Blockchain has shown great promise, but we have yet to see mainstream adoption of the technology. Slow transaction speeds are one of the key issues preventing mass adoption, but no we may have the answer. Bitconch is a new high-performance blockchain using a novel Proof of Reputation (PoR) algorithm to achieve MVP processing speeds of 120,000 transactions per second (TPS).
Cryptic Labs, one of the top commercial research labs focused on solving fundamental security problems to advance the growth of blockchain technology, just announced a partnership with Bitconch to develop Bitconch’s secure and highly scalable public blockchain. Bitconch’s TPS more than doubles the theoretical speed of the fastest blockchains today and is more than four times faster than 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 Caesar Chad, Technical Director 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 Chief Scientist is Turing-award winning cryptographer Dr. Whitfield Diffie.