FogChain Files Blockchain-Based Patent Application for Its Proof of Competition Consensus Methodology
Vancouver, Canada and San Carlos, California (FSCwire) - FogChain Corp. (“FogChain” or the “Company”) is pleased to announce that it has filed a wide-ranging patent covering RadJav’s Proof of Competition Consensus Methodology. RadJav is a blockchain-based rapid application development platform that was recently acquired by the Company as previously announced several weeks ago.
FogChain, a next-generation blockchain-based application lifecycle management company, recently acquired the RadJav platform, which provides developers with rapid-development tools and resources for the creation of Apps, smart contracts, and dApps. FogChain filed a blockchain-based patent application covering the dynamic and high-performance Proof of Competition (“PoC”) network consensus methodology.
Companies that have and support their own blockchain utilize different methods to mine and validate blocks, secure transactions and manage a growing number of nodes to create a decentralized blockchain network. Two of the most common methodologies used are Proof of Work (“PoW”), used by popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin; and Proof of Stake (“PoS”), used by Dash, NEO, and PIVX. Proof of Competition is designed to take the best elements of both consensus methodologies to create a more robust, secure, and high performance blockchain that is more efficient. PoC increases its transaction throughput capacity as the network grows, unlike PoW and PoS network methodologies, which often become slower. Another element of PoC that is not present in the above existing designs is the ability for the network to be self-healing, reducing the need to waste significant computing resources to solve algorithmic problems, and defend itself against attacks and other legal issues.
FogChain’s CEO, James Cerna commented: “In today’s fast paced and ever-changing world of blockchain technologies, filing this patent application for Proof of Competition is one of the big steps we’re taking to establish a major role in the industry, and to deliver a high performance network that runs at a level of efficiency and scale not seen before. We’re very proud of this accomplishment and this is the first of several patent applications we intend to file on our suite of blockchain-based application lifecycle management solutions.”
Nathanael Coonrod, VP of Engineering for FogChain and the inventor of Proof of Competition, commented: “We felt there was a huge need in the industry to solve some of the biggest issues around PoW and PoS, such as major performance degradation as the network grows and handles more transactions, excessive power consumption, and wasted compute resources. Filing this patent application is a testament to our commitment to bring the best solutions to market and help evolve blockchain technologies to an entirely new level.” FogChain worked with Knobbe Martens as patent counsel in the filing of this patent application.
About FogChain Corp.
FogChain is exactly as it sounds - the event horizon, where application lifecycle management meets the decentralized Fog (edge network), providing the most secure and efficiently distributed platform for software development on any platform. With the recent explosive demand for more edge computing and security within the Micro-Service, IoT, and Driverless Vehicle space, FogChain's platform provides a software tool kit leveraging the best of both worlds. The inherent security of Blockchain combined with the ubiquity and performance of the Fog is the only logical and scalable path. Led by a team of Cloud and SaaS veterans, FogChain is uniquely positioned to be the next super wave for the $500 billion software development market. Learn more at www.FogChainInc.com.
FogChain Investor Relations:
Jim Cerna, Director
Karan Thakur, Director
FORWARD LOOKING STATEMENTS
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the terms and conditions of the Transaction; use of funds; and the business and operations of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Source: FogChain Corp. (CSE:FOG)
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