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BitCoRch and Cryptic Labs' Trial of Reputation & # 39; (PoR) claim to have reached a blockchain processing speed of 120,000 transactions per second (tps). Bitconch claims to have a high-performance blockchain that uses an innovative Proof of Reputation (PoR) consensus algorithm. Cryptic Labs, a commercial research laboratory focused on solving security issues, is working with Bitconch to develop the secure and highly scalable audience of Bitconch blockchain.
"Similar to how the full potential of the Internet was not understood in the 1990s, the blockchain is still in its infancy,"Said Qiang Liu, CTO of Bitconch."Blockchain marks an epochal change that will revolutionize society as we know it. We are building the Internet of value through reputation."
Blockchain and transaction speed
The low transaction rates continue to constitute a limit for the acceptance of large-scale corporate blockchain. In this context, the boast of Bitconch – which can offer a processing speed of 120 K tps – is a great demand. It would be more than:
- today they double the theoretical speed of the fastest blockchains
- quadruple throughput tps of Visa (and most consider this last one as one of the most advanced commercial payment platforms operating today).
However, scalability without security is insufficient. Together, both represent the cornerstones if the companies' acceptance of the blockchain technology is about to take off.
Based on Bitconch throughput, Bitconch's strategic partnership and Cryptic Labs aims to improve Bitconch's blockchain – to advance it as a candidate to be a high-performance global public blockchain. The Cryptic Labs team will provide the security expertise that can ensure the protection of the large-scale Bitconch blockchain platform.
"Blockchain technology is reinventing the systems we know today,"Said Joseph Sadove, CEO of Bitconch."Together with some of the brightest minds in Cryptic Labs' blockchain space, we will redefine the company's architecture."
The Proof of Reputation algorithm
The PoR consensus algorithm of Bitconch effectively resists centralization, the main sore point of the algorithms to confirm the pole algorithms (PoS). Moreover, it consumes much less electricity and time, compared to the work test consent algorithms (PoW).
Bitconch uses social graphs to build a decentralized reputation system, or "Bit-R" value, to develop a next generation of systems of consent, motivation and community management for blockchain. "The Bitconch team has developed pioneering innovations to enable the mass adoption of blockchain technology " said Humphrey Polanen, co-founder and CEO of Cryptic Labs.
"We are very selective about the companies we work with and we are proud to partner with Bitconch, providing them access to some of the brightest minds in cryptography, cyber security, economics, distributed computing and game theory."
The consent models of Proof of Reputation (PoR) depend on the reputation of the participants to maintain security. Participants must earn (or possess) a "good enough" reputation to incur financial and / or brand consequences if they have been found to "cheat the system". This is a relative concept, compared to the absolutes of the PoS or PoW algorithms. PoR depends on the assumption that a business could suffer significantly if misled to perpetrate.
Information on Bitconch and Crytic Labs
Cryptic Labs believes it offers a unique approach to blockchain, compared to other accelerators. Provides partners:
- experience in security, privacy and economy
- collaborations on research, acquisition of talents and tutoring
- research-based consultants and insights to drive innovations.
His advisory group includes the Turing Award Cryptographer Dr. Whitfield Diffie and two Nobel Prizes in Economics, Dr. Eric S. Maskin and Sir Christopher Pissarides.
Bitconch claims to offer the most advanced blockchain solution for social applications. The Bitconch developer team is based in California (San Francisco and Los Angeles) and in China (Beijing and Shanghai).
Enterprise Times: what does this mean?
Every 3-6 months a new aspiring high-performance blockchain appears. For example, Enterprise Times has discussed:
What do these elements have in common, besides the high blockchain tps statements? The fact that, with the controversial exception of Billon, which has at least one significant customer, there is a lack of business throughput evidence. The collaboration of Bitconch + Cryptic Labs, so far, falls into this unproven category.
