Geeq, a Canada-based blockchain firm, has acquired a patent in the US protecting options of the safety and scalability methods of its multi-blockchain layer zero protocol, in response to a press launch.
Particulars within the patent submitting describe a expertise referred to as “Proof of Honesty,” which is Geeq’s different to prevailing proof-of-work and proof-of-stake consensus mechanisms. Moreover, Geeq claims that its federated blockchain system is able to guaranteeing safety and attaining “infinite scalability.” In accordance with the patent utility:
“If there’s at the very least one trustworthy node, it writes an trustworthy block in a legitimate chain. Customers can uncover trustworthy chains and can all the time select them for his or her transactions. Dishonest chains are orphaned.”
Geeq additionally claims that the pliability constructed into the protocol, which may create extra chains throughout occasions of elevated community exercise after which merge chains when transaction quantity decreases, makes transaction prices extra inexpensive and 99% Byzantine fault tolerant.
Within the press launch, Geeq CEO Ric Asselstine famous that the patent’s approval “marks a vital time for Geeq as we aggressively pursue the event of transformative options to beforehand intractable issues.”
One among these “unsolvable issues thus far” is the poor person expertise when utilizing blockchain expertise as a result of complexity of interacting with good contracts. Geeq famous within the press launch that as a substitute of customers interacting instantly with good contracts, a set of purposes facilitating the most typical varieties of transactions ensures that “the top person can deal with what they achieve somewhat than themselves.” Excited about the potential for exploits, complicated coding dependencies, or the downstream impression of governance selections.”
In an organization weblog put up, Geeq defined that its launch technique wouldn’t contain a personal or public beta, however would as a substitute include soft-launching options as they’re being developed and fixing bugs as quickly as they’re discovered — which reminded of Telsa’s software program updates that introduce new options over time or safety fixes that include each iOS replace.
Geeq has additionally acquired funding from main business gamers equivalent to GEM Capital, which pledged $25 million in August 2022. Geeq CEO Asselstine stated that with this funding, the corporate/protocol is now “able to convey companies and people into the Metaverse and Web3.”