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Gera Coin explained

Gera Coin explained

Explainers Cryptocurrencies

08 Nov 2021

The Gera Coin project was created to address the growing needs of the rapidly expanding e-commerce market. The team aims to provide modest, transparent, and fast cryptocurrency solutions so that more users can enjoy a seamless payment-for-delivery experience. To achieve that, Gera Coin is developing a number of products and services which together form the ecosystem designed to help customers and businesses adapt to commercial life online.

Acknowledging that there are still a number of issues in the crypto space that need to be solved, the project’s whitepaper outlines the key challenges they are solving:

  • Security is a significant concern for users, and the Gera ecosystem will have a number of strategies to restore faith in online commerce and crypto services.
  • Practicality is of paramount importance, if there is no real network of merchants that accept Gera’s products, the use case does not work.
  • Increased transparency so that all users have access to the same financial data.
  • Fast transactions are crucial for online delivery services, as timeliness accounts for a large part of the overall user experience.
  • Simple design and greater accessibility will make the service more approachable for crypto-beginners, or simply people that are still new to digital services.

Gera’s strategy is to combine modern fintech innovations, enabling users to make easy and fast payments for deliveries and crypto transfers. The team aims to promote crypto payments using blockchain to drive overall adoption of the technology, making the app’s native coin GERA a major source of revenue.

The Gera ecosystem

The broader Gera ecosystem consists of a number of products and services which together form the basis of a better user experience when it comes to digital payments for delivery services. According to their most recent Roadmap update, the project aims to release the mobile app in early 2022, which will officially mark the launch of the Gera service.

The App

The main product of the Gera ecosystem is the mobile app. Users will be able to find delivery merchants, pay for their services, and track the status of their deliveries all from a single Gerap mobile app. Additionally, the mobile app serves as a wallet with a built-in exchange service for both crypto trades as well as fiat conversions.

The Coin

The project’s native cryptocurrency is GERA, which will be instrumental in the success of the mobile app. All transfer fees for delivery services can be paid for using GERA to receive a discount. However, it is not the team’s goal to turn the coin into a digital asset that increases in value over time. The idea is that GERA remains a utility token used for payments. The total supply of GERA is 8.8 billion. At the moment it is an ERC-20 token. However, that will change once the next component of the ecosystem goes live.

The Chain

Gera currently runs on Ethereum, but the plan is to launch a project-specific blockchain aptly named Gera Chain. This new blockchain will be used to support all delivery transactions and money transfers, with full transparency for every stakeholder to view. In the project’s whitepaper, it is stated that the chain aims to enable the following:

1. Faster transactions when compared to Ethereum, starting small to prevent any congestion due to excessive transaction requests.

2. Transparent transfers which mean that all payment for delivery requests can be viewed on the blockchain and all asset transfers will be available via the block explorer.

3. Genuine decentralization among the Gera community, allowing Gera Coin holders to have a say regarding protocol changes and making sure that the ecosystem will serve the needs of all stakeholders.

The reason why Gera uses a blockchain is to store transaction details in a more transparent way than other delivery apps. For example, buyers can input their delivery information on the Gera mobile app. Delivery platforms can cross-check the information on the app with the data provided by the merchant. Meanwhile, the customer can track the status of the shipment through the app which is connected to the blockchain.

The Card

Lastly, Gera Coin also plans to issue physical cards at some point in the project’s future. These cards will function like debit cards, connected to a user’s wallet balances in the mobile app, plugging in to an API to handle instant crypto conversions according to the market’s live pricing data.

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