Geeq, a Canada-based blockchain company, has been granted a patent in the United States for features of its multi-blockchain, layer-zero protocol\u2019s security and scalability systems, according to a press release.<\/p>\n
Details found<\/a> in the patent\u2019s application describe a technology termed \u201cProof of Honesty,\u201d which is Geeq\u2019s 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 \u201cinfinite scalability.\u201d According to the patent application:<\/p>\n \u201cIf 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.\u201d<\/p>\n 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.<\/p>\n In the press release, Geeq CEO Ric Asselstine noted that gaining the approval of the patent \u201cmarks a critical point in time for Geeq as we push forward aggressively with the development of transformative solutions for previously intractable problems.\u201d<\/p>\n One of these \u201cpreviously intractable problems\u201d 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 \u201cthe 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.\u201d<\/p>\n In a company blog post<\/a>, 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\u00a0 \u2014 reminiscent of Telsa\u2019s software updates that rollout new features over time or security fixes included in every iOS update.<\/p>\n Geeq has also received funding from major players in the space such as GEM Capital, which committed<\/a> $25 million in August 2022. Geeq CEO Asselstine said with this funding, the company\/protocol is now \u201cready to bring enterprise and individuals into the metaverse and Web3.\u201d<\/p>\n \u00a0<\/p>\n \u00a0<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Geeq, a Canada-based blockchain company, has been granted a patent in the United States for features of its multi-blockchain, layer-zero protocol\u2019s security and scalability systems, according to a press release.<\/p>\n Details found<\/a> in the patent\u2019s application describe a technology termed \u201cProof of Honesty,\u201d which is Geeq\u2019s 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 \u201cinfinite scalability.\u201d According to the patent application:<\/p>\n \u201cIf 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.\u201d<\/p>\n 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.<\/p>\n In the press release, Geeq CEO Ric Asselstine noted that gaining the approval of the patent \u201cmarks a critical point in time for Geeq as we push forward aggressively with the development of transformative solutions for previously intractable problems.\u201d<\/p>\n One of these \u201cpreviously intractable problems\u201d 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 \u201cthe 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.\u201d<\/p>\n