Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Geo DB.
GeoDB is a decentralized peer-to-peer big data-sharing ecosystem, which returns value to its creators, the users. GeoDB creates bridges between current isolated participants and aims to solve the huge big data industry’s existing inefficiencies. The AMA took place on February 17 and our guests were @anantsingh, @chevtaev, @sachablockc and @geoffshep69.
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with GeoDB! Welcome to Satoshi Club.
Anant Singh: Hey Guys! Great to be here!
Alexandr Chevtaev: Hello everyone!!!! happy to be here!
Sacha Gordillo: Hello Everyone! 🙂 Happy to be here with you! The day btc is doing ATH.
Geoff Shepherd: Hi all, really happy to be here today!
Mary | Satoshi Club: For the beginning i will ask you to introduce yourself and of course GeoDB project to our Satoshiclubbers 🚀
I will give one article about GeoDB project and our members will read it, while you will write your intros😉 https://geodb.medium.com/dont-forget-our-why-ee9c7e1281d8.
Alexandr Chevtaev: My name is Alexandr Chevtaev, I am an expert in blockchain, business development, digital projects management with 10+ years of experience in creating innovative products. In GeoDB I’m in charge of blockchain & crypto business. Happy to answer your questions today!
Anant Singh: Hello Everyone! My name is Anant, I am Heading marketing & community building at GeoDB. Disruptive technologies have always been my passion, and that one of the reasons I was attracted to mining Bitcoin for a few days back in 2011, got fed up & erased it all (😖 – hurts more today). In 2016 a stranger managed to convince me to sell a conference ticket for 0.6 BTC (€350)! Since then, I have gone through a non-stop roller coaster ride! I am an active trader & involved with few crypto projects.
I firmly believe there’s a massive upside for BigData firms that embrace blockchain tech. What attracted me to GeoDB was the core belief of its founders & the team: Soon Customer data will no longer be owned by organizations but by each individual, represented as tokens on an identity blockchain. In the future the customer will grant access to others as required & will be able to profit from it.
Geoff Shepherd: Hi guys, I’m Geoff, I first got involved with GeoDB in early 2020 about a year ago when I invested in a crowdfunding round, and I got really hooked on the project as I thought it was super interesting and a really good concept to reward people for their data. I was the first person to be appointed as a Geo Superstar when the team were looking for more engagement from keen members of the community.
I’m one of the community supporters and ambassadors, so I help out by answering questions, supporting the team, and helping to promote the project. I’m here today to support the team and represent the views from an investor and community member, so feel free to ask me any questions that you have.
Sacha Gordillo: I am Sacha Gordillo. Cofounder of geodb. I have been a financial trader for 10 years, specialized in fixed income, specifically American and german Bonds. 5 years ago I got into Cryp totrading, and from there into Blockchain Tech. Since we started the company almost 3 years back, I am totally focused in GEODB.
Alexandr Chevtaev: Let me also write then about what GeoDB is.
GeoDB is a decentralized peer-to-peer big data-sharing ecosystem, which returns value to its creators, the users. GeoDB creates bridges between current isolated participants and aims to solve the huge big data industry’s existing inefficiencies. Currently, GeoDB is in the process of releasing all of its network apps; GeoCash currently has over 250k+ users and growing. To learn more, visit geodb.com.
Another new wave of our development is creating an Open Data Interoperable Network (ODIN) which will also connect the generated data to our oracle network. geodb.com odinprotocol.io
Anant Singh: And those who don’t want to read here is a quick video about our past 3 years! PS: there is part of 500 USD worth of pvt key hidden in this video! This is (1/3) 😉
Q1 from Telegram user @AmirJosh
GeoMarket propose a REAL alternative to manage how users provide their information and how data scientists obtain them. What is this Real Alternative sytem that you implement or introduced to users so that their data cannot be exploited in any way and to protect data too? GeoDB has been around for a while now so I guess you have already tested this system, how effective it is compared to other providers?
Alexandr Chevtaev: ok, here are several points.
- when we obtain data from the apps, we never touch or see user’s private data. you can make sure in it on the SDK level. More than that data which we gather is verified in blockchain. So we already operate with anonymous data.
- as for data consumers – these can be traditional business and organizations who acn buy near-to-real time data sets based on their needs with being sure that this data is valid (big problem today) another type of data consumers are blockchain developers.
