Blockchain technology is no longer a foreign concept for businesses of the future. It aims to simplify business processes from decentralized record-keeping and creating secure real-time transactions to self-executing smart contracts and asset tokenization.

Communities are at the heart of most blockchain projects

Yet for many, the driving force of blockchain is the incentivised communities that rally around a similar cause — these organizations without hierarchy.

Communities are at the heart of most blockchain projects and members can become key investors, target user bases and talent recruitment tools all at the same time. These communities are built on transparency and trust and each new participant adds more value either in the form of time, resources, or capital.

Successful projects such as RedHat, Eclipse and GitHub built a framework that allowed members to collaborate, work together, and ultimately drive adoption to the products and services of their respective ecosystems. They also produced a significant return on investment and return on capital for investors, becoming almost $50bn properties by market valuation combined.

NextGenOne

NextGenOne is a non-profit organization in the US that aims to build a collaborative community that will create the building blocks of the next generation frameworks. It believes that the combination of passion, people and products in one package will steer future business success.

It recently launched a project called genEOS with the goal of creating a community that will build and operate an ecosystem with a purpose to drive the adoption rates of blockchain technology.

What is genEOS?

genEOS is a blockchain 4.0 project that aims to provide business owners with business outcome-driven solutions, and technology professionals with an ability to monetize their subject matter expertise.

The core principles of fourth generation blockchain technology will be used in the genEOS project to eliminate many of the challenges and threats faced by the current Web 2.0 ecosystem, such as hostile attacks, human error, data stream management, audit trails, and regulatory compliance.

Members can access development and technical teams who provide a range of services such as creating decentralized applications (Dapps) on demand, maintaining the ecosystem, and helping businesses with project planning, design, and implementation.

Project participants can also monetize unconsumed bandwidth by renting it out to third parties.

Dapps — decentralized applications — connect users and providers directly and they can be split into three types: apps that manage money, apps where money is involved (but also requires another piece), and apps in the “other” category, which includes voting and governance systems, for example.

Adoption of decentralized applications

According to the team behind the genEOS project, there are technical and commercial obstacles that prevent widespread adoption of Dapps in the business community.

These obstacles include:

• Mission critical application business owners: Unable to use blockchain technology due to inefficient transaction processing rates.

• Commercial application business owners: Unable to focus on adoption due to scarce and expensive expert resources.

• Small business owners: Unable to focus on adoption due to high barriers to entry.

• Blockchain subject matter experts: Unable to focus on implementation of blockchain technology due to focus on trading nature of Bitcoin and altcoins.

• Technology professionals: Unable to focus on building blockchain Dapps due to lack of Integrated Development Environment.

genEOS was created to eliminate the barriers to adoption and build a community of business and technology professionals.

In its whitepaper, it states: “We firmly believe that the genEOS ecosystem will be able to address the obstacles described above and focus on building a community that will unite business and technology professionals, who will together realize the power of blockchain technology, and further may integrate it with other next-generation technologies, such as Artificial Intelligence and Virtual Reality to drive adoption in the business environment.”

genEOS leverages the power of EOS software, utilizing its fast processing and transaction speeds

What is the model?

According to the project website, genEOS leverages the power of EOS software, utilizing its fast processing and transaction speeds. It offers a blockchain that is almost like an operating system, upon which decentralized applications can be built.

The critical distinction is the implementation of the governance model. Investors from any country who passed the know your customer (KYC)/ and anti-money laundering (AML) procedures will be able to join the project. This is because US-based NextGenOne will be able to secure legal and regulatory compliance to achieve transparent and fair token distribution.

Key features are:

• Truly decentralized

• High performance

• Fully open source

• Business focused

• Innovative architecture and smart contracts

• Built on top of EOS software

Four main communities

The genEOS ecosystem will consist of four main communities working together on the common goals of growing and maintaining the ecosystem.

• The business community will share their business requirements, use cases, and monetization strategies with other members of the genEOS ecosystem.

• The technology community will create a supply chain of capable technology professionals, and teams that will be enabled and ready to implement the required business application coming from the demand side of the ecosystem.

• The partners community will manage services for the members of the ecosystem.

• The investor community will supply low risk investment opportunities to the ecosystem in order to make sure that businesses are enabled for the adoption of the genEOS-based applications.

Partners

NextGenOne is the founding partner. It will manage and distribute the funds raised through the crowdsale events to the qualified technology partners of genEOS project. This will be to promote further development of genEOS ecosystem.

Partners in the project include the cryptocurrency conversion platform OpenLedger ApS that will be acting as an advisory partner. The company has carried out more than 10 ICOs generating $90m in funding and has experience in building successful blockchain-as-a-service applications, including OpenLedger DEX.

Aetsoft will provide technical support to the project. The company was established in 2006 and possess many years of experience in the scope of complex IT projects related to blockchain technology, digital payment, trading, investment, mobile development as well as AR/VR products.

Key players

Alexander Landa, Executive Director of NextGenOne, has more than two decades of proven experience creating and scaling complex business ecosystems enabled by the leading edge technologies.

Adriana Young, Director, Talent of NextGenOne, is a proven professional in the area of talent leadership and management. She began her career as a psychologist, working with people who needed help to begin a new chapter in their life. Adriana was able to successfully transfer her professional skills in identifying and developing leaders within small organizations.

Ark Shapiro, Operations Director of NextGenOne, is a distinguished solutions architect with more than three decades of experience building and implementing complex enterprise distributed networking systems. Shapiro will serve in a dual role as a director of operations and technology advisor.

Ronny Boesing, OpenLedger founder and CEO, is a serial technology entrepreneur who has been working with the thought leaders of blockchain technology since 2014.

Worldwide secured token offering

The genEOS token is an ERC20 token distributed on the Ethereum blockchain through a mechanism of an ERC20 Smart Contract. The total supply of genEOS tokens is set to one billion. The entire supply will be available through the distribution windows. Once the distribution is completed, no additional tokens will ever be issued.

NextGenOne will carry out the worldwide secured token offering (STO) and the aim is to generate $2m as a soft cap through the STO event.

NextGenOne will carry out the worldwide secured token offering

The crowdsale started on June 26, 2018 and will end on December 23, 2018. genEOS tokens can be brought on the official website of the project with Ethereum (ETH) or fiat currencies (USD, EUR, or CNY). All investors need to be able to comply with the KYC/AML governance.

The genEOS tokens give project participants access to the ecosystem and its specific resources such as computing features, storage features and monetization features.

The organization said: “Those individuals and businesses that share the genEOS vision and commitments towards creating a powerful, fast and secure decentralized ecosystem that lets businesses design and deploy their own blockchain applications are always welcome to join the project.”