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Citi has filed a new patent detailing a system for facilitating a double-layer restriction subnet architecture related to the bank’s development on Avalanche. AVAX has been consolidating right below the key resistance level at $28, which analysts say indicates an impending bullish breakout. Citi, one of the world’s largest financial institutions, is expanding a project it started on Avalanche, this time filing for a patent on a system that facilitates a double-layer restriction subnet architecture. Citi filed for the patent with the USPTO recently, describing a system that overcomes the technical limitations of conventional blockchains and their subnets. Looks like @Citi filed for a patent related to the work they did on Avalanche🔺 last year regarding private oracles for transmitting RFQ (Request for Quotes). “Double-layer restriction subnet architecture that overcomes the technical limitations of conventional blockchains.” pic.twitter.com/V1exKnNkpT — Luigi9000 🔺 (@luigidemeo) September 23, 2024 In its application, Citi says that the double-layer architecture it is building is made up of “a series of permissioned subnets, which provides both the security/privacy benefits of permissioned blockchains but also the scalability of subnet efficiency.” The system seeks to solve the challenge of unauthorized access to digital communication by third parties. It notes that while blockchain-based encryption can curb the challenge, integrating blockchain remains a challenge for most, not least for its technical challenges. For instance, the instructions in a smart contract can’t be amended even if the conditions change, which leaves them vulnerable to malicious attacks. “These security concerns, in turn, present challenges to integrating blockchain technology into traditional, centralized software infrastructures. Similarly, information posted to a blockchain becomes public, which can lead to privacy concerns,” Citi says. The easiest fix is using a permissioned blockchain. However, this comes with its own set of challenges, including creating centralised attack targets and a lack…

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Filed under: News - @ September 25, 2024 1:27 am