- In the end we see a fully automated decentralized system of generating data, rewarding users and offering this data to data consumers in the same automated and transparent way.
Also to add a bit: There are no real alternatives who reward users with crypto and who has such a solid coin & traction as ours. There are alternatives where you get different bonuses in apps etc, but not real crypto & the generated data is not that valuable and diversified as in geodb case.
Mary | Satoshi Club: I had one app previously in 2017, they also rewarded me, but actually, i think their project failed during bear market.
Alexandr Chevtaev: While you are writing the next question I will add more on this – data will be available not only on our marketplace, but also on many other solutions from decentralized world such as oracles (we are working with Chainlink) and data marketplaces – you will see the news in the coming days 🙂
D. | Satoshi Club: How we can be sure that you not see our data? can the average person check this somehow?
Anant Singh: So by default each app will ask you to either enter email or sign up using social account. In our case you download the app and you are ready to go after wallet set up.
Alexandr Chevtaev: We are interacting with Apps who are in charge of your data. They do a validation of SDK we are providing and also they see what data we are taking from them. So far the apps we have connected are not even generating private data (you do not provide names or emails in the app)
when we start operating with apps containing those info, we will do a transparent mechanism to see which data you are sharing with GeoDB. so it will be clear for general users too.
e g soon we are getting connected with Wave Application which has 12 million + downloads and for their users we will provide a transparent way to make sure that we capture only behavioral data. Other static data like sex, age, etc will be also possible to provide but not the name, etc.
Mary | Satoshi Club: It’s easy 😉 how do you fight with bots then?)
Anant Singh: We have our system to identify them, and our testnet has been running long enough to differentiate & we are getting better. no matter how good the bots are their behavior will be slightly different than day-to-day users.
Q2 from Telegram user @Wormz28
PRIVACY is the utmost concern for any internet users and Online Platforms are the places where your privacy is at constant risk. In GeoDB, it’s so nice that you will reward users in exchange for just sharing our data. So may I ask how this works like how are we rewarded for the data we generate and what data is being shared? Also what does GeoDB do with this information and how about the Email, Is my email linked to the information I share too?
Alexandr Chevtaev: Today we are capturing the following data (and this is the only available data in our first application GeoCash):
- location
- mobile OS
- battery level
- signal level
So far nothing more is captured, you need to activate GPS & other necessary settings for geocash. data is being shared and once its shared, the reward is allocated to you within the block of rewards transactions. so, it’s quite straightforward!
Email or other private data is not captured but e g soon we have more application to be connected which will generate other data like your consumption data (processed retail shop receipts). there it will work the same – you provide the data & get a reward through blockchain smart contract again, NON private info or contacts will be taken without your permission.
And as for how we use it: this information is later offered to data consumers through GeoDB marketplace, other data marketplaces, our (ODIN) and other blockchain oracles.
Mary | Satoshi Club: Do you have guide how to use app?
Anant Singh: https://t.me/Satoshi_club/559578
Here is a quick Video showing how to properly install GeoCash! Most important points are :
- Save private key
- Set location permission to “allow always”
- Don’t send tokens outside Geocash network!
- Chill
Alexandr Chevtaev: And important key for all that ecosystem supporting our large amount of users is GEO token. It went well up in the last weeks, can be traded on Uniswap & Bitforex.
D. | Satoshi Club: And we get rewards in your tokens? correct? as i know you have launched your token not long time ago? can you share some specifics about your token, how many tokens in circulation and other token allocation details?
Anant Singh: https://www.dextools.io/app/uniswap/pair-explorer/0xd10122ef86ae040efee3f53f35d3247230ca670c
Q3 from Telegram user @cengizhantekin
Making profit out of data is great. So I went through the stats you provided on your website, and saw that you rewarded 120K wallets with 7M GEOs so far, which makes about 60 GEOs on the average, equivalent to about 50 USDT for an average user. This doesn’t seem very attractive. Is there any chance for users to multiply this income in some way? Do you provide additional profits which are not included by these stats?
Alexandr Chevtaev: Many of those users are new, some are more & some are less active.
But think on average: our users don’t really have to do anything and just allow to share their data get like 20-30$ per month. it’s not bad for a start. But yes it’s the first use case. Soon more data sharing cases will come. More ways to generate income by providing more valuable data. Location data is easy to get and not the most expensive one but it’s a very good use case & traction to validate our value proposition.
