We're proud to officially announce that KRNC is being funded by the National Science Foundation. We've received a Phase I grant from America's Seed Fund to construct a Proof-of-Balance network.
It's our honor to count one of the world's most prestigious scientific institutions as a partner in commercializing Proof-of-Balance technology.
Here is the official abstract for the reward.
Award Abstract #2015162
SBIR Phase I: Asymmetric Sybil Resistance via Proof-of-Balance The broader impact/commercial potential of this Small Business Innovation Research (SBIR) Phase I project is upgrading the public's existing electronic U.S. dollars to match and exceed the capabilities of private cryptocurrencies. Distributed-ledger technology has the potential to transform every sector of the economy, but today's blockchains require users to purchase specific assets before sending payments or using related applications. This has delayed mainstream adoption of blockchain technology and raised concerns that a transition to decentralized commerce could threaten the value of savings held in traditional currency. The proposed project will develop a new technology for protected digital transactions. This SBIR Phase I project proposes to develop a decentralized blockchain that will eliminate the need for cryptocurrencies by allowing the owners of U.S. dollars to unlock fiat-derived tokens at zero cost. By adapting recent advancements in biological signaling theory to computer science, the project aims to advance new methods in distributed computing. It will replace symmetric Proof-of-Work and Proof-of-Stake vote-weighing mechanisms with a new technology, Proof-of-Balance, that can deliver significant enhancements to security and performance. The proposed work will explore application of the formal mathematical models by developing and deploying an operational Proof-of-Balance network. This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.
About America’s Seed Fund
America’s Seed Fund powered by the National Science Foundation (NSF) awards $200 million annually to startups and small businesses, transforming scientific discovery into products and services with commercial and societal impact. Startups working across almost all areas of science and technology can receive up to $1.75 million in non-dilutive funds to support research and development (R&D),helping de-risk technology for commercial success. America’s Seed Fund is congressionally mandated through the Small Business Innovation Research (SBIR) program. The NSF is an independent federal agency with a budget of about $8.1 billion that supports fundamental research and education across all fields of science and engineering. For more information, visit seedfund.nsf.gov.