IC3 Debuts Upgraded Off-Chain Transaction Protocol 'Teechain'

The Initiative For CryptoCurrencies & Contracts (IC3) has unveiled a new version of its Teechan off-chain transaction protocol.

First put forward last year, Teechan relies on the utilization of specialized hardware, the Intel SGX, which provides a kind of masking layer for the data it contains. Conceptually, the protocol is similar to the Lightning Network, a proposed transaction layer to bitcoin aimed at creating payment channels – and with them, the potential to enable millions of transactions per second.

It's the promise of huge throughput that has led to projects like Teechan, and the Cornell University-based team behind it is releasing several new changes to the original design, now dubbed "Teechain".

Among those upgrades: the ability to direct payments to parties that aren't directly linked via an existing channel.

Cornell associate professor Emin Gün Sirer explained in an email:

As previously reported by CoinDesk, IC3 – the research effort launched in 2015 with federal funding – has been pursuing a range of blockchain applications, including those that utilize trusted hardware.

The group also recently added asset manager Fidelity to its ranks.

Image by Stan Higgins for CoinDesk