GEOD Geodnet

Use Case of Geodnet

Geodnet is a blockchain-based decentralized network of high-precision multi-band GNSS base stations. It offers a different, affordable approach to GNSS corrections that anyone can access. Here are some key aspects of its use case:

• RTK Network: Geodnet provides real-time kinematic (RTK) corrections, enabling centimeter-level positioning accuracy. This is crucial for applications such as surveying, construction, drones, and autonomous vehicles.
• Decentralized Network: The network is decentralized, meaning anyone can set up a station and contribute to the network. This allows for a community-driven approach to building and maintaining the network.
• Token Incentives: Users who set up stations are rewarded with Geod tokens. These tokens can be sold on crypto exchanges, providing an incentive for people to participate in the network.
• Applications: Geodnet supports a variety of applications, including automotive navigation, ADAS (Advanced Driver-Assistance Systems), small robots, professional surveying, construction, drones, agriculture (autosteer and precision agriculture), and web3 & gaming (proof-of-location for blockchain and mixed reality gaming).
• Data Usage: The network generates revenue through data usage. As users pay for and use the RTK data, the tokens are "burned," which helps maintain the economic balance of the network.
• Community Engagement: The Geodnet Foundation manages the open network protocol and promotes service use within the traditional GNSS and IoT industry, aligning the interests of miners and customers to improve the utility and value of the Geod token.

Pros of Geodnet

• Decentralized Network: Geodnet is a decentralized network that gathers precise location data from around the world, making it more robust and less vulnerable to disruptions compared to traditional GNSS networks.
• Incentivized Participation: The network rewards participants with GEOD tokens for collecting and validating GNSS data, encouraging rapid network growth without needing huge investments from a central authority.
• High-Quality Data: Geodnet ensures high-quality data through its Proof of Location (POL) and Proof of Accuracy (POA) processes, which verify the authenticity and precision of the data provided by miners.
• Token Value: The total token supply growth rate in Geodnet halves every two years, which helps prevent inflation and maintains the token's value over time.
• Easy Setup: The Geodnet miner is plug and play, making it easy for anyone to contribute to the network and earn GEOD tokens without needing high electricity costing equipment.

Cons of Geodnet

• Market Volatility: Like other cryptocurrencies, the value of GEOD tokens can be volatile and subject to market fluctuations.
• Dependence on Participation: The network's success relies on continuous participation from miners, which could be affected by various factors such as changes in token value or network demand.
• Technical Requirements: Miners need to meet specific technical requirements, such as having certified hardware with triple frequency for constellation receivers, which could be a barrier for some participants.
• Limited Market Share: Despite its potential, Geodnet is still capturing a share of the $3.4 billion GNSS correction market, and its future success is not guaranteed.

Founders of Geodnet

• Mike A. Horton: The project creator of Geodnet, with over 20 years of experience in the navigation industry. He is a co-founder and the Chief Technology Officer of Anello Photonics and was previously CEO and co-founder of Crossbow Technology, which was sold to Moog Aerospace in 2011.
• David Chen: Head of Blockchain at Geodnet, with over 20 years of experience in Silicon Valley. He is a blockchain pioneer since 2013 and has co-founded multiple blockchain projects, including Jingtum and MOAC.
• Yudan Yi: Head of GNSS at Geodnet, with extensive experience in geodesy. He served as a senior director at Aceinna, a research scientist at Qianxun SI, and a senior research scientist at Topcon Positioning Systems. He holds a Ph.D. in geodesy from The Ohio State University.

Investors in Geodnet

• Recent Investors: The latest investment round for Geodnet included strategic investments from CoinFund, Pantera, VanEck, and Santiago R. Santos, totaling over $2 million.
• Previous Investors: Earlier investors include North Island Ventures, Modular Capital, Road Capital, Tangent, Reverie, and select angels, along with existing backers Borderless, IoTeX, and JDI Ventures, who contributed to a $3.5 million seed funding round.

Halal Status of Geodnet

No, the halal status of Geodnet is not explicitly confirmed. Here are some points to consider:

• Tokenomics and Incentives: Geodnet uses a token-based incentive system, which could be seen as involving elements of speculation and uncertainty (Gharar), potentially making it non-compliant with Islamic principles.
• Usage and Purpose: Geodnet is primarily used for real-time location correction and data transmission, which does not inherently involve haram activities. However, the use of tokens for staking and rewards could raise concerns about Riba (usury) and excessive risk.
• Blockchain and Decentralization: The decentralized nature of blockchain technology does not inherently make Geodnet haram. However, the lack of regulation and oversight could lead to ethical issues and non-compliance with Islamic finance principles.
• Staking and Rewards: The staking mechanism and reward system in Geodnet could be seen as involving elements of gambling and excessive risk, which are generally discouraged in Islam.

Given these considerations, without a clear fatwa or scholarly consensus, it is prudent to approach Geodnet with caution from an Islamic perspective.