribute and support the project.
What Makes GeoCoin Unique?
The main goal of the GeoCoin project is to bring GIS and GeoTechnologies to the blockchain. By combining GeoCashing technology with blockchain, users can earn cryptocurrency while out exploring their local surroundings. This type of real-world gaming has been growing in popularity over recent years. GEO drops can store collection messages, making it possible to include additional prizes and assets such as online gift cards, coupon codes and potentially NFTs in the near future. Another main goal of the GeoCoin project is to promote mass adoption of blockchain technologies through gaming. GeoCoin is free to use and open to anyone all over the world.
How Many GeoCoin (GEO) Tokens Are There in Circulation?
There was around 3.19 million GEO in circulation as of March 2021. The circulating supply continues to grow at a rate of roughly 50,000 GEO / year as additional GEO are dropped on the map. Users can use an interface to place magnets on the map which will attract future GEO to be dropped in nearby green spaces such as parks.
How Is the GeoCoin Network Secured?
The GeoCoin token is secured by the miners of Ubiq, using the Ubqhash mining algorithm. This algorithm was brought in as a result of a governance vote using the Escher governance system, which received 95% support from the community. The objective for UIP#1 proposal was to develop an independent proof-of-work mining algorithm to reduce the risk of 51% mining rental attacks that had affected other Ethash based chains.
Where Can You Buy GeoCoin (GEO)?
New to crypto? Read our easy guide to buying Bitcoin and other cryptocurrencies."