Geeq, a Canada-based blockchain firm, has been granted a patent in the US for options of its multi-blockchain, layer-zero protocol’s safety and scalability methods, in accordance with a press launch.
Particulars discovered within the patent’s software describe a know-how termed “Proof of Honesty,” which is Geeq’s different to predominant proof-of-work and proof-of-stake consensus mechanisms. Moreover, Geeq alleges that its system of federated blockchains is ready to guarantee safety and obtain “infinite scalability.” In accordance with the patent software:
“If there’s at the least one trustworthy node, it should write an trustworthy block to a sound chain. Customers are capable of uncover trustworthy chains and can all the time select it for his or her transactions. Dishonest chains turn into orphaned.”
Geeq additionally claims that having flexibility constructed into the protocol, which may create further chains during times of elevated community exercise after which merge chains when transaction quantity decreases, retains the price of transactions extra reasonably priced in addition to 99% Byzantine fault-tolerant.
Within the press launch, Geeq CEO Ric Asselstine famous that gaining the approval of the patent “marks a crucial cut-off date for Geeq as we push ahead aggressively with the event of transformative options for beforehand intractable issues.”
One in every of these “beforehand intractable issues” is the poor person expertise when utilizing blockchain know-how because of the complexities of interacting with sensible contracts. Geeq famous within the press launch that as an alternative of getting customers work together instantly with sensible contracts, a set of functions that facilitate the most typical varieties of transactions makes it in order that “the top person is ready to give attention to what they acquire relatively than fear about potential exploits, complicated coding dependencies, or the downstream results of governance selections.”
In an organization weblog submit, Geeq acknowledged that its launch technique wouldn’t embody a non-public nor public beta however would as an alternative encompass soft-launching options as they’re developed and fixing bugs as they’re discovered — paying homage to Telsa’s software program updates that rollout new options over time or safety fixes included in each iOS replace.
Geeq has additionally obtained funding from main gamers within the area comparable to GEM Capital, which dedicated $25 million in August 2022. Geeq CEO Asselstine stated with this funding, the corporate/protocol is now “able to carry enterprise and people into the metaverse and Web3.”
