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PALO ALTO, California and Shanghai, December 18, 2018 / PRNewswire / – Bitconch, a new high-performance blockchain based on an innovative Proof of Reputation (PoR) consensus algorithm Cryptic Labs, the leading commercial research lab focused on solving key security issues to advance the growth of blockchain technology, today announced a partnership for the development of Bitconch's secure and highly scalable public blockchain.
Slow transaction speeds are one of the key issues that prevent large-scale blockchain. Bitconch boasts MVP processing speeds of 120,000 transactions per second (TPS), which is more than twice the theoretical speed of the fastest blockchains today. In fact, the Bitconch TPS has more than quadrupled the average TPS of Visa, the most advanced commercial payment platform today.
Security and scalability are the cornerstones of blockchain technology. Based on these lightning fast speeds, the strategic partnership enhances the scalability of Bitconch's blockchain to make it the leading global public blockchain. The Cryptic Labs team will also provide a deep security experience to strengthen the Bitconch platform, ensuring the protection of its blockchain on a large scale.
"Blockchain technology is reinventing the systems we know today," he said Joseph Sadove, CEO of Bitconch. "Together with some of the brightest minds in Cryptic Labs' blockchain space, we will redefine the architecture of society."
"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".
Bitconch's innovative PoR consensus algorithm is able to process 120,000 transactions per second (TPS) in the MVP test, much faster than any existing public blockchain today. In addition to its unparalleled speed, PoR effectively resists centralization, an important test point for pole-tested consent algorithms (PoS), while consuming much less electricity and time than the work test consent algorithms (PoW). Bitconch uses social graphs to build a decentralized reputation system, or "Bit-R" value, to develop the next generation of consent, motivation and community management systems for blockchain.
"The Bitconch team has developed pioneering innovations to enable the mass adoption of blockchain technology," he 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 work with Bitconch, giving them access to some of the brightest minds in cryptography, cyber security, economics, distributed computing and game theory."
"The Bitconch team has developed pioneering innovations, including achieving the highest transactions per second," he said Stewart Raphael, Chief Technician of Cryptic Labs. "Their algorithm shows unique advances in blockchain technology and is creating a highly scalable, secure and public blockchain that will create the underlying platform for sidechain, smart contracts and tomorrow's leading applications."
Cryptic Labs takes a unique blockchain approach to other accelerators, providing world-class consultants and research-based insights to drive their innovations. The consulting team includes Cryptographer Dr., winner of the Turing prize. Whitfield Diffieand two Nobel prizes in economics, dott. Eric S. Maskin and sir Christopher Pissarides.
About Cryptic Labs
Cryptic Labs is an innovative commercial research laboratory focused mainly on solving fundamental problems in safety and economy to advance the feasibility and growth of Blockchains. They work as a unique research consultancy with experience in security, privacy and economics, offering research collaboration, talent acquisition and mentoring for companies. For more information, visit crypticlabs.org.
About Bitconch
Bitconch is the only high-performance blockchain in the world with speeds of up to 120,000 transactions per second (TPS). Based on an innovative reputation-based consensus algorithm (PoR) designed to maintain both throughput and decentralization, Bitconch is the most advanced blockchain solution for millions of social applications. The Bitconch developer team comes from Area of the San Francisco Bay is Los Angeles in California, as well as Beijing is Shanghai in China, with previous positions at IBM, Google, T-Mobile and GE. To learn more, visit bitconch.io and follow Bitconch Facebook, chirping, Reddit, Github is Telegram.
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Multimedia contacts of Cryptic Labs
FortyThree PR, Inc. for Cryptic Labs
[email protected]
831.401.3175
Herman Collins
Head of human capital, Cryptic Labs
[email protected]
Bitconch Media Contact
Lilly Mu
COO, Bitconch
[email protected]
SOURCE Cryptic Labs
Related links
http://crypticlabs.org
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