New Protocol Submission - GEODNET

[nearperfect]

Protocol Name

Please provide the protocol’s name (i.e. Livepeer)

GEODNET

Symbol

Please provide the protocol’s symbol (i.e. LPT)

GEOD

Category

Please provide the protocol’s category (i.e. "Work Protocol")

Network Protocol

Subcategory

Please provide the protocol’s subcategory (i.e. "Storage")

Location, Networking

Please provide a description of the protocol.

The Global Earth Observation Decentralized Network (GEODNET) is a decentralized network of Space Weather mining stations that report the real-time influence of the Sun’s solar winds on the Global Navigation Satellite System (GNSS) signals. This data is commonly used to accurately correct GNSS (GPS and other navigation satellite) signals to provide centimeter level positioning accuracy and improve absolute time accuracy to nano-second level. Traditional applications for these data services include Automotive/Autonomous Navigation, Agriculture/Construction Vehicle Machine Control, Earthquake/Geohazard Monitoring, and traditional Land Survey. Blockchain applications include decentralized Mapping, Metaverse Digital Twins, Location-Aware Smart Contracts, and Proof-of-Location and Time.

Why do you believe this protocol is a good fit for The Web3 Index?

GEODNET is a unique precision location service, and it is the first decentralized project that promotes such network. GEODNET could be the future backbone of decentralized projects which require authenticate proof of location. GEODNET gets not only great interests from crypto community, but also gets warm welcome from traditional GNSS community.

Currently as of Oct. 2022 GEODNET has around 1500 active base stations installed all over the world. By the end of 2023, it is expected that more than 5000 base stations will be online globally. That will put GEODNET the largest GNSS network position overtaking traditional high-precision location leaders Trimble and Hexagon.

When GEODNET is listed in Web3 Index, it expands the coverage of existing protocols. It will also introduce new application domains and users to the Web3 Index system.

Can you describe the protocol's tokenomics?

GEODNET consists of a network of base stations called miners. The decentralized miners individually purchase and install GEODNET stations. The GEOD token is used to award to each miner when the miner receives quality GNSS signal and transfers data to the network. Additional reward is also available for high quality miners in the most desirable locations.

GEODNET users will purchase GEOD tokens to pay for the use of the network.

GEOD is the native utility token that is used for:
Rewards to base station miners when they provide reliable data stream which could be used for RTK (Real-Time Kinematic) positioning to achieve center-meter accuracy.
Fees for providing proof of location services. Base station miners will validate the location of mobile users for Web3 applications such as location-aware NFTs.
Used for governance votes to determine how network resources are allocated.

Who are the demand and supply side participants in the protocol? Please detail how both participants interact with the protocol.

GEOD token total supply is 1B tokens. About half of the tokens are reserved for community usage, and the other half for investors and team. Currently most tokens are locked. About ~5M tokens are rewarded to 1500 miners in the current network at rate of 2 token/miner/hour. The token reward to miners will halve every year. The total est. mining tokens are about 350M. The allocation percentage are: mining 35%, ecosystem and marketing 15%, investor 25%, team 25%.

On the demand side, GEODNET data stream is very useful for clients to achieve center-meter accuracy using RTK/PPP technology. GNSS corrections are used in most all new ADAS - Automated Driver Assistance Systems, also V2X and enhanced mapping positioning. New mobile phone are starting to ship with better GNSS receivers and mobile apps are starting to show interest in use of GNSS corrections. These mobile users will create a huge demand on GNSS correction data service. Fundamentally and long term, GEODNET’s biggest value add is having the best, dense and most-accurate geodetic network for business clients and end-users

Currently existing customers are paying $9-10k/month in term of GEOD token for the network service data from miners. It’s estimated that by end of 2023, there will be several million dollars of annual revenue incoming from similar customers.

Please provide the protocol’s cumulative fees over the past 30- and 90-day periods.

Past 30d: $9k from business clients using GEODNET data
Past 90d: $20k from business clients using GEODNET data (commercial services are ramping now with lead customer Hemisphere)

Fee data source

Not available yet. Need to determine how to set this up in a way consistent with web3index. We plan to use smart contract. Feedback appreciated.

Website

https://geodnet.com/

Twitter

@GeodnetInfo

Coingecko or Coinmarketcap URL

https://coinmarketcap.com/currencies/geodnet/