Geeq granted a US patent for the protocol’s security and scalability features
September 27 2022 - 9:00AM
NEWSBTC
Geeq, a Canada-based blockchain company, has been granted a patent
in the United States for features of its multi-blockchain,
layer-zero protocol’s security and scalability systems, according
to a press release. Details found in the patent’s application
describe a technology termed “Proof of Honesty,” which is Geeq’s
alternative to predominant proof-of-work and proof-of-stake
consensus mechanisms. Additionally, Geeq alleges that its system of
federated blockchains is able to ensure security and achieve
“infinite scalability.” According to the patent application: “If
there is at least one honest node, it will write an honest block to
a valid chain. Users are able to discover honest chains and will
always choose it for their transactions. Dishonest chains become
orphaned.” Geeq also claims that having flexibility built into the
protocol, which can create additional chains during periods of
increased network activity and then merge chains when transaction
volume decreases, keeps the cost of transactions more affordable as
well as 99% Byzantine fault-tolerant. In the press release, Geeq
CEO Ric Asselstine noted that gaining the approval of the patent
“marks a critical point in time for Geeq as we push forward
aggressively with the development of transformative solutions for
previously intractable problems.” One of these “previously
intractable problems” is the poor user experience when using
blockchain technology due to the complexities of interacting with
smart contracts. Geeq noted in the press release that instead of
having users interact directly with smart contracts, a suite of
applications that facilitate the most common types of transactions
makes it so that “the end user is able to focus on what they gain
rather than worry about potential exploits, complex coding
dependencies, or the downstream effects of governance decisions.”
In a company blog post, Geeq stated that its launch strategy would
not include a private nor public beta but would instead consist of
soft-launching features as they are developed and fixing bugs as
they are found — reminiscent of Telsa’s software updates that
rollout new features over time or security fixes included in every
iOS update. Geeq has also received funding from major players in
the space such as GEM Capital, which committed $25 million in
August 2022. Geeq CEO Asselstine said with this funding, the
company/protocol is now “ready to bring enterprise and individuals
into the metaverse and Web3.”
Mina (COIN:MINAUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024