Geeq Corporation files PCT patent for Micropayments, NFTs, and Atomic Transfers without Smart Contracts

By: Geeq  on Oct 29, 2021

Waterloo, ON, Canada, October 29, 2021

Geeq Corporation has announced the filing of an international patent application PCT to protect its intellectual property in relation to secure hash-locked accounts without smart contracts.

The new PCT international patent application relates chiefly to non-fungible tokens (NFTs) to be recorded to the chain using secure hash locked accounts as defined in Geeq’s blockchain protocol. A secure hash locked account, and any NFT associated with it, is secured for unwanted transfer by a pair of hash locks – two secrets known only to the entity who first originates the account, such as an entity who mints the NFT.

According to the protocol, a secure hash locked NFT account may be transferred only by following a set of transactions which atomically swaps one secure hash locked account for another, where each swapped account is freshly locked with respective pairs of secrets known only to the respective receiving parties in the swap.

Under the protocol, a secure hash locked NFT account may be swapped for another secure hash locked NFT account or a secure hash locked account that is not associated with an NFT, e.g. only with coin. A secure hash locked account may be swapped for another secure hash locked account under the protocol as well, broadening the uses for this technology.

As the secure hash locked accounts and transfer mechanisms are governed by Geeq’s protocol, no smart contracts are necessary.

Fee Support:

The protocol also provides for chain-related transaction fees regarding minting and transacting in NFTs, including a mechanism to optionally make subsequent fixed fee payments to a party who first minted the NFT, whenever that NFT is later transferred.

Off-Chain Application Support:

For each secure hash locked NFT account, the protocol provides that a static NFT record is associated with a secure hash locked coin account record. Each of the NFT record and secure hash locked coin account record have fields for off-chain application related data; for example, to link to one or more off-chain databases storing information regarding the asset defining the NFT. While the NFT record is static once it is first written, the coin account record is writable (e.g. at the time of a transfer) to permit updates to application-related data.

Other Features:

Other features were developed and included in the PCT application that extend flexibility for the bearer token and micropayments technology that was previously submitted and announced to our community here.

About the Geeq Project

Geeq is a multi-blockchain platform secured by a new consensus mechanism called Proof of Honesty (PoH). It is safe enough for highly valuable data, cheap enough for IoT, and flexible enough for any use.

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