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Proposed Bitconch/Cryptic Labs blockchain claims 120,000 TPS

Tony Zerucha

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Bitconch, a new high-performance blockchain based on a proof of reputation (PoR) consensus algorithm, and Cryptic Labs, a commercial research lab focused on solving fundamental security problems to advance the growth of blockchain technology, today 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 claims MVP processing speeds of 120,000 transactions per second (TPS), which is more than double the theoretical speed of the fastest blockchains today, the company said, while adding it is four times as fast as Visa’s solution.

“Blockchain technology is reinventing the systems we know today,” Bitconch CEO Joseph Sadove said. “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 PoR consensus algorithm processed 120,000 TPS. The company said it also 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’ advisory team includes Turing-award winning cryptographer Dr. Whitfield Diffie, and two Nobel Laureates in Economics, Dr. Eric S. Maskin and Sir Christopher Pissarides.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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