Geocoin is a token created on Ethereum Blockchain but later transferred to ubiq network whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Geocoin was created to enable users to be able to earn geocoin while geolocating a place. It favours mostly professionals in the field of the transport sector, tourism sector, security sector and many more. In the transport sector, it enables taxi drivers to be able to identify where their clients are as well as to easily drop their clients to the right destination. In the tourism sector, it enables the tourist to be able to locate different tourist destinations while in the security sector it is able to track stolen digital tokens from hackers. The more you geolocate the more you add the blocks to the network thus the more the reward.
Geocoin transaction
Geocoin transaction takes place on the ubiq network blockchain explorer. Previously, the transaction was taking place at ethereum blockchain exploer based on block height and time stamp but was later transferred in to ubiq network. To view how the transaction was previously taking place at ethereum blockchain explorer, simply follow the link below;
https://etherscan.io/token/0xfa95646aec63d22ffaecdd49cc1efdf5ae37c911
The transaction at the ubiq network is still under construction. When it is done will let you know. You can still follow the link below because some transaction is still taking place on bittrex exchange
https://www.ubiq.cc/address/0x500684ce0d4f04abedff3e54fcf8acc5e6cfc4bd
Date Launched
Geocoin was created in 2013 but launched in 2015 with the main objective of allowing easy location of different places all over the world. In the transport sectors, drivers can easily trace the place where they want to take their passengers to while in the security sector especially in digital coins, stollen coins by hackers can easily be traced.
Founder Of Geocoin cryptocurrency
Geocoin was created by Tobler with the main objective of making it become a proof-of-spatial analysis, that is proof-of-location. Therefore, Tobler wanted geographical locators to earn some Geocoin while trying to locate a certain region of the world.
Process of creating Geocoin cryptocurrency
Geocoin is a proof-of-location token. Being a proof-of location, it is therefore created through the geocaching process when users are trying to locate different geographical location. The algorithm used to geocashing is ubqhash algorithm.
Maximum circulation of Geocoin
The maximum supply of Geocoin in the ubiq network is expected to be 4,000,000 upon completion of its proof-of location process. Every year, 50,000 of Geocoin will be released through proof -of-location to the ubiq network until the maximum cap has been reached.
Geocoin Price
Currently, 1 Geocoin is worth more than $0.202 and its price is expected to increase over the next period of time. Geocoin is being abbreviated as GEO.
Converting my Geocoin to other cryptocurrencies
To convert your Geocoin to other cryptocurrencies such as bitcoin and ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Geocoin to bitcoin or ethereum. https://mercatox.com/?referrer=31442
Storing my Geocoin
To store your Geocoin, you need to have an Ethereum address supporting ERC-20. You can use meta mask or my ether wallet. Never store your ERC-20 in exchange unless you are trading them. Never use an exchange Ethereum address to receive your Geocoin cause you will never receive them because those addresses do not support ERC-20. You can also store your Geocoin on the UBQ wallet.
Transferring my Geocoin to other Users
If you want to transfer your Geocoin to another user, the two of you must have trust in each other. The trust should be the Geocoin address provided for the receiver while the sender must have the Geocoin balance in their account to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;
Knowing more About Geocoin
If you feel that you need to learn more about Geocoin cryptocurrency, then you can follow them on their site. Here is the link redirecting you to Geocoin website
You can as well open your account by following another link below;
Now that you know, I think that it is time for you to start earning some Geocoin by geolocating different places. If you feel that I should also own some Geocoin for helping you to know about it then here is my geocoin address;
