GEODNET

GEODNET offers a blockchain-based network of high-precision multi-band global navigation satellite (GNS) base stations that provide location services for applications such as drones, robotic vehicles, augmented reality, and IoT. The company’s layer-1 and layer-2 blockchain network operates under a novel consensus mechanism that combines both proof of accuracy and proof of stake. As of July 2023, the network supported over 1,000 transactions per second (TPS).

GEODNET enables users to set up their own base stations to gather satellite data (specifically real-time space weather data) and act as miner nodes of the blockchain. Once these base stations are identified and examined, users can earn mining rewards that are proportional to their data quality and the uniqueness of their location (via the protocol’s native token, “GEOD”). As of July 2023, the network had over 3,000 reference stations in every major continent.

Key customers and partnerships

As of July 2023, the station data generated by GEODNET was used by enterprises that develop in high-precision applications, such as Hemisphere GNSS, Quectel Wireless Solutions, and Rock Robotic. 

Funding and financials

In February 2024, GEODNET raised USD 3.5 million in a seed funding round led by North Island Ventures.