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 line with a press launch.
Particulars discovered within the patent’s utility 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 line with the patent utility:
“If there may be 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 change into orphaned.”
Geeq additionally claims that having flexibility constructed into the protocol, which may create further chains in periods 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 important cut-off date for Geeq as we push ahead aggressively with the event of transformative options for beforehand intractable issues.”
Certainly one 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 a substitute of getting customers work together immediately with sensible contracts, a collection of functions that facilitate the commonest forms of transactions makes it in order that “the top person is ready to deal with what they achieve moderately than fear about potential exploits, advanced coding dependencies, or the downstream results of governance selections.”
In an organization weblog put up, Geeq acknowledged that its launch technique wouldn’t embody a non-public nor public beta however would as a substitute include soft-launching options as they’re developed and fixing bugs as they’re discovered — harking back to Telsa’s software program updates that rollout new options over time or safety fixes included in each iOS replace.
Geeq has additionally acquired funding from main gamers within the house resembling GEM Capital, which dedicated $25 million in August 2022. Geeq CEO Asselstine mentioned with this funding, the corporate/protocol is now “able to carry enterprise and people into the metaverse and Web3.”
