People of the world face many difficulties in transferring money out of their countries, to foreign lands. Many governments have exercised control over the bank because of control over capital. Some find the foreign exchange rates and transaction fees frustrating and exorbitant. People now look forward to breaking free of these dependencies on any financial system. People have found their solution to these problems in use of Cryptocurrencies. Bitcoin initially helped people to have better control over their money. The cryptocurrency could be sent anywhere in the world. There is no limit over the amount and there is no transaction cost involved. Cryptocurrencies are decentralized, and no government authority has any control over the cryptocurrency.
GeoCoin (GEO) is the new cryptocurrency evolved to correct many drawbacks and downsides of cryptocurrencies, including Bitcoin.
GeoCoins (GEO) is based on Earth geography. Each GeoCoin has a specific latitude and longitude on this Earth. Each GeoCoin represents eleven square meters on the surface of this Earth. The user has to download an application, known as GeoCoin Snap if she/he wishes to look for GeoCoins. GeoCoin Snap is only available at Google Play at this moment. It is also to be launched on the App store. The user is given a unique Identification once she/he is registered on the GeoCoin Snap application. A satellite is linked to the smartphone with its unique ID and unique credentials. The user can find a GeoCoin (GEO) by being at a particular location on Earth. The user has to snap the location once she/he reaches the location.
This snapping of location by a user means sending a request to the satellite. This request of a user is to acquire a GeoCoin (GEO). The satellite then makes a complete check of if anybody else has acquired the same GeoCoin (GEO) before, at the same latitude and longitude of Earth. If the satellite finds out that nobody else has acquired the GeoCoin, the GeoCoin is provided to the user. The GeoCoin (GEO) is linked with the user’s unique ID and unique coordinates. The application helps to do this. The other way of acquiring a GEO is if anyone gives it to the user or exchanges it with the user in exchange for traditional money. No user needs to be a software programmer to find a GeoCoin. GeoCoin is geo-context. It is linked with a GPS or GIS satellite. It prevents replication of GeoCoins at the same site on Earth.
Since the Earth surface has the limited area, GeoCoin is limited and therefore, its value will increase. The application makes the snapping secured. The cost of snapping GeoCoin is less than mining other leading crypto coins. So the potential of GeoCoin is good.
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