Understanding the GC Protocol
“Businesses are built on relationships.” It’s an oft-repeated phrase that sounds like obvious advice. But deep and long-lasting professional relationships are harder to maintain than you might think.
We developed the Preciate app to make it easier for people to create fulfilling professional relationships. Preciate helps you build a real-time story of your most valuable accomplishments through personal and positive recognition from your peers and partners at work. We also felt strongly that the app should be a different kind of social network — one where the users are firmly in control over their own data. They should be able to carry a proven record of their valued accomplishments and relationships with them forever, wherever they go.
To make this possible, we will connect the app to a new blockchain-based software protocol known as the Goodwill Composite Protocol or GC Protocol.
Why Blockchain is the Future of Technology
With all the buzz surrounding blockchain, it is important to understand why some consider it the future of digital technology. A blockchain acts as a secure transactional ledger shared by all participating parties in an established, network of computers. While the entities participating in each transaction are not necessarily known to each other, they exchange value and surety with no third-party validation. Without the third-party interference, the need for a central authority to verify trust and the transfer of value is eliminated. And finally, not only is the exchange of digital assets on a blockchain more secure, but it also occurs in real-time.
As it stands, the one critique of blockchain today is that while individuals want the exchange of digital assets without a central authority, they still have a hard time trusting the blockchain because they still are unaware who their data is shared with. The GC Protocol will solve this by embedding its framework within the Preciate app to allow for these data transactions to occur between users and developers that already have established relationships.
How the GC Protocol was Developed
The Goodwill Composite Protocol, also known as the GC Protocol, was developed in August 2017 as the world’s first recognition protocol. It’s established on a permissioned blockchain, which means the blockchain, or digital information log, maintains an access control layer to allow certain actions to be performed by specific individuals, and in the not too distant future, the Preciate app users.
The GC Protocol will be anchored to a hybrid private/public solution to allow transactions to fluidly be recorded across devices so that the record cannot be altered without the consensus of the network. Moreover, the hybrid method is efficient to implement, and allows for more focus to be spent on the most important aspect of Preciate, the member experience!
When the GC Protocol goes live, data on the Protocol’s private side will be anchored to the Ethereum blockchain, an open source, public blockchain. And for Preciate app users, they will be able to keep a portable record of achievements that are owned by them, the individual worker, rather than the employer.
Why the GC Protocol is Different
The goal of the GC Protocol is not just to give the Preciate app users the benefits that everyone in the software world deserves: proof of publication, non-repudiation, and immutability. We have an even broader vision for the GC Protocol and believe it will disrupt the world. We want developers to build their applications on the GC Protocol, comfortable in the knowledge that:
The protocol will remain open to them, so they can invest and build their own business on it
The protocol will be affordable
Developers will have a say in how the Protocol is developed over time
With the GC Protocol, developers will receive the standard benefits that a blockchain provides through the cultural lens of the Preciate app, which focuses directly on creating one’s own relational wealth. Ed Stevens, Preciate founder and CEO, defines relational wealth as, “the sum total of the true value of all your relationships. Not just the number of those relationships, but how deep they are, what they can do for you.”
The GC Protocol will be the first step in a future where accomplishments are quantified in real-time and relational good is the new benchmark for trusted value.