Blockchain protocol breaks transaction speed barrier
Based on a Proof of Reputation (PoR) consensus algorithm, Bitconch features minimal viable product (MVP) processing speeds of 120,000 transactions per second (TPS) – claimed to be more than double the theoretical speed of the fastest blockchains today. As a result, it promises to address the slow transaction speeds that are one of the key issues preventing large scale blockchain adoption.
The strategic partnership, say the companies, enhances the scalability of the Bitconch blockchain to advance it as the leading global public blockchain. The Cryptic Labs team will also provide deep security expertise to bolster the Bitconch platform, assuring protection of its blockchain at scale.
“Blockchain technology is reinventing the systems we know today,” says Joseph Sadove, CEO of Bitconch. “Together with some of the brightest minds in the blockchain space at Cryptic Labs, we will redefine the architecture of society.”
Caesar Chad, Technical Director of Bitconch adds, “Similar to how the full potential of the internet was not understood in the nineties, blockchain is still in its infancy. Blockchain signals a sea change that will revolutionize society as we know it. We are building the internet of value through reputation.”
In addition to its speed, says the company, Bitconch’s PoR consensus algorithm effectively resists centralization – a major pain point of proof of stake (PoS) consensus algorithms – while consuming far less electric power and time than proof of work (PoW) consensus algorithms. Bitconch uses social graphs to build a decentralized reputation system, or “Bit-R” value, to develop the next generation of consensus, motivation, and community management systems for blockchain.
“The team at Bitconch has developed groundbreaking innovations to make possible the mass adoption of blockchain technology,” says Humphrey Polanen, Co-Founder and Managing Director of Cryptic Labs. “We are very selective about which companies we partner with and we are proud to collaborate with Bitconch, while providing them with access to some of the brightest minds in cryptography, cybersecurity, economics, distributed computing, and game theory.”
Stewart Raphael, Cryptic Labs’ Chief Technologist adds, “[Bitconch’s] algorithm shows unique advances for blockchain technology. They are building a highly scalable, secure and public blockchain that will create the underlying platform for sidechains, smart contracts, and leading applications of tomorrow.”
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