Superstar Dialogue Issue 12｜GeoDB One of the best startups in Europe and the UK
The following is the content of all the conversations organized by Nova Club:
The host Tracy briefly introduced the GeoDB project, which has won many international recognitions and honors:
In the "AI Blockchain Summit" held in Barcelona, Spain in November 2019, GeoDB as a core partner and world-renowned companies such as BOSCH, IBM, etc. to discuss blockchain empowering big data and smart cities, etc. Industry prospects. Founder Luis is also honored to deliver a project speech as a special guest speaker.
GeoDB won the first prize in the international intelligent start-up company competition, and won a series of investment institutions and business partners. Received a prize from the famous Hero Academy of Draper University in Silicon Valley, USA, and the treatment of a European venture capital source recommended by Innmind, a well-known European incubator.
In April 2020, the project was recognized by CrunchBase, a world-renowned startup and investor platform, and GeoDB was listed as one of the best startups in Europe and the UK. Ranked 11th in the start-up company evaluation in Europe and the United Kingdom, and first in the blockchain industry.
GeoDB's high-quality team and successful entrepreneurial experience, as well as the huge market it has entered, have made it sought after and favored by the European capital market. So far, the project has successfully completed 3 rounds of financing, with a total of more than 5 million US dollars in financing.
From the very beginning, it obtained the first round of angel funding from professional venture capital institutions. After that, crowdcube and seedrs, the most well-known public fundraising platforms in Europe, were favored by many investors and successfully reached the target financing amount of nearly 3 million US dollars. Later, he obtained two million US dollars in financing from professional venture capital institutions, family offices and professional investors.
Tracy: After receiving GeoDB's BP, I learned that the GeoDB project integrates blockchain technology/DLT/big data/token economy, and provides a decentralized industry market platform and agreement for all parties involved in the big data ecosystem; This picture shows that in the entire big data sharing ecosystem, data manufacturers, data demanders and value-added service providers are involved. I would like to ask Louis to introduce this business logic.
Luis: After analyzing the current problems in the big data market, the team decided to create GeoDB-a big data sharing ecosystem based on blockchain technology. Not only will it not compete with the existing market, it can also provide them with A platform to solve problems.
Users (that is, us) can be rewarded for selling their data. Users sell data through different apps, so these apps can also get rewards and can transfer data to GeoDB in a very simple and compliant way.
Data analysis service providers can provide services for the collected data.
Data buyers can purchase data, and they can verify the source of the data through the blockchain.
For example, if we want to open a coffee shop, we can simply press a few buttons to figure out which place is the best choice for the meeting. GeoDB is currently opening up the market for SMEs. All the circulation of this ecosystem relies on GEO tokens, which represent the value of data and are the only currency in the ecosystem.
Tracy: The partners of data buyers include Nisgo, Aboutgoods, Flame Analytics, Datalytics, etc. They join the GeoDB ecosystem as data demanders. Please introduce these partners separately. As far as I know, they have a strong user base.
Luis: The companies that have signed purchase agreements with GeoDB are far more than the ones I just mentioned. But I am happy to introduce them one by one.
Nisgo is a big data consulting company focused on geographic location data analysis. It has a large number of real estate and advertising customers who use Nisgo to make business decisions.
Aboutgoods is one of their main partners. They collect data from shopping receipts, and then sell these data to fast-moving consumer and retail companies.
Initially, Aboutgoods just wanted to buy location data, but after learning about the GeoDB model, they established a closer cooperation and developed a joint application. The small ticket uploaded by the user will capture other data through the Aboutgoods recognition technology. Get GEOs rewards, and all purchases will also be carried out in GEOs.
Flame Analytics is a company that provides analysis of hotels, shopping malls, restaurants and public transportation. They have operations in Spain and the United States, so they will continue to buy large amounts of data and will actively purchase data from GeoDB, because GeoDB can solve many of the problems they face, such as data format, timeliness and reliability.
Datalytics is a partner from South America. Headquartered in Argentina, but has operations in many countries and regions on the African continent. They are one of the leaders in the geographic location and retail data analysis market in Latin America, and they have a large data demand.
In addition to the companies mentioned above, there are many companies that have established cooperation with GeoDB, and it may take several hours to finish.
Then enter the round table session.
Tracy: First of all, I would like to ask Maggie and Kevin, how do they view the combination of the market and blockchain technology in the era of big data? Does this investment track have potential?
Maggie: As an institution focusing on value investment in the blockchain investment field, we have seen countless investment opportunities. I think the direction of big data will always be the cornerstone of the blockchain. There are three main reasons:
1. The decentralized nature of blockchain solves a fundamental problem, which is data confidentiality.
2. The non-tampering feature of the blockchain provides authenticity for the data on the chain.
3. Individuals can now profit from the data they contribute.
In general, there are a lot of real cases in all walks of life, and I think blockchain will take big data to another level.
