Geeq granted a US patent for the protocol’s security and scalability features

2022-9-27 16:00

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.”

 

 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

SherLOCK Security (LOCK) на Currencies.ru

$ 0.1387 (+1.71%)
Объем 24H $13
Изменеия 24h: 10.06 %, 7d: -33.06 %
Cегодня L: $0.1387 - H: $0.1387
Капитализация $0 Rank 3458
Доступно / Всего 0 LOCK / 4.969m LOCK

security features geeq protocol scalability granted patent

security features → Результатов: 126


Ledger & StarkNet Partnership: Experience New Wallet Features with Account Contracts

Things to know: – Ledger will be one of the first crypto wallets to integrate StarkNet during the first quarter of 2023. – The integration will allow you to create a contract account in Ledger Live* and upgrade your experience with additional features such as multi-signature governance, a backup authorization of your account, advanced security […]

2022-8-11 10:55


Фото:

Introducing SuperBots: A DeFi Trading Protocol Featuring Automatic Algo Trading Solution

The crypto market has been quite distressing for crypto traders and investors considering the significant slump in the market value over the last few months. As crypto users continue to struggle over making profits in this bear market, an effective DeFi trading protocol that features complete security, and privacy and is automated, and backed by […]

2022-6-24 15:13


Voyager vs Coinbase: Fees, Features & Security Compared

Although both offer close to the same number of coins, and a similar trading experience, these two exchanges have subtle differences that set them apart. Voyager is currently only available in the United States, so those from other countries have to consider Coinbase for the time being, however, those from the US would find Voyager […] The post Voyager vs Coinbase: Fees, Features & Security Compared appeared first on CaptainAltcoin.

2022-4-25 13:26


FTX vs Coinbase: Fees, Features & Security Compared

Coinbase vs FTX Overview: Which exchange is better? Coinbase and FTX are two of the most popular crypto exchanges in the world, so often times the question arises: which is better? In short, Coinbase is better for newcomers who are looking for a beginner-friendly interface for simple trades, while FTX is more suited for experienced […] The post FTX vs Coinbase: Fees, Features & Security Compared appeared first on CaptainAltcoin.

2022-3-27 10:42


Voyager vs Coinbase [2022]: Fees, Features & Security Compared

Although both offer close to the same number of coins, and a similar trading experience, these two exchanges have subtle differences that set them apart. Voyager is currently only available in the United States, so those from other countries have to consider Coinbase for the time being, however, those from the US would find Voyager […] The post Voyager vs Coinbase [2022]: Fees, Features & Security Compared appeared first on CaptainAltcoin.

2022-3-24 16:11


FTX vs Coinbase [2022]: Fees, Features & Security Compared

Coinbase vs FTX Review: Which exchange is better? Coinbase and FTX are two of the most popular crypto exchanges in the world, so often times the question arises: which is better? In short, Coinbase is better for newcomers who are looking for a beginner-friendly interface for simple trades, while FTX is more suited for experienced […] The post FTX vs Coinbase [2022]: Fees, Features & Security Compared appeared first on CaptainAltcoin.

2022-3-11 20:28


Coinbase vs Robinhood 2022 – Fees, Security, Features Compared

Ever since Robinhood, a well known financial platform, launched its crypto division, users started wondering how it fares against the top dog of crypto exchanges, Coinbase. To stop the speculation and anecdotal evidence for or against each of the platforms, we decided to do a thorough Coinbase vs Robinhood comparison with all important stuff like […] The post Coinbase vs Robinhood 2022 – Fees, Security, Features Compared appeared first on CaptainAltcoin.

2022-3-10 08:04


CoinSwitch Review 2022 – A Look At Features, Fees, Security

CoinSwitch platform is the first cryptocurrency and altcoin exchange aggregator. It has integrated many leading exchanges across the globe to provide best exchange rates to its users. CoinSwitch is a cryptocurrency exchange providing the best way to invest in cryptocurrencies by aggregating all leading exchanges and comparing cryptocurrency prices in real time.

2022-3-9 23:20


Bithoven Exchange Review 2022 – Fees, Security, Location, Supported Coins

Bithoven is a new crypto-to-crypto exchange that is gaining momentum in the recent months and for a good reason as this Bithoven review will show you. It offers a wide range of trading tools, charts and security features which in combination with its stellar customer support makes a it a serious challenger for the incumbent, […] The post Bithoven Exchange Review 2022 – Fees, Security, Location, Supported Coins appeared first on CaptainAltcoin.

2022-3-9 23:11


Coinmama vs Binance 2022 – Fees, Features, Security Compared

Coinmama and Binance are two exchanges that have different backgrounds and cater different target audiences. Even though Coinmama exists for much longer, Binance has managed to outgrow it by couple of orders of magnitude and sits comfortably at the top of the cryptocurrency exchange food of chain as the platforms with largest trading volume and […] The post Coinmama vs Binance 2022 – Fees, Features, Security Compared appeared first on CaptainAltcoin.

2022-3-8 16:22


PrimeXBT Review 2022 – Deep Look at Features, Fees, Security, Supported Countries

As you will see in this Prime XBT review, margin (leverage) trading is an inevitable part of modern crypto landscape. While it is quite difficult to master, individuals will gladly put in work to become good margin traders, as most of them will be motivated by the very lucrative financial rewards that can be reaped […] The post PrimeXBT Review 2022 – Deep Look at Features, Fees, Security, Supported Countries appeared first on CaptainAltcoin.

2022-1-4 17:30