Geeq, a Canada-based blockchain firm, has been granted a patent in america for options of its multi-blockchain, layer-zero protocol’s safety and scalability techniques, in response to 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’s at the least one sincere node, it’ll write an sincere block to a legitimate chain. Customers are capable of uncover sincere chains and can at all times select it for his or her transactions. Dishonest chains develop into orphaned.”
Geeq additionally claims that having flexibility constructed into the protocol, which may create extra 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 crucial time limit 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 as a result of 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 forms of transactions makes it in order that “the tip person is ready to concentrate on what they acquire slightly than fear about potential exploits, advanced coding dependencies, or the downstream results of governance choices.”
In an organization weblog submit, Geeq acknowledged that its launch technique wouldn’t embody a personal nor public beta however would as an alternative encompass 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 obtained funding from main gamers within the house comparable to GEM Capital, which dedicated $25 million in August 2022. Geeq CEO Asselstine mentioned with this funding, the corporate/protocol is now “able to deliver enterprise and people into the metaverse and Web3.”