Kevin: When discussing the combination of big data and blockchain, we are often very cautious, because this carelessness will touch the user's private data, and there are higher requirements in terms of security.
However, using blockchain technology to solve the problem of data and data value is a rigid need. First, it can reduce the cost of credit in the transmission of data value and promote real transactions. Second, the authenticity of the data cannot be tampered with, so that the value of the data can be measured and the contribution value will be confirmed; therefore, it has to be said that the blockchain big data track , Is a real application scenario.
There are similar data-focused projects in China, and Consensus Labs has also participated in investment. When we participate in the investment of this type of project, we pay more attention to the ecological scale of the project's own physical business. Only when the project is healthy and effective can a large-scale data business truly realize the value of data, and only with a large-scale data sample can the value of data be measured.
Next is the guest question session
Question 1: The EU’s new data privacy protection regulation GDPR has officially entered into force in the 28 EU member states on May 25, 2018. This law is aimed at companies that collect, store or process large amounts of information about EU residents, and requires these companies to be more transparent about the data they have and who they share it with. This also means that any company that has a digital business in the EU (currently including the UK) will have to abide by the law, otherwise it will face severe penalties. What layout does GeoDB do in this regard?
Luis: Very good question. Because of the problem you mentioned, many apps are now unable to sell data because they need to manually delete all personal data so that users cannot be identified.
In GeoDB, we never obtain personal data such as name, phone number, or email, and we always capture data from the mobile phone's application in an automated manner by installing the SDK and verify it through the IOTA protocol.
The most important point is that GeoDB does not store data. Data is passed directly from the client to the client. This means that the data is more secure and the user's personal data cannot be identified.
But in order to give our partners and investors full confidence, we hired the most prestigious legal consulting firm, Baker McKenzie, and they gave an official conclusion that GeoDB is fully compliant with GDPR and any other similar Data protection regulations.
Kevin question 2: We noticed that GeoDB has a long-term partner called Abacus, a big data-based intelligent analysis company that conducts location-based information marketing, retail expansion, fast-moving consumer goods and real estate industries. McDonald’s is one of their important customers. . How does Abacus cooperate with geodb to expand the retail industry?
Luis: Abacus is one of the very good data buyers not mentioned in one of the previous questions. Abacus is indeed one of the key players in the Spanish big data industry, with large retail customers like McDonald's.
Abacus will purchase data from GeoDB. Alvaro Garcia, the founder and CEO of Abacus, was so interested in GeoDB and began to share with us the pain points of market analysis and data buyers. This is very helpful for us, so Alvaro recently joined GeoDB's advisory board.
Maggie question 3: Whether the blockchain project has enough user flow and whether it can have a stable cash flow in the future is the cornerstone to ensure the continued stability of the project. We understand that the GeoDB project has advantages in landing applications and can be imported after the mainnet is online. With more than tens of millions of user traffic and partner resources, do these users need to be re-educated? What is the cost of education?
Luis: It is true that many APP users do not understand the field of cryptocurrency very well. Here we have two strategies.
The first strategy is the user education you mentioned. We will hold webinars, Q&A sessions, 24/7 support and other educational channels. These educational activities will not increase the company's overall operating expenses, because this is the daily work content of the customer support team, and our team has many outstanding experts in these areas.
The second strategy is that we don't want users to treat GEO as a tool for cashing. To this end, we are establishing cooperation with different online service and retail service companies to obtain more discounts. Given that we have a large user base, these companies are happy to offer discounts to attract new customers. Through the increase method, users will be able to convert GEOs into discount coupons or other free services, thereby reducing the risk of users selling GEO in the market and having a positive impact on GEO prices. Therefore, I think we have put forward a comprehensive strategy based on our past experience in dealing with all these issues.
Maggie question four: From your white paper, I see that you started with location-related data. Can you share with us why you chose this field?
Luis: All our data is anonymous. Location data, complete device information, connection data and phone usage data. Among all these types of data, location data is one of the most valuable information in the industry. Location data combined with other relevant information can enable companies to make better business decisions and better understand their markets. Among all big data projects developed in 2019, more than 80% of the projects use location data as a key element of their analysis.
Question 5 from Kevin: I noticed that the founding team has had outstanding entrepreneurial achievements. The founding team of the project has a very successful entrepreneurial experience. The project chief creators have co-founded the business for more than 10 years and founded WLT: Wave Location Technology, successfully serving more than 12 million worldwide Users, how many global users will GeoDB serve?
Luis: There are two main sources of our data.
