In 1991, scientists Stuart Haber and Scott Stornetta described a chain of blocks for the first time. Satoshi Nakamoto released a white paper in 1998 based on the model for the technology of criptomes, which now serves as the underlying technology behind all cryptocurrencies, includingBitcoin andEthereum.
In the last few years, the technology of the digital ledger has become a game-changing technology that permeates every facet of our lives. One of the companies pushing the boundaries in this space is Geeq, a newBlockchain innovation startup that is building a new protocol called Proof of Honesty PoH PoH, which empowers users who hold token to determine whether the network of validating nodes is behaving honestly.
Today, Geeq has approved patents in the United States related to features for its protocol's protocol's blockchain architecture, communication systems and validation mechanisms.
We are delighted to have achieved the formal recognition of the Geeq difference, which clearly separates Geeq from the crowded waters of current base-layer incumbents and allows us to occupy the blue ocean in the market. Geeq uses a multi-blockchain called a layer-zero, multi-blockchain using a so-called proof-of- honesty validation mechanism, one of Geeq's proprietary technologies that have just been granted a patent. In contrast to proof-of-work or proof-of-stake consensus, Geeq claims that its mechanism requires only one honest validator to confirm a transaction, meaning bad actors have little to gain from fraudulent behavior.
Proof-of- honest allows the protocol to achieve consensus by checking for lack of dissent rather than affirmatively trying to establish unanimity, which results in the block chain being 99% Byzantine fault-tolerant, according to Geeq's patent application.
As for scalability, Geeq uses a dynamic system that opens new channels i.e. The company claims that the network is infinitely scalable because of federated blockchains when there is increased traffic on the network. The patent application goes into more detail about the flexibility of the protocol:
If the transactions load becomes too large for one chain to handle, new federated instances can be created until each handles an efficient number of transactions per second. If the transaction volume drops off, the instances can be merged. Geeq s stated goal is to make a better user experience when interacting with the technology. This is why the company chose to develop a suite of in-protocol applications rather than use smart contracts in order to facilitate the most common types of transactions, according to the press release.
Geeq is not going to release a beta of the protocol, but will instead soft launch features and fix bugs while en route to launching as a public chain. A video on the company s website explains Geeq's shift in its roll out strategy, saying that mass adoption of the digital ledger would require innovations that might start on a private chain but then develop toward decentralization.
In August of this year, GEM Capital invested $25 million in funding for Geeq, with CEO Asselstine saying the company is now ready to bring enterprise and individuals into the metaverse and Web 3.