Blockchain Speed Barrier Broken by Cryptic Labs and Bitconch to Deliver Enterprise-Ready Solution

“Similar to how the full potential of the internet was not understood in the nineties, blockchain is still in its infancy,” said Qiang Liu, CTO of Bitconch. “Blockchain signals a sea change that will revolutionize society as we know it. We are building the internet of value through reputation.”

Bitconch’s innovative PoR consensus algorithm is capable of processing 120,000 transactions per second (TPS) in MVP testing, far faster than any public blockchain in existence today. In addition to its unparalleled speed, PoR 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,” said 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.”

“The team at Bitconch has developed groundbreaking innovations, including the achievement of highest transactions per second” said Stewart Raphael, Cryptic Labs' Chief Technologist. “Their 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.”

Cryptic Labs has a unique approach to blockchain compared to other accelerators, providing partners with world-class advisers and research-based insights to guide their innovations. The advisory team includes Turing-award winning cryptographer Dr. Whitfield Diffie, and two Nobel Laureates in Economics, Dr. Eric S. Maskin and Sir Christopher Pissarides.