The first is our own application. GeoCash is a test application developed by us. We only shared the application with a few friends and investors for internal testing purposes without any promotion or publicity. Now, the number of downloads on Google PlayStore exceeds 50,000 Times.
The second source is the partner application. These are all existing applications, they join GeoDB as data sellers, and the owners and users of the applications will receive GEO as a reward.
Maggie Question 6: What are the technical advantages of GeoDB compared to its big data competitors?
Luis: As we mentioned before, the big data in the blockchain field in the past few years is mainly based on the protocol level. There have been many good agreements, such as Ocean, Enigma or IOTA.
At GeoDB we do not develop protocols. As an investor, you may also see that today we have hundreds of unattractive agreements. GeoDB is an end-user solution that combines all advanced technologies in the blockchain and big data fields. We use not only one technology, but also a fusion of various technologies. The great attractiveness and user-friendliness of the early execution ability are our competitive advantages.
Kevin Question 6: How big is the GeoDB market? What is the current market value of GeoDB? What is the market value of other similar projects?
Luis: The total value of the big data market exceeds $300 billion annually. It includes raw data transactions, technical tools and analysis services. The United States, Europe and Asia account for 90% of the market, which is why we focus on Europe, Asia and the United States. There are many companies that only provide part of the services we provide, and they have been valued at more than one billion US dollars. Big data is one of the largest markets in the world, so it is difficult to estimate the market share of similar projects.
Maggie question 7: GEO tokens represent the market value of big data in the GeoDB market. The white paper states that GEO tokens will continue to be issued within 21 years. Are your products and tokens aimed at B-end users or C-end users? What is the design logic for the release of tokens in 21 years? What are the application scenarios of tokens?
Luis: First of all, to clarify that 21 years means that it takes 21 years for the reward pool of data generators to be issued. It has nothing to do with the tokens that are now available for investors to purchase.
The full 21 years to allocate GEO are to maintain a good balance between user rewards and token prices and circulating supply. This logic is very similar to the distribution of Bitcoin. In the beginning, we had fewer active users but more rewards. As users grow, the number of rewards per day will also decrease. This will be solved through smart contracts. As a result, users can have full confidence in the future reward mechanism. Of course, we will have different coefficients to allocate the rewards in a certain day, because different data correspond to different needs, we need to consider this.
The core idea is to build a model that can reward early users while generating more data. Buyers who need to buy data will buy GEOs in the market. To ensure that our tokens will have more and more value.
We believe that 21 years is a point that can satisfy users, while the demand for GEO in the market can grow well so as to maintain a balance point for rising currency prices. We are a B2C2B company. We provide services to consumers and businesses, and to every user in the world through smart phones and data connections.
The age span of our target customers can range from 15 to 45 years old. From a business perspective, in 10 years, 95% of company decisions will be based on big data, so the market is huge, and we will basically have potential customers in all levels of companies.
Kevin Question 8: What is the current progress of launching the application GEOCash? Do I need to download Geocash as a data uploader?
Luis: We recently updated the new version of GeoCash in the Google AppStore and are registering in the Apple AppStore. The next step is the Asian market, adapting to the needs and operating methods of China and other Asian countries. The mainnet is now in the final stage of development and will be ready in the third quarter of this year, so GeoCash is our current main data-generating application. You can download it now, and every data shared with it will be rewarded with test GEO tokens. After the mainnet is launched, these test Geos can be converted into real GEOs.
And now there are other applications connected to the GeoDB ecosystem. Therefore, if your application is connected to GeoDB, you can use the application as before but get GEO rewards. This is the magic and unfairness of the big data market-we are generating a lot of valuable data, but not getting rewarded. Now this can be changed with GeoDB, which is completely improving the big data market.
Maggie question 9: Are there any plans to expand ecological partners in the Asian market? Who will be potential partners?
Luis: As I mentioned to Kevin just now, we have plans to launch GeoCash in Asia in our roadmap plan, and we will also set up a business development team to cooperate with big data buyers and sellers. Asia is a very large market with many talented people who love and understand technology. That's why we are here now!
Kevin concludes: GeoDB combines big data analysis with blockchain technology. The entity company is engaged in data business and has done a good job in data collection, analysis, data value reflection, data security and privacy protection. Blockchain technology has strengthened his main business, and the Geo pass further inspires and expands his data ecology. At the same time, the GeoDB team is excellent, and it has also received investment from top European investment institutions, which is a typical and excellent blockchain application case.
Here, I am also happy to announce the partnership between Consensus Lab and GeoDB. Consensus Lab will strategically invest in GeoDB to jointly create a global encrypted data ecosystem.
Superstar Dialogue Issue 12｜GeoDB One of the best startups in Europe and the UK