Mary | Satoshi Club: Was it always 20-30$ per month? 😀 I see that price of GEO increased last month.
Sacha Gordillo: I want to add, there are 2 relative views on this.
1.- You can keep your GEOs for the future. The limited supply of them and the snowball effect of the having more data, makes the Data pool more attractive, so buyers will have better outcome from their purchases in terms willing to pay more to acquire the data.
2.- 50 USDT can be a lot depending on which country. And actually there´s a lack of world data from countries where this might happen.
And this can be useful for companies or governments.
D. | Satoshi Club: 20-30 bucks per month it’s not bad for the passive income.
Alexandr Chevtaev: It is different because of the price, yes 🙂 we have also been changing the reward algorithm which is now driven more by a value being created. You shouldn’t look at it as a cash instrument. those people who buy & hold GEOs won the most and we are just in the beginning…
Geoff Shepherd: Also remember that people are already sharing a lot of data with all the other apps on their phone, but get nothing for it…. whereas GeoDB rewards the user for sharing their data with us.
Q4 from Telegram user @Arisabela
GeoDB is committed with the democratization of the data industry, however isn’t a simple mission and quite difficult to achieve it alone, what are your strategies to collaborate and make relationships with the rest of projects and the community on DeFi ecosystem?
Alexandr Chevtaev: Very good question because openness is one of our main priorities now! and blockchain is about cross partnerships and connectivity. As mentioned before, we are now working on closing several big partnerships to provide our users data to other marketplaces and oracles and also other providers like applications (to grow more user base), different technological applications to improve our solution etc.
Regarding DeFi – we have currently our liquidity pool on Uniswap with 222% APY https://geyser.geodb.com/
We are going to introduce new tools soon as well; you should follow our updates in this & coming week. we will have many big news & expect good price growth of GEO.
Anant Singh: Yes, interesting question, and it brings us to the partnerships we have coming. We recently announced our partnership with chainlink; we will make our data available! Also, we believe that it’s a combined effort of all the similar companies within this field that will make a huge difference (we announce a lot of major collaborations soon 🙂 That’s why we are working with most of them on a very deeper level. Also, interoperability is another important aspect & we are integrating with each chain in some way. That’s what I can say without giving away much :).
Q5 from Telegram user @garrinepotter
Unfortunately, there are a lot of negative reviews about GeoCash on Google Play. Users are unhappy with the loss of tokens after application updates. Tell us how the registration in the application goes and what needs to be done to prevent data loss. Perhaps there is some way to recover.
Anant Singh: Yes, the biggest challenge for us is to be educate people about this new concept & we do all efforts to inform & make them understand. You can know that by joining our groups! We did a swap where we converted geocash tokens to real tokens and locked in the smart contract so that people can withdraw them when they want. However there are so many new people in the space that they have no clue what a smart contract is & a lot just don’t read. so that’s the reason for those bad review & now when the token price is increasing they are learning without instructions ;).
Geoff Shepherd: First of all, like any crypto wallet, if you have your private keys, then nothing is lost, it can always be recovered if there is any problem with updates. Many people didnt properly read the communications about the swap from test tokens to real tokens, and believed their Geos to be lost, but they are not, everything is held securely. We also have a really helpful telegram group where people can ask any questions they like, there are many admins and stars who will help to respond if anyone has any issues.
Alexandr Chevtaev: And BTW there was a question related to cryptoeconomics. While guys are replying to Q5, let me write on that so we have 2 tokens GEO & ODIN, GEO is to reward users for the generated data and this token is bought back by data consumers. 700M tokens are locked for the system reward and will be allocated within 21 years. This part is to generate value around generated data which later will be purchased (GEOs are bought back) by data consumers.
25% is for investors. We have raised so far more than 5 million in equity + token. Mostly our investors are from UK & EU. 5% is for team. Broth investors and team tokens are locked and can be released in small portions during 18 months after switch to main net.
Our current circulating supply is a bit more than 21.500.000 GEOs and market cap is over 20M usd another token is ODIN which will be launched soon. This one will be hard to get. So far it will be possible only converting GEOs into it. This is a Network and DAO governance token.
