Canada-based blockchain company Geeq has been awarded a U.S. patent for the security and scalability features of a multi-blockchain, zero-layer protocol, according to a press release.
detail established A technique called “Proof of Honesty” is described in the patent application, which is Geeq’s alternative to the main proof-of-work and proof-of-stake consensus mechanisms. Additionally, Geeq claims its federated blockchain system ensures security and enables “infinite scalability.” According to the patent application:
“If there is at least one honest node, it writes an honest block to the valid chain. Users are able to discover the honest chain and will always choose it for transactions. Dishonest chains are orphaned.”
Geeq also claims that the protocol has built-in flexibility to create additional chains during periods of increased network activity and then merge chains when transaction volume decreases, making transaction costs more affordable and 99% Byzantine fault-tolerant.
In a press release, Geeq CEO Ric Asselstine noted that the patent approval “marks a critical point in time for Geeq as we aggressively advance the development of transformative solutions to previously intractable problems.”
One of these “previously thorny issues” is the poor user experience when using blockchain technology due to the complexity of interacting with smart contracts. Instead of letting users interact directly with smart contracts, a suite of applications that facilitate the most common types of transactions allows “end users to focus on what they’re getting, rather than worrying about potential exploits, complexities,” Geeq noted in the press release. coding dependencies or downstream impacts of governance decisions.”
in a company blog postGeeq says its release strategy will not include private or public betas, but will include soft-launch features while developing and fixes for bugs found – reminiscent of Telsa’s software updates, which roll out new features or security fixes over time including in every iOS update.
Geeq has also received funding from major players in the space, such as GEM Capital, Firm $25 million in August 2022. With the funding, Geeq CEO Asselstine said the company/protocol is now “ready to bring businesses and individuals to Metaverse and Web3.”