Bitconch, a new high-performance blockchain based on an innovative Proof of Reputation (PoR) consensus algorithm, and Cryptic Labs, the leading commercial research lab focused on solving fundamental security problems to advance the growth of blockchain technology, announced a partnership to develop Bitconch’s secure and highly scalable public blockchain.
Slow transaction speeds are one of the key issues preventing large scale blockchain adoption. Bitconch boasts MVP processing speeds of 120,000 transactions per second (TPS), which is more than double the theoretical speed of the fastest blockchains today. In fact, Bitconch’s TPS more than quadruples the average TPS of Visa, the most advanced commercial payment platform today.
Security and scalability are the cornerstones of blockchain technology. Building upon these lightning fast speeds, the strategic partnership 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,” said 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.”
“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.