A narrative description of the purpose of the project and its operation in layman's terms is provided.
GEODNET Foundation is a Singapore-based non-profit organization dedicated to maintaining GEODNET, the world’s largest precision positioning network. The Foundation helps coordinate network contributors, end-users, and core developers through programs, grants, and events. The Foundation’s mission is to enable the pervasive robotics and power our intelligent future. To learn more about GEODNET Foundation, please visit https://geodnet.com/foundation.
A narrative description of the Project's primary sources of revenue is provided, broken out by entity (e.g. Foundation, Labs, DAOs, or other).
Precise localization Data Streams and Subscriptions are sold by more than 50 enterprise clients. 50% of the subscription revenue is shared with the GEODNET Foundation. 80% of this revenue is used for buy-back and burning GEOD tokens off the open market
The Project must clearly disclose the rights, value accrual mechanisms, and distinctions between token holders and DevCo equity holders. Any value allocated specifically to equity holders (e.g., dividends, profit-sharing) must be communicated separately from value accruing to token holders.
There is no equity entity. There has been no investment in the foundation or issuance of shares, warrants, etc. All GEODNET value is via GEOD token. Revenue flows back to the token thru the 80% buy back and burn mechanism
If core team members are compensated by any Tokens allocated to the Foundation through advisory services or similar agreements, or by any other payment method (i.e. fiat), these payments must be disclosed. Note, foundation team members known and exclusively compensated by the Foundation are excluded.
All advisory payments to insiders are fully disclosed, including recipient, scope, and amount. There are currently no payments; nor have there been any in the history of the project
The identities of key team members (e.g., founders, CEO, CTO, COO of Labs, President of Foundation, etc.) are publicly disclosed.
Mike Horton (https://www.linkedin.com/in/mikeahorton/) Project Creator, Co-Founder & CEO Has been building companies in the positioning industry for three decades, first as founder of Crossbow Technology, a sensor technology business that grew to $21M of revenue and sold to Moog for $32M in 2011; then as CTO at Aceinna (spin out from Memsic Semi), developing MEMS sensor technology for autonomous vehicles; and finally as co-founder & CTO of Anello Photonics, a venture-backed silicon photonics company that raised $29M in venture capital. Holds a Master of Science in Electrical Engineering from UC Berkeley Yudan Yi (https://www.linkedin.com/in/yudanyi/) Co-Founder & Head of GNSS 20+ year veteran of the GNSS industry in Asia, spending a decade in senior research roles at Topcon, the GNSS market leader in Japan; then at Qianxun SI, a GNSS network that raised $750M+; and then at Aceinna, where he was a senior director and worked with Mike for three years (including coauthoring a technical paper) before starting Geodnet together with David. Holds a Ph.D from Ohio State University and Master of Science from Tongji University David Chen (https://www.linkedin.com/in/xiaohu-chen-b1202ab/) Co-Founder & Head of Blockchain Has been leading technical teams in the crypto industry since 2016, first as CTO of Jingtum (L1 blockchain) and later as CEO of MOAC. Holds a Master of Science in Computer Science from UC Riverside, with more than 10 patents in blockchain technology
The Project must provide publicly accessible documentation covering the Token's governance rights, rights to value accrual, any additional utility, and the mechanism by which token governance is implemented (e.g. an insider multi-sig).
GEODNET provides a governance website (vote.geodnet.com) for community to be part of the governance process. The voting rights (veNFT) are from three parts:
Disclosed information explaining the launch and initial supply that includes: the total number of tokens issued, the category of the recipient (team, investor, foundation, community), the total supply of the token and if it is capped, and the initial vesting schedule.
The total supply of GEOD token is 1 billion with initial allocation breakdown:
All Insider Token allocations (team, investor, foundation) must be transparent, per the disclosed Initial Allocation. If vesting occurs at a custodian, clearly disclose the employee categories and associated vesting schedules clearly in your documentation.
Founding team member tokens are vesting in blocks following the seed investors vesting schedule. All post-TGE employees/vendors, 24 month vest is applied based on the relevant employees/vendors token grant date. Total allocation to empolyees/vendors is 20,292,472 with 6,166,580 still unvested.
Addresses that hold any Unissued Tokens (e.g. foundation, future contributors, treasury) must be publicly labelled (address listed in docs) and be held in distinct wallets. This includes the foundation allocation. The party (e.g. team, foundation, DAO) that controls the funds must also be disclosed.
