What Is GEO Protocol?

GEO Protocol is a digital platform that seeks to initiate easy operations with assets in a cost-effective and scalable way. The decentralized P2P network will allow users to exchange assets and connect crypto and traditional wealth. In designing the project, the team behind Geo Protocol addressed the limitations and challenges that exist in the current distributed systems, even in most blockchain-based systems such as scalability and throughput.

To that end, GEO Protocol creates a relevant avenue in which only the parties directly involved in a transaction can reach a consensus. Even so, the parties will not have access to information about the state of the rest of the network because there is no common ledger for all the assets that are available on the network.

The system uses four main algorithms to ensure operation at basic level:

With this algorithm, the nodes establish the network to place all the adjacent nodes and the channels between them as well as the existing channels that send and receive limits for these channels.

This algorithm designs a route that shows what sums and to what nodes could be transferred to conduct a payment with minimum costs.

This algorithm facilitates the actual transfer of funds.

This algorithm detects any pending debt cycles and closes them.

GEO Protocol consists of the following key features:

In addition to the mentioned features, GEO Protocol embraces the following use cases:

The network provides fast, real-time, double spend-proof, distributed, multi-user payment protocol that is 100% time-predictable. This, in the end, greatly enhances the buying/selling process with decentralized escrow for secure payments, third-party dispute resolution, and very low transaction costs.

The platform has a P2P protocol that enables scalable, secure, private, and highly trusted method to conduct IoT micropayment transactions.

Users will get a platform for building loyalty programs and developer interfaces. Using the GEO protocol, brands will benefit from simple development and customization, including low management cost and the elimination of liabilities associated with unredeemed items.

This protocol enables the interaction and exchange among different crypto assets. Based on the structure, it allows exchange of assets between two participants faster and safely. The process of exchange borrows from the technology of atomic swap, which will lead to a decentralized exchange as one of the applications on the GEO Protocol.

It is possible to implement the automatic clearing to eliminate double expenditure for up to six participants in a chain.

The transitivity of trust reflects the amount of value with which the node can be trusted. It comes with a numeric measurement, which ensures that the platform provides a tool for evaluating the rate or amount of trust, loyalty, and support.

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