1 year ago
Geeq, a Canada-based blockchain company, has been granted a patent successful the United States for features of its multi-blockchain, layer-zero protocol’s information and scalability systems, according to a property release.
Details found successful the patent’s exertion picture a exertion termed “Proof of Honesty,” which is Geeq’s alternate to predominant proof-of-work and proof-of-stake statement mechanisms. Additionally, Geeq alleges that its strategy of federated blockchains is capable to guarantee information and execute “infinite scalability.” According to the patent application:
“If determination is astatine slightest 1 honorable node, it volition constitute an honorable artifact to a valid chain. Users are capable to observe honorable chains and volition ever take it for their transactions. Dishonest chains go orphaned.”
Geeq besides claims that having flexibility built into the protocol, which tin make further chains during periods of accrued web enactment and past merge chains erstwhile transaction measurement decreases, keeps the outgo of transactions much affordable arsenic good arsenic 99% Byzantine fault-tolerant.
In the property release, Geeq CEO Ric Asselstine noted that gaining the support of the patent “marks a captious constituent successful clip for Geeq arsenic we propulsion guardant aggressively with the improvement of transformative solutions for antecedently intractable problems.”
One of these “previously intractable problems” is the mediocre idiosyncratic acquisition erstwhile utilizing blockchain exertion owed to the complexities of interacting with astute contracts. Geeq noted successful the property merchandise that alternatively of having users interact straight with astute contracts, a suite of applications that facilitate the astir communal types of transactions makes it truthful that “the extremity idiosyncratic is capable to absorption connected what they summation alternatively than interest astir imaginable exploits, analyzable coding dependencies, oregon the downstream effects of governance decisions.”
In a institution blog post, Geeq stated that its motorboat strategy would not see a backstage nor nationalist beta but would alternatively dwell of soft-launching features arsenic they are developed and fixing bugs arsenic they are found — reminiscent of Telsa’s bundle updates that rollout caller features implicit clip oregon information fixes included successful each iOS update.
Geeq has besides received backing from large players successful the abstraction specified arsenic GEM Capital, which committed $25 cardinal successful August 2022. Geeq CEO Asselstine said with this funding, the company/protocol is present “ready to bring endeavor and individuals into the metaverse and Web3.”
English (US) 