Geeq Integrating Chainlink to Connect to Off-chain Resources and Help Power its DeFi Solution
Geeq™ is pleased to announce our planned integration of Chainlink, the market-leading decentralized oracle network, with the dApp layer of our multi-blockchain platform. Upon completion of the integration, any application launched on Geeq will be able to access and/or further interact with Chainlink-powered decentralized oracle networks, allowing the incorporation of off-chain data into Geeq smart contract applications to greatly expand their on-chain capabilities. Because Geeq’s multiple chain architecture efficiently supports scaling for separate applications, integrating Chainlink enhances the sophistication for use cases in Geeq blockchain-based finance, insurance, supply chain, gaming, and more.
Geeq selected Chainlink as a go-to oracle solution because of its ability to: make any data source available to Geeq dApps, secure and validate data using a decentralized network infrastructure, and provide builders with already existing solutions and tools that have proved useful in contracts that are live today.
Geeq: A New Blockchain Ecosystem
The Geeq platform, using its patent pending technology, provides a uniquely secured ecosystem for completely decentralized and permissionless blockchains. Geeq’s proprietary protocol, Proof of HonestyTM (PoH), ultimately provides a springboard for mass adoption by empowering non-technical end users to protect themselves in the event there are attempts to defraud them or steal tokens from their honest accounts. Furthermore, Geeq’s limitless scalability provides a flexible foundation and upgrade path for any startup, enterprise, government or user to launch a new, customized blockchain. Geeq achieves this unprecedented level of security and efficiency because it is building a validation layer that only validates, meaning there are no smart contracts allowed in Geeq’s validation layer.
However, Geeq’s application layer offers developers and businesses complete flexibility to build whatever smart contracts they want into the multiple different blockchains. Geeq’s validation is dApp agnostic, providing secure and inexpensive validation for any smart contract across any Geeq chain, including support for applications in DeFi, supply chain, accounting, records, and tokenized assets. Geeq also plans to develop its own blockchain-as-a-service business with an initial focus on IoT and micropayments.
Providing Geeq Developers with Access to Off-Chain Data
Blockchain applications will often involve complex functions where the smart contract is dependent on a specific data input that isn’t generated by the blockchain. For example, a weather insurance contract will be dependent on weather data to trigger a settlement, and the highest quality weather data exists off-chain from data providers like NASA, NOAA, and more. While Geeq’s PoH provides unmatched security for validation of the smart contract code, Geeq cannot prevent smart contracts from producing faulty outputs if they receive faulty off-chain inputs; garbage in, garbage out.
Chainlink is the leading decentralized oracle network and specializes in securely and reliably connecting blockchains to real world data and APIs. It performs several key functions around retrieving data from off-chain sources, validating that data, and delivering it on-chain to be used by the smart contract. By integrating Chainlink, Geeq gets access to several critical features:
- High Quality Data – Through Chainlink’s unique external adapter technology, Geeq applications can obtain access to any off-chain password-protected data resource or connect to any credentialed backend system.
- Secure Node Operators – There already exists a large and growing list of independent, Sybil resistant Chainlink node operators that are run by leading blockchain DevOps teams and can be commissioned by Geeq to perform oracle services.
- Decentralized Network Architecture – Chainlink’s flexible framework allows developers to incorporate decentralization at the node and data source levels to protect against any single point of failure and enable dApps to easily scale up to provide more security as they become responsible for more financial value.
- Proven Solutions in Production – Geeq developers can get access to proven oracle solutions such as Chainlink’s Price Reference Data — a collection of 35+ on-chain price feeds that secure over 1.5B in value for DeFi applications on mainnet, and Chainlink Verifiable Random Function (VRF) — an on-demand source of on-chain randomness that is provably fair, unbiased, and not subject to miner attacks.
Both Chainlink and Geeq share a vision of providing users with the best tools to build fully decentralized applications with real-world utility, which is why Geeq has chosen to integrate Chainlink and make it the recommended oracle solution on the platform. There is no need for Geeq to reinvent the wheel when Chainlink already has developed the most secure, reliable, and trusted oracle solutions.
We already foresee major opportunities to use Chainlink to power a highly scalable and reliable DeFi ecosystem on the Geeq platform. Geeq’s multi-chain architecture allows for parallel processing of DeFi applications, which prevents congestion issues that currently hinder many layer-1 networks. Users can utilize Chainlink for price feeds, interest rates, indices, and more to bring valuations to the ecosystem. Upon that foundation, Geeq developers can build decentralized lending platforms, collateralized stablecoins, synthetic assets, binary options, and much more.
In addition to DeFi, Geeq’s users can leverage Chainlink for verifiable randomness in blockchain games and NFTs, IoT data to fuel supply chains and insurance products, and web data to fuel any number of use cases from digital marketing to prediction markets.
Geeq wishes to be the industry standard, so utilizing the best offering there is in the space is the next logical step to propel Geeq to widespread adoption. With our enterprise business collaborations, we will need scalability, efficiency and the most reactive, real-time smart contract and oracle combination on the market. Chainlink’s flexible framework, proven results, and innovative development provides us with high confidence that we will achieve these lofty goals and power the next generation of decentralized applications.
There is no doubt in my mind that integrating Chainlink in Geeq’s application layer will be a wildly popular and widely used part of the toolkit that Geeq wants to provide to its users. It plays a critical function in expanding the usefulness of smart contracts by making them applicable to the real world. By combining our capabilities, we will increase the rates at which Chainlink and Geeq are able to grow the space and ultimately empower a whole new crop of developers and users.
Geeq Co-founder and Chief Economist John Conley
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We hope you are all as excited as we are to bring this fantastic opportunity to life and look forward to working together to make more Geeqy magic happen!
To learn more about Chainlink:
If you’re a developer and want to connect your smart contract to off-chain data and systems, visit the developer documentation and join the technical discussion on Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give smart contracts on any blockchain access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.
To learn more about Geeq™:
Geeq is a public blockchain infrastructure-as-a-service that is secured by our Proof Of Honesty protocol (PoH), ensuring your most valuable data is the safest it can be whilst being accessible in the most cost-effective manner imaginable. All this makes us the most suitable platform for all your IoT and Micropayment needs.
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