GeekChain is a decentralized proof of transaction and delegated proof of stake (DPoTS) consensus protocol that is designed to allow users to mine GEEK coins while they execute a series of DeFi and NFT transactions on the protocol.
A secondary layer interoperable blockchain is designed to serve as a bridge and unifying solution that helps to deliver the values and opportunities of DeFi, NFTs, and other suits of products and solutions available in different blockchain protocols into a single blockchain application for the sake of achieving a higher transaction throughput, cheaper fees and network of communities.
GeekChain brings simplicity and ease of use to the developing DeFi market, which in its current state remains hamstrung by exorbitant network fees and transaction times.
GeekChain will make it easier for people to spend with lower transaction costs. When you make transactions on GeekChain you will earn the platform's native $GEEK token. This functions as a utility token, and allows users to transact, stake, or simply hold the asset in their wallet.
As you can see above, GeekChain will be compatible with all Substrate-based chains as well as EVM-based chains. These include the likes of Polkadot, Kusama, Polkadot parachains, Ethereum, BSC, Avalanche, Fantom, Polygon, and many others.
On top of that, GeekChain also has bigger block transaction sizes to decrease wait time and cheaper transaction fees compared to the competition.
The potential is huge since GeekChain aims to become the most versatile layer 2 solution with various use cases that will seamlessly operate on multiple layer 1 chains.
As for the nodes that support the GeekChain network, they communicate with each other via sockets and reach consensus through the DPoTS mechanism that we have explained above.
How about interoperability? GeekChain smart contracts are deployed on multiple layer 1 chains, and these smart contracts are the key to relaying information to each other across all these chains.