GEODNET Token Explained: Price, Background, and Mining

Heard about GEODNET but not sure what the the token is? Don’t worry, you’re not alone. Many have heard the buzz but don’t know the details. 

In this blog, we’ll break down what GEODNET (GEOD) token is, how it works, and how you can get your hands on some. Let's dive in and make sense of it all together.

What Is GEOD Token?

Think of GEODNET's GEOD token as a digital currency used within a special network. This network gathers and shares precise location data from around the world. People who help collect and verify this data get rewarded with GEOD tokens.

It works like this: special devices, called miners, collect location data. This data is then checked and verified by other nodes in the network to ensure its accuracy. In return for their efforts, both the miners and verifiers earn GEOD tokens. 

You can use these tokens within the network or trade them for other cryptocurrencies. It's a simple and efficient system that benefits everyone involved.

Participants in the network have a real stake in its success. The GEOD tokens they earn can be traded for other cryptocurrencies, including popular USD-pegged stable tokens like USDC, on decentralized exchanges. 

Once the network is fully up and running, you’ll also be able to use GEOD tokens to pay for GEODNET data services through blockchain transactions. 

GEODNET Token Background

CEO: Mike A. Horton
Head of Blockchain: David Chen
Head of GNSS: Yudan Yi

GEODNET started as a solution to improve global navigation and satellite system (GNSS) networks. While useful, traditional GNSS networks were limited in coverage and security and often centralized, making them vulnerable to disruptions. 

GEODNET was designed to create a more robust, decentralized network that could gather precise location data securely. It is backed by the GEODNET Foundation, a non-profit organization established in Singapore. 

The Foundation initiated the project and oversees the network's creation and coordination, ensuring it runs smoothly and effectively.

The token itself, GEOD, incentivizes people to participate in the network. Miners collect and validate GNSS data in exchange for GEOD tokens. 

This system encourages rapid network growth without needing huge investments from a central authority. By rewarding participants with tokens, GEODNET ensures continuous and reliable data collection and validation.

GEODNET Token Price

Wondering about the price of GEOD tokens? You can find the latest prices on platforms like CoinMarketCap and Binance. These sites keep you updated with real-time values, so you always know the current worth of GEOD tokens.

GEODNET has a maximum supply of 1 billion GEOD tokens. As of July 2024, the market cap is over $20 million, showing significant interest and investment in the project. 

GEODNET already pulls in $630k annually and is set on capturing a significant share of the $3.4 billion GNSS correction market.

With this strong start, GEODNET is poised for impressive growth. As the need for precise location data keeps rising, GEODNET’s unique approach could become a key player in the industry. 

Their focus on rewarding contributors with GEOD tokens not only incentivizes participation but also ensures the network remains robust and reliable.

Many believe in its potential, and some experts think the market cap could soar to as much as $5 billion in the future. This makes GEODNET an exciting project to watch.

Factors Affecting Your GEODNET Earnings

Curious about how many GEODNET tokens you can earn? Your earnings depend on several factors that influence the rewards you get for participating in the network.

Proof of Location (POL)

The Proof of Location process ensures that the data you provide is genuine and accurate. It verifies that the location data from your miner matches its stated location and is consistent with nearby stations. 

This helps maintain high-quality data across the network. Miners that meet these criteria earn rewards, while those that don’t are removed from the network.

Proof of Accuracy (POA)

Proof of Accuracy determines how precise and reliable your data is. It takes into account various factors, such as:

• The number of satellite signals your miner tracks
• Its uptime
• Overall quality of the data

These factors are combined to calculate your reward. The better your data and uptime, the more GEODNET tokens you earn.

To estimate your GEODNET rewards, check out our GEODNET Profitability Calculator.

GEODNET Halving Schedule

Halving is a way to control the supply of tokens and ensure their value over time. Reducing the rate at which new tokens are created helps prevent inflation and maintains the token's value as the network grows.

The total token supply growth rate in GEODNET halves every two years. This means that the number of new tokens generated will decrease over time, making each token more valuable. The formula for this supply over time is:

M(t)=M0+∫I0∗exp[−ln2∗(t/T)]dt+∫(m(t)+Δ(t))dt

Here’s a simple breakdown:

• M0 is the initial token supply.
• The first part of the formula calculates the staking reward over time.
• The second part calculates the mining reward, considering the number of base stations (m(t)) and expected miner growth (Δ(t)).

This schedule ensures that as more people join the network and more tokens are mined, the rate of new token creation slows down.

GEODNET Token Mining

To get started with GEODNET mining, you'll need a special device like the Geodnet MobileCM (Triple-band). This gadget collects real-time geospatial data from the Earth and atmosphere. 

By setting it up on your roof, you help the GEODNET network and earn GEOD tokens. Here’s how to do it:

1. Purchase a Geodnet MobileCM: This device is built for easy setup and top-notch data collection.
2. Install the Device Securely Outdoors: Make sure it’s mounted firmly and won’t move. The installation kit has everything you need.
3. Start Earning Tokens: Once your device is up and running, it starts collecting data. You’ll earn GEOD tokens as a reward for your contribution.