Launched in January 2015, GeoCoin uses Proof of Work mining to secure its network. They aim to bring Geographic Information Systems (GIS) to the block
Launched in January 2015, GeoCoin uses Proof of Work mining to secure its network. They aim to bring Geographic Information Systems (GIS) to the blockchain. The cryptocurrency`s lead developer has created a crypto and geocaching technology which enables users to collect Geocoins, wrote alt.report.
How it works?
“Collect GEO just by going to a location on the surface of the earth. This is done by tracking your geographic coordinates as you move around with your mobile device. Once you get within a few meters of the GEO, it’s yours!”, explained geo.money.
GeoCoin uses Google Maps for their mapping interface. They offer detailed maps, high resolution satellite imagery and Google Street View, stated alt.report.
Users that have GeoCoins can drop them on the map for others to find. “This creates an online crypto scavenger hunt style game which makes it fun & easy for new people to get their first cryptocoins.”, wrote alt.report.
In the future, GEO`s founders have planned to develop weather resistant GEO-QR codes. People can stick them anywhere, from bus stops to businesses. “These show up on the map for people to find, but a random pedestrian might find it as well. Placing them in a business may draw more customers in the doors.”, explained alt.report.
GeoCoins can be exchanged for Bitcoin, dollars and other currencies.
Geo.money lists the main specifications of GeoCoin:
Block time: 1 minute
Number of POW blocks: 5,000,000
Mining: The qubit algorithm is minable with CPU or GPU hashing power.
Market capitalization and supply
As of 23 January, 2017 GeoCoin has a market cap of $ 54,008, a 24-hour volume of $ 376 and available supply of 2,455,079 GEO, as written by coinmarketcap.com.