U.S. Patent Awarded to KRNC Blockchain, for Technology to Upgrade U.S. Dollar
LOS ANGELES, Jun 22, 2021--(BUSINESS WIRE)--KRNC, a blockchain initiative funded by the U.S. government, announced today that it has obtained the first U.S. patent on its proprietary technology for integrating blockchains with the legacy banking system.
The technology, called Proof-of-Balance, allows anyone with online banking to unlock cryptographic tokens in proportion to their fiat savings. These tokens have the same verifiable scarcity as Bitcoin, and they can be used to interact with smart contracts and decentralized applications.
"Proof-of-Balance brings blockchain technology to the billions of people who already have online banking," said Clint Ehrlich, the founder of KRNC, who is credited as the inventor. "It lets them start using DApps without having to buy any cryptocurrency."
On blockchains like Bitcoin and Ethereum, users must mine or purchase cryptocurrency to cover the cost of executing transactions. Proof-of-Balance eliminates that requirement by issuing tokens directly to the owners of fiat money.
