The commodity blockchain GeoChain is a specialized blockchain network that DAO Paykiken Geo created to meet the needs of the producers and processors of raw materials as well as the buyers of natural resources. GeoChain is the future architecture of the DAO platform. It is the infrastructure of all its projects, the basis of the DAO Paykiken Geo commodity crypto exchange, and an open-for-all tool for the production, supply, and financial management of various areas of natural resources use.
The development of the GeoChain platform and blockchain includes the creation and emission of native Geo tokens. The Geo token is the unit of value of the ecosystem and a tool for user–platform interaction. The DAO Paykiken Geo concept stipulates the use of native tokens as a payment method for network fees, transaction fees, and the conversion of tokens. Geo tokens do not provide their holders with the right to participate in the management and stacking algorithms. Their liquidity is maintained by the GeoChain treasury under DAO control.
The DAO Paykiken Geo development concept involves the initial integration of the specialized GeoChain network into the natural resource extraction and/or processing projects, which are released by the DAO’s operations. A promising prospect for the development of the DAO Paykiken Geo ecosystem is the integration of other digital technologies with the blockchain, such as AI and IoT.
The technical development of the GeoChain platform involves the creation of a decentralized ecosystem built on an open-source blockchain protocol with a Delegated-Proof-of-Authority (DPoA) consensus mechanism. The delegation algorithm, in addition to the basic PoA mechanism, enables the token holder to transfer the right to verify and validate blocks in the GeoChain network to validators appointed by DAO Paykiken Geo from among specialized companies. The validators will be selected based on their reputation and experience related to the mining, processing, and logistics of natural resources. Evaluation and consultation companies, including major specialists in the field of natural resources management, can also be validators in GeoChain and receive remuneration from each transaction in the network.
The DAO Paykiken Geo ecosystem is a general system of products that connect and support each other in the GeoChain network. The evolutionary development of the ecosystem involves the development of multiple, decentralized services and applications (DApps) along the following lines of activity:
- – geological and geophysical solutions;
- – corporate blockchain solutions;
- – financial and trading solutions;
- – transportation and logistical solutions;
- – environmental solutions.
As the GeoChain architecture is created and developed, the platform and the emerging ecosystem will be made publicly available.