Data consumers pool – 10%
Staking and validator’s rewards- 30%
Company and Founding team – 10%
ODIN Treasury (ODIN tokens allocated to ODIN Treasury are not taking part in System Governance) – 50%
Here is the link for our tokenomics: https://odinprotocol.io/docs/odin-tokenomics.pdf
Geoff Shepherd: We also put responses to some of the negative reviews on Google Play, and many people changed their ratings after they understood the process a little better.
D. | Satoshi Club: Yeah these things might happen, if some holders didn’t follow the project news, or were not pay attention to details of swap they probably can lost their funds very easily.
Anant Singh: BTW guys Yeah we will have ODIN whitelisting event soon, so people need to have Geos in their ERC20 wallet to be whitelisted.
Mary | Satoshi Club: Wow! How many GEO we need to have?
Anant Singh: Well 50 GEO = 1ODIN there is no limit as of now. We will release info soon.
Alexandr Chevtaev: In ODIN we have delegated proof of stake mechanism meaning that only top holders will get a right to participate in transactions with their node, so, the more you have – the better! we cannot predict, but many guys already have nice bags of GEOs. Look at the price & cap growth.
Q6 from Telegram user @yellowchamp
In your 2021 Roadmap, it is written that you will launch 10+ Proprietary Apps. So, can you explain what are those Proprietary Apps? Why is there a need of that much apps in your platform? What is the use of those apps If this plan will be realized soon, what maybe the impact that it will brings to GeoDB network, users, community and investors? Thank you
Alexandr Chevtaev: proprietary apps like GeoCash is to show to the digital world how it works of course very soon and in the future we will rely more on connecting 3rd party apps to GeoDB but so far it was a very good use case to show how it works to the App partners and to data generators / users.
And of course the data which is being generated is valuable, e g GeoScan is fully demand driven. We have large companies from France who demanded the consumer behavior data. so we are together with partners, experts in that market About Goods, are launching this app. This a very good use case because we expect more GEOs to be bought back by data consumers, which is good for crypto economics.
Sacha Gordillo: We created geodb to make big data market more efficient, more transparent, and to bring fairness to it. We ease the game. Geodb build bridges among Bigdata market participants and give back some of the value generated to the people.
So DATA can come from 3rd paty apps or our proprietary apps. Anyone can build an app around GEODB. So the important and main focus is to capture data no matter where it come from, but from a buyer point of view, different types of data add value to their data science processes. Also, launching our own apps is a way to build more community and show real cases working the fastest way.
Anant Singh: So all the GeoDB network app will give you different options to send us data. This means IOT devices, cars, health, and much more!
Geocash is the first app, 2nd geoscan – scan recites and earn, 3rd Volta – workout and earn (One is about dating 😉 we have to see how we adjust it to the current time), rest we will reveal soon.
Mary | Satoshi Club: So, does it mean that i will need to install all 10 apps? If i will want to share all my data to earn more?
Alexandr Chevtaev: There won’t be 10 proprietary apps, the main idea is to connect apps which are used for other purposes like delivery, sport apps, etc etc and while you are using the app as you used to use it, you generate rewards in GEOs, that’s exactly how the data world works today, but you are not getting rewards though by using apps you produce lot of valuable data, and this is the change we are bringing, bringing value back to the users.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram User @SutedjaDian
How can I use GEO token on the apps? I mean what is the utility of the token? Can you give us a clear overview?
Alexandr Chevtaev: Yes, you will be rewarded with GEO token for the generated data, so GEO is a value representing generated data. Later on the GEO is bought back when their data consumption happens.
Q2 from Telegram User @SutedjaDian
How can I get 222% APY from liquidity pool? Will this only for a limited time?
Alexandr Chevtaev: Please check it here https://geyser2.geoliquidity.geodb.com/, it has clear explanations and estimated real time reward.
Q3 from Telegram User @MDL_mugiwara
During the mainnet can we pull GeoDb directly from Geocash without having to exchange it?
Geoff Shepherd: Yes, after the Geocash app moves onto mainnet you will be directly earning real Geo tokens, no need to swap or convert.
Q4 from Unknown Telegram User
…
Alexandr Chevtaev: By the end of February and only in France for the beginning as we have data buyers from there, but 2 more countries are in progress and many more coming.
