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 programs, in keeping with a press launch.
Particulars found 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.” Based on the patent software:
“If there’s no less than one trustworthy node, it should write an trustworthy block to a sound chain. Customers are in a position to uncover trustworthy 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 during times of elevated community exercise after which merge chains when transaction quantity decreases, retains the price of transactions extra inexpensive 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 essential cut-off date for Geeq as we push ahead aggressively with the event of transformative options for beforehand intractable issues.”
One among 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 immediately with sensible contracts, a collection of functions that facilitate the commonest kinds of transactions makes it in order that “the top person is ready to concentrate on what they achieve relatively than fear about potential exploits, complicated coding dependencies, or the downstream results of governance choices.”
In an organization blog post, Geeq acknowledged that its launch technique wouldn’t embrace a personal nor public beta however would as an alternative include 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 acquired funding from main gamers within the house comparable to GEM Capital, which committed $25 million in August 2022. Geeq CEO Asselstine stated with this funding, the corporate/protocol is now “able to convey enterprise and people into the metaverse and Web3.”