The Most Secure Blockchain on the planet
GeeqChains are the only blockchains that offer Strategically Provable Security (SPS)™.
The security of blockchains that use Proof of Work (PoW) and Proof of Stake (PoS) for validation critically depends on the likelihood that most validators (nodes) are innately honest. While the protocols used by Ethereum, Bitcoin, and others are able to tolerate a certain degree of dishonesty, validation fails completely if the fraction of bad validators becomes too large. PoW and PoS leave room for a clever individual or a group of collusive individuals to profit from bad behavior.
In order to provide (SPS)™, GeeqChain has gamed out all the possible scenarios that validators might use to threaten security on our platform. Our validation protocol, Proof of Honesty (PoH)™, paired with our platform, creates a system such that no individual, or group of co-conspirators, has an incentive to be dishonest on blockchains within the GeeqChain ecosystem.
Byzantine Fault Tolerance (BFT)
The highest security that existing blockchains, most infamously Bitcoin, are able to offer is 50% BFT. That is, if more than 50% of Bitcoin’s miners (validating nodes) are dishonest, it is possible for them to hijack the blockchain, steal tokens, or corrupt data.
Substantial thefts of cryptocurrencies have occurred already. Even worse, incentives for bad behavior grows proportionally with the value of the currency or data controlled by a chain. Neither Proof of Work nor Proof of Stake are equipped to calibrate the potential rewards (or punishments) for honest (or criminal) behavior in order to counter this threat.
Economic Mechanism Design
The second price auctions used by eBay and Google AdWords, as well as the famous National Resident Matching Service that allocates physicians to hospitals’ training programs, are applications of economic mechanism design. These mechanisms work smoothly because they are based on a rigorous approach to optimize incentives, thus inducing mutually beneficial strategic behavior.
GeeqChain’s Proof of Honesty (PoH)™ validation protocol, as well as the network design, protocols, and governing smart contracts, are all rooted in economic mechanism design. As a result, the GeeqChain platform is the only one that is able to offer Strategically Provable Security (SPS)™, effectively, 100% Byzantine Fault Tolerance, for its blockchains.
Users are in Charge
In any blockchain validation network, communications delays or failure can cause groups of nodes to become cut off from one another and to get out of sync. This can result in a divergence, or “fork”, in which different blocks are built on top of the same initial chain by different sets of nodes in the network. In existing platforms, groups of dishonest nodes may be able to coordinate to write false transactions into some version of the blockchain or even to take over the chain in its entirety.
In the Bitcoin and Ethereum protocols, miners are supposed to add blocks only to the longest fork of the chain. The choice of which fork to use, however, is ultimately up to the miners. If a user notices that miners are not following protocol or are validating transactions falsely, there is really nothing he can do about it. Thus, Bitcoin and Ethereum have an inherent conflict of interest built into their protocols since nodes, who may benefit from writing false transactions, choose which fork will become the longest chain. For these and similar blockchains, miners are the sole arbiters of transaction validity.
GeeqChain takes a completely different approach. All blocks are constructed so they contain enough data for users to verify, independently, that the chain is honest. If one or more forks exist, users are able to inspect them and choose which one to use for their transactions. If all forks appear dishonest, GeeqChain has a built in recovery protocol that allows users to reconstruct a completely honest chain that they can use, which allows users to be the final arbiters of transaction validity.
In general, GeeqChain users are able to choose, track, and verify their transactions at all times, whether they are worried about human malfeasance or network outages, or they are simply worriers. No other block chain platform provides this additional layer of security.