GeoDB Review – Blockchain-Based Data Sharing Network
Data, either personal or organizational, is continually increasing in value and demand. Super large organizations buy users’ data from brokers, mainly to understand their consumers’ needs. However, the brokers obtain the data illegally by spying on people’s devices and social media networks. The data fetching violates users’ privacy, and even worse, the user does not benefit from their data.
What if you could have the freedom to share your data and receive an income for it? Well, Geodb, a blockchain-based data collection and sharing network, is here. How does Geodb help in data sharing? Keep reading to find out.
What is GeoDB?
Geodb.com is a product of the London-based company Geodb blockchain limited, designed to provide top financial services, including data access globally. The platform rewards everyone for providing data. Geodb anticipates a usage of not less than 12 million people leveraging its applications.
To increase its effectiveness in service delivery, the platform made partnerships with many other platforms, including Chainlink, Ocean protocol, Nisco, Abacus, etc.
The partnerships between Geodb and the companies will foster efficiency in collecting and distributing data and increasing income opportunities. Geodb has a team of at least 30 people well versed in technology and finance, and at least 18 are developers. Moreover, there are over 2 thousand retail investors hosted.
GeoDB token is the native token of the GeoDB ecosystem, used in the provision of tons of services. The token will help protect the system since it will help in payments, yield farming, and ultimately giving rewards. Already this token has been posted on multiple exchange platforms, and the organization plans to list the token in even more exchanges.
Using this token, GeoDB was able to raise over 6 million Geocoins in three crowdfunding rounds. The current market cap of this particular token stands at $43 million. Currently, one of these tokens trades at $1.7 and ranks position 654 in coinmarketcap.
Using the GEO LP tokens, a user can earn rewards through liquidity provision for the tokens. In Uniswap. Although the total number of Geocoins was initially 1 billion, Geodb burnt 65% of the supply, thus remaining 350 million tokens.
Geodb Main Features
GeoCash is an application solely designed to allow the platform’s users to gain rewards for their data. It’s incredibly effortless to share data from your device and earn passive income in the process. GeoCash works like a wallet, and it’s currently functional. The Geocash wallet has already been able to gain 250k users.
Volta is another application centered in the Geolab platform, helping users track their races. Each user can share their race data on social media platforms. Volta is awaiting launch soon.
Geoscan is a unique tool designed to help in the scanning of documents. It allows users to scan receipts, follow up on the users’ expenses, and later get rewards.
The Geo marketplace feature is a state-of-the-art tool designed to sell and purchase already harvested data. This marketplace will work with supreme efficiency and utter reliability.
According to multiple experts, data will continue surging in value in the next few years, and this marketplace will be a good source of data. At this marketplace, users will earn hefty rewards for sharing their data.
Capture SDK for Developers
This tool will be super-efficient for crypto tools developers, especially for Geosuite. Developers will help create programs that go directly to the suite making the suite top functional.
Geosuite is a top functional advanced platform developed with the OSGi architecture to provide the best features for everyday users. This tool, once complete, will be highly applicable to data scientists and all enthusiasts of DTL technologies.
Using the Geosuite, people can;
- Manage The DTL nodes
- Develop further personalized and custom features
- Interoperate with other functions like web services, data software, third-party software
- Buy data in Geomarket
Geo DB AppStore
Appstore is a platform designed to monetize the features created for Geosuite etc. Using the app store function, you can present your developed components or features directly to customers.
The user can freely set their license price for the developed components, and then others will buy the usage licenses of those components.
The Odin Protocol
One of the most outstanding Geodb products is its network dubbed Odin protocol, a completely automated and decentralized tool for data sharing and trading. This Open Data Interoperable network is built to enhance significant interaction between its users and the economy.
The Odin platform will have some of the best attributes like simplicity and flexibility for data providing and contract development. The protocol will help obtain external data from the general world, adding it to accounting systems. Therefore it will be a bridge between the duo.
According to the whitepaper, Odin will do the first Testnet in April 2021, then the second one in August 2021, and just before the year ends, i.e., December 2021, the platform will go Mainnet.
All data from Odin and other connected applications will remain highly safe, and the DAO will determine its use. 3rd party applications will also leverage the GEO rewarding system, using ODIN as their main information exchange tool.
Odin DAO will purchase Geo tokens from circulation, burn 5% and lock 95%. This policy will help ensure Geo tokens are deflationary in the long term.
The ODIN Token
The Odin protocol will have its native token ODIN for the support of the system. ODIN token will be used in staking, where participants will earn rewards for their stakes. Additionally, the token will help in governance through voting for various platform services.
ODIN tokens will also enjoy deflationary attributes since 50% of the tokens used in paying trading fees will be burnt. Another portion, 50%, will help in rewarding ODIN holders.
Initially, ODIN tokens were supposed to be locked for 24 months after the presale. However, the most recent update shows that ODIN will be available for trade immediately on launch.
The developing team recently announced that they would announce the dates for their private sale soon, followed by an IDO.
After the mainnet launches, the ODIN DAO and all Geo apps will leverage the Delegated POS system to help users earn excellent rewards. The DAO will determine the minimum ODIN stakes per wallet and announce them later. Details about how to run the ODIN node are given here.
The Geodb platform is a technologically advanced Defi platform that lets the data owners benefit directly from sharing their personal information instead of brokers benefiting from stolen data.
It is feature-rich with tools like Geocash, Volta, marketplace, Geoscan, and many more, designed with utter simplicity and reliability in delivering services. The Odin protocol, Geodb’s own DAO network, is one of the best tools provided by the GeoDB ecosystem. The first testnet for Odin, i.e., Odin v0.1 is going to be live soon.
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