Q5 from Telegram User @ShaLiPon
Is GEODB network app compatible to android devices, is it available in Playstore?
Sacha Gordillo: Yes https://apps.apple.com/us/app/geocash/id1490411090 😉
Q6 from Telegram User @alice_wonderland12
How easy is it actually to use is GeoDB? What would any user need in terms of knowledge and devices to use it properly and and take advance of all the features?
Geoff Shepherd: The Geocash app is super easy to install and use, it doesn’t require any technical knowledge. But you are being rewarded in crypto tokens, so it’s worth doing research and building up your knowledge of how the whole crypto world operates.
Q7 from Telegram User @HeRmAwAnTrAdEr
What are you targeting and focusing on this year? and how do you reach it?
Alexandr Chevtaev: launch ODIN main net reach 1M of GEO wallets connect to 10+ solid marketplaces & oracles to provide generated data listing on 3 top 10 exchanges and many smaller events like pools, bonuses, new connected apps, etc
Q8 from Telegram User @Pratze
GeoDB have referral system which we can invite our friend but I can’t found any info regarding referral in your site. What is the use of referral system in GeoDB? How is the calculation reward that we got from our referral?
Sacha Gordillo: https://geodb.com/en/geocash/faq/ there you can find referral process explanation :).
Q9 from Telegram User @lzamg
Users of GeoDB get rewarded for generating data. Can you explain how works the reward system of GeoDB? Is there a general reward system or every app has its own system? Are all the rewards distributed with GEO?
Alexandr Chevtaev: Every app works similar tech wise you share the data – and you get rewarded within a block of transactions which captured your provided data. As for the reward volume – irs different in any case. location data e g is cheaper; consumption behavior data is more expensive.
Q10 from Telegram User @Alika061
Can the tokens you have be used for staking, if so, is there a minimum for staking tokens on #GeoDB and do you create opportunities for other people to register as ambassadors in the #GeoDB project?
Geoff Shepherd: Yes, you can stake your Geo tokens and ETH in the Uniswap liquidity pool in exchange for LP tokens. These can then be added to the GeoDB geyser to earn more bonus Geo tokens. We are always looking for more passionate people from the community to support us, there is an application form available in our Telegram group if you are interested. That’s how I got started!
Q11 from Telegram User @Boylut
Does GEODB has competitors outside the blockchain space? If yes could you please list some of them?
Alexandr Chevtaev: Yes e g SweatCoin, Gelt. Good growing startups outside of crypto space.
Q12 from Telegram User @Wormz28
As I’m exploring your website, I saw your GeoCash-Data Generator App, it’s very familiar to me and I remembered I’ve downloaded it before last yr I think and I have account in GeoCash but I uninstalled it because it stopped from generating GEO tokens. So may I ask how can I get back to the app? Is the PRIVATE KEYS really needed? What if I lost or I forgot the Keys, is there any other ways maybe?
Anant Singh: Yes you need the private key to recover your account.
Q13 from Telegram User @Wormz28
Big Data is becoming one of the most valuable assets in the world, being exploited by small oligopolies and GeoDB is a peer-to-peer big data sharing ecosystem powered by blockchain technologies. So how will GeoDB solve the existing inefficiencies of the huge big data industry?
Sacha Gordillo: Big Data market has a size of near 300 Billion, it´s growing at 12-14% annual rate. So we can say we are in a growing glooming industry for the next years.
Despite the world economic Situation and the questions around the existing financial system in most of the world, Big Data will keep on growing, the value of the data will find its way filtering by type and importance, making this industry bigger and bigger. If I can think of one line for any company for the present and future: “It´s all about the data”
We ease the game. Geodb build bridges among Bigdata market participants and give back some of the value generated to the people.
Q14 from Telegram User @Gutike95
Do you really think mainstream users need applications like Volta or Wawa? So how does GeoDB intend to achieve global adoption with applications that are not really necessary?
Alexandr Chevtaev: Through connecting to applications which are widely used for different purposes, to connect an app to geodb will be very easy. and both – users and app developers will rewarded.
Q15 from Telegram User @dumpspump
Are you working remotely or full time on office? If freelancer do you accept people around the world who wants to work with you?
Alexandr Chevtaev: We accept all over the world today remotely, we have 35+ full time team members.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about GeoDB. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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