PoL was expected to launch by Q3/Q4 of 2018 and then again postponed, I understand this but at this point I begin to disbelieve in GEO for the following reasons:
1. No whitepaper yet
2. No documentation / preview of PoL
3. No estimated launch date -- not really a reason, but still good to clarify this
We don't even know if the PoL is it really going to be an algorithm or just a centralized web interface with a distributed supply owned by creators of GEO.
According to your latest updates (with some beta tests completed) I assume you are very close to give us an estimated date of launch and if that is the case it would be highly appreciated to clear the first two doubts I've mentioned above.
Looking forward your reply weifa, have a good day!
Thanks for your questions, I'm happy to provide some answers as best as I can.
We have never had a GeoCoin whitepaper and I don't plan to create one at this time. In terms of a preview for the PoL system, we have been running our 2nd phase of beta testing since early this year and the results and feedback coming back are great! The Proof of Location process is not an algorithm, it is more a user driven experience where you drop a magnet to attract GEO to nearby green spaces (parks and rec areas that should hopefully be safe for people to collect GEO at). Since GEO is now an ERC20 token on the Ubiq Network, it can no longer be mined using traditional GPU POW mining. The Proof of Location process allows users to 'mine' the remaining supply of GEO by turning on their smartphone GPS and navigating to the location. This will allow us to continue to increase our Circulating Supply and it acts as the Coin Supply Inflation in a sense. Your last question is in regards to an estimated launch date. As I've mentioned in the past, we have partnered up with the KryptoTech.io team for their assistance with our wallet backend. I'm currently trying to work with them to figure out a more solid timeline, but the last I had heard they were estimating it could be complete within a matter of a few months. I realized this has been said before as I originally had wanted to release it by the end of 2018, but due to their availability it has been postponed.
The GeoCoin project is an ongoing project and we're pretty excited about all the progress and improvements we've been making recently with the assistance of our beta testers. I personally can't wait until everything is fully up and running and will do whatever it takes to get us there. Let's keep it GEOing!