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Geeq, a Canada-based blockchain firm, has been granted a patent in the USA for options of its multi-blockchain, layer-zero protocol’s safety and scalability methods, based on a press launch.
Particulars discovered within the patent’s software describe a expertise 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.” Based on the patent software:
“If there’s at the least one trustworthy node, it’ll write an trustworthy block to a legitimate chain. Customers are capable of uncover trustworthy chains and can all the time select it for his or her transactions. Dishonest chains develop into orphaned.”
Geeq additionally claims that having flexibility constructed into the protocol, which might 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 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 expertise because of the complexities of interacting with sensible contracts. Geeq famous within the press launch that as a substitute of getting customers work together straight with sensible contracts, a collection of functions that facilitate the most typical kinds of transactions makes it in order that “the tip person is ready to give attention to what they acquire fairly than fear about potential exploits, advanced coding dependencies, or the downstream results of governance selections.”
In an organization weblog put up, Geeq said that its launch technique wouldn’t embrace 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 area 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 convey enterprise and people into the metaverse and Web3.”
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