We don't have any unissued tokens. There is 1B fixed mint. No more will be made. All control in the token smart contract is renounced Below is the list of token address for each allocation: Mining: 0xfa5fEd5cc2b6DD8F370651D17242C52Ed711B14F Mining distribution wallet: 0x8FB9dd00B9a3D893dA96d444817d0b77330d5478 Ecosystem: 0x3A6906E4239F9860C81035c54198Df58D892653b Team: 0xca3E874Bc4e830796d822F529C29Df30302324b2 Investor: 0x486559899e96981DFE55C4E6EBF5101A76BfAdfa Vendor/Marketing: 0x82146cf0f350c241757660fd803c73313b06d75c Public sale: 0xcEcccB3ee2C208Fb58A5a02499E97D4BF041Ff6f
The project must disclose all airdrop eligibility criteria clearly and provide a full CSV list of recipients, including addresses and amount received.
We have never had nor plan to do open ended airdrops. Any token issuance always clear criteria and tied directly to adding to coverage or reliability of network. Any kind of new rewards of any kind go thru the community governance such as GIP3 and GIP4 on out vote.geodnet.com platform
Disclose information on insiders (Team, Investors, Foundation, Advisors) tokens that are locked and can earn rewards.
There is no current GEOD or other GEOD related rewards being earned by any locked wallet team or investor. We commit to 3 should it change.
The project commits that any future token issuance (e.g., minting or emissions outside scheduled vesting) will be publicly disclosed and justified on an official platform (e.g., governance forum, blog, or docs).
We commit to this.
The team discloses all tokens launched by its key team members in the past and explicitly lays out its philosophy around launching new tokens, related to the project or otherwise. (e.g. "We do not plan to launch additional tokens" or "Any additional tokens will be given 1:1 to existing token holders who can then vote on proposals submitted by the management team.")
Core contributors do not plan to launch additional tokens. David Chen has been part of project MOAC before 2020. And MOAC project is not related to GEODNET.
The project commits to disclosing any material Related Party & Insider Transaction within 30 days and includes: The nature of the transaction, the Related Person, the basis on which the person is a Related Person, and the number of tokens involved in the transaction. This includes tokens issued by the foundation.
We commit to this. Only related party might be considered ROVR Network
Disclosed information of previous fundraising rounds, material OTC rounds to investors, or discounted market maker sales involving the Project and its Token that includes: the date of sale, number of tokens sold, and the vesting schedule of these tokens. The Project commits to disclosing any material OTC deal involving token sales and purchases by the foundation within 30 days.
raised 3 rounds: Round 1 (06/2023) raised $1,500,000 valuation at 15.6M vesting in three years Round 2 (04/2024) $5,100,000 valuation at 64M vesting in two years Round 3 (12/2024) $8,125,000 valuation at 131M vesting in two years
Projects must disclose key details of market making and centralized exchange agreements affecting token liquidity, including: names of all market makers & centralized exchanges involved, the token allocation for each (as % of total supply), and the duration of each agreement.
GSR (1%, 1yr) and Nonco (0.4% on a 6 month extension that expire soon to the current date of August 7th). Both MM are active on MEXC and GATE. There is no CEX agreement made
The Project commits to providing updates to token holders on a quarterly basis via forum posts, live dashboards, or reports that cover core project KPIs, changes to Token supply or allocations, and disclosure of top line revenue and expenses. The Project may engage third-party contractors to prepare and deliver these updates.
The project commits to disclosing Token Holder Relations Reports. Examples include its Dune Dashboard, Quarterly Messari reports, Blockworks project update reports, and the Blockworks research dashboard. The Foundation also holds public AMA via its discord server to review progress at least Quarterly
The foundation's assets or working capital are held onchain and publicly labelled, providing the ability to track asset holdings, revenue, and expenses. Or, the foundation publishes a quarterly, publicly available financial report of its assets, working capital, revenue and expenses.
Foundation wallets are not publicly labeled. Ecosystem: 0x3A6906E4239F9860C81035c54198Df58D892653b Team: 0xca3E874Bc4e830796d822F529C29Df30302324b2 Investor: 0x486559899e96981DFE55C4E6EBF5101A76BfAdfa Vendor/Marketing: 0x82146cf0f350c241757660fd803c73313b06d75c Public sale: 0xcEcccB3ee2C208Fb58A5a02499E97D4BF041Ff6f
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Geodnet is solely responsible for the content, accuracy, and legality of its disclosures.
