Trending...
- The 2025 ESPY Awards After Party- Presented by Poppi & High Noon
- General Auction Company Announces August 8th Auction- Now Accepting Consignments
- $53 Million Company Valuation Investment with Majority Acquisition Option, Plus New Stock CUSIP Supporting Brand Transition of Fan Engagement Company
LOS ANGELES--(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.
More on The Californer
The decision to award a patent was announced by the United States Patent and Trademark Office in a Notice of Allowance. The notice means that the application "Cryptographic and Fiat Currency Mechanics" is approved and a patent will be issued.
The patent office cited several advantages of Proof-of-Balance over the existing state of the art, including its superior security. By spreading ownership of tokens among the entire public, the technology provides far stronger guarantees of decentralization than protocols whose native assets are sold to the highest bidder in ICOs.
Funding for the development of Proof-of-Balance has come from the National Science Foundation, an independent agency of the U.S. government. Last year, the agency awarded KRNC a $225,000 grant to commercialize the technology.
About KRNC
KRNC is an NSF-funded blockchain for upgrading fiat money using Proof-of-Balance technology. The blockchain is being developed by a private company, Krnc Inc., for release as a fully decentralized protocol. To learn more, visit krnc.io.
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.
More on The Californer
- A Century of Compassion: Butte Humane Society Hosts 114th Anniversary Gilded Garden Gala
- United Set to Hire More Special Olympics Athletes As Customer Service Ambassadors
- Exelon Leader Tamla Olivier Named 2025 Technologist of the Year by Waves of Change STEM Conference
- KIDZ BOP RELEASES BRAND NEW ALBUM 'KIDZ BOP 51' FEATURING HITS "APT" & "PINK PONY CLUB"
- Be Part of the World's Largest Art Biennale | Moons, Castles, Trees | Copenhagen Chronotopes
The decision to award a patent was announced by the United States Patent and Trademark Office in a Notice of Allowance. The notice means that the application "Cryptographic and Fiat Currency Mechanics" is approved and a patent will be issued.
The patent office cited several advantages of Proof-of-Balance over the existing state of the art, including its superior security. By spreading ownership of tokens among the entire public, the technology provides far stronger guarantees of decentralization than protocols whose native assets are sold to the highest bidder in ICOs.
Funding for the development of Proof-of-Balance has come from the National Science Foundation, an independent agency of the U.S. government. Last year, the agency awarded KRNC a $225,000 grant to commercialize the technology.
About KRNC
KRNC is an NSF-funded blockchain for upgrading fiat money using Proof-of-Balance technology. The blockchain is being developed by a private company, Krnc Inc., for release as a fully decentralized protocol. To learn more, visit krnc.io.
Filed Under: Business
0 Comments
Latest on The Californer
- City of Long Beach to Celebrate Completion of MacArthur Park Rehabilitation Project
- California Family Launches Billboard to Reach "Pardon Czar" Alice Marie Johnson
- California: ICYMI: 287,000 jobs and $55 billion in economic growth on the line with key climate program's extension
- Rent Like A Champion Acquires CollegeWeekends
- WNBA Rising Star Jacy Sheldon Makes History with HOLO's First-Ever WNBA Signature Sneaker
- Sumter Landing Dental Care Launches Summer Special on Full Mouth Reconstruction
- Seligson Law Launches New Website to Support Cannabis Businesses in California and New York
- City of Long Beach to Celebrate Improvements at El Dorado Park
- Club Offers Released on July 17, 2025
- databahn Announces Subscription Access to Fortune 500 GenAI Deep Dive Sales Intelligence Reports
- Up Hill Concierge Launches Curated LA Hospitality for FIFA 2026, Super Bowl, NBA All-Star & LA28
- AI startup Congero offers instant websites with 24/7 updates - aiming to replace web agencies
- Vaulted Deep Signs Deal with Microsoft to Remove Carbon via Waste Management Infrastructure
- The Recording Academy Extends Invitation to The World's No.1 Superstar™—But He's Not Chasing the Award
- WonderDays Launches the UK's First AI Experience Gift Finder – Gifting Just Got So Much Easier!
- CelluHeal™ Launches Full Line of Advanced Wound Dressings for Online Purchase in the USA, Canada, and Beyond
- California: Governor Newsom responds to Trump's latest gift to China: Defunding America's only high-speed rail
- California: Governor Newsom announces appointments 7.16.25
- California: Governor Newsom calls on Trump to end Los Angeles militarization, shares community resources
- City of Long Beach to Host Compost and Recycling Ambassador Program