Geeq, a Canada-based blockchain corporate, has been granted a patent in the US for options of its multi-blockchain, layer-zero protocol’s safety and scalability techniques, in line with a press free up.
Main points found within the patent’s software describe a era termed “Evidence of Honesty,” which is Geeq’s selection to fundamental proof-of-work and proof-of-stake consensus mechanisms. Moreover, Geeq alleges that its gadget of federated blockchains is in a position to make sure that safety and reach “endless scalability.” In keeping with the patent software:
“If there may be no less than one fair node, it’s going to write a decent block to a sound chain. Customers are in a position to find fair chains and can at all times select it for his or her transactions. Cheating chains develop into orphaned.”
Geeq additionally claims that having flexibility constructed into the protocol, which is able to create further chains all through sessions of larger community job after which merge chains when transaction quantity decreases, assists in keeping the price of transactions extra reasonably priced in addition to 99% Byzantine fault-tolerant.
Within the press free up, Geeq CEO Ric Asselstine famous that gaining the approval of the patent “marks a vital time limit for Geeq as we push ahead aggressively with the advance of transformative answers for up to now intractable issues.”
This sort of “up to now intractable issues” is the deficient consumer revel in when the usage of blockchain era because of the complexities of interacting with sensible contracts. Geeq famous within the press free up that as an alternative of getting customers have interaction without delay with sensible contracts, a set of packages that facilitate the commonest kinds of transactions makes it in order that “the top consumer is in a position to focal point on what they achieve fairly than concern about possible exploits, complicated coding dependencies, or the downstream results of governance choices.”
In an organization blog post, Geeq mentioned that its release technique would now not come with a personal nor public beta however would as an alternative encompass soft-launching options as they’re advanced and solving insects as they’re discovered — harking back to Telsa’s device updates that rollout new options through the years or safety fixes incorporated in each and every iOS replace.
Geeq has additionally gained investment from primary gamers within the area akin to GEM Capital, which committed $25 million in August 2022. Geeq CEO Asselstine mentioned with this investment, the corporate/protocol is now “able to convey undertaking and people into the metaverse and Web3.”