Cryptic Labs and Fractal Platform Team Up to Solve Some of Blockchain’s Fundamental Limitations
Making Blockchain transactions faster, greener, less expensive; Proof of Stake Adds Transparency to Eliminate Bad Behavior
In the near future, some of Blockchain’s limitations may be solved by a new platform that will utilize a breakthrough system to make transactions on the Blockchain faster, more environmentally friendly, and less expensive, while also making token utilization more transparent.
Cryptic Labs, a leading commercial research lab focused on solving fundamental security problems to advance the growth of blockchain technology, today announced that it would work with Fractal Platform to provide rigorous economic modeling and bespoke research related to Fractal’s proof-of-stake (PoS) consensus algorithm. Their novel approach is capable of processing 10,000 transactions per second, much more than most current Blockchains support, while also offering future-proof security, increased decentralization, and multiple layers of transparency—while still using less power and resources than existing solutions.
“Fractal is dedicated to providing a high performance and energy-efficient blockchain platform, and supporting a wide variety of decentralized applications,” said Weifeng Feng, Fractal Platform CEO. “Our protocol has already been proven secure against cryptographic attacks, but partnering with Cryptic Labs will allow us to better study the economic aspects of our protocol as well. The partnership also places Fractal in a unique position to research and then solve future challenges in the Blockchain space as they arise,” Feng added.
Cryptic Labs approaches Blockchain research differently from many other accelerators. Cryptic Labs does not invest in its partner companies, but instead provides them with access to world-renowned advisors, like Turing-award winner Dr. Whitfield Diffie, to help them review, refine, test, and demonstrate their technologies.
“We are a unique commercial research lab in that we offer access to some of the most incisive minds in cryptography, cybersecurity, economics, distributed computing, and game theory to help solve problems faced by Blockchain companies,” said Humphrey Polanen, co-founder and Managing Director of Cryptic Labs.
“We are very selective about which companies we advise. We believe the team at Fractal Platform has developed a groundbreaking innovation in the Blockchain space.”
Fractal Platform will initially utilize Cryptic Labs’ experts to test and refine their token-incentive model, which relies on a new and more transparent mechanism for rewarding miners who certify transactions, as well as to help the Fractal Platform team refine their algorithm as they begin deploying it. The Fractal Platform builds on the Ethereum model, but utilizes a different mechanism for building trust – one that the company believes will satisfy not only current security requirements but also protect their protocol against possible future attacks from quantum computers.
“To provide secure, tamper proof platforms and survive the test of time, Blockchain systems need to be carefully designed with security in mind at every step. They need to be provably secure not only against current attacks but also potential future attacks including those by a quantum computer,” added Jonathan Katz, Fractal Platform’s Chief Scientist and Professor of Computer Science at the University of Maryland.