The disclosed embodiments relate to distributed ledger networks.
Modern financial systems using distributed ledger technology (DLT) are rife with pitfalls—slow transaction processing, 51% attack vulnerability, fraudulent transactions, trust issues, high energy consumption, scaling issues, and currency acquisition inaccessibility to name a few. If DLT networks are to be viable for mainstream use, they need to overcome all of these obstacles.
The disclosed invention is a distributed ledger network.
In an aspect of the invention, transactions are secured using methods which significantly eliminate fraud.
In an aspect of the invention, acquisition of new currency is based on a data contribution system.
In an aspect of the invention, a voting system makes 51 percent attacks impossible at scale.
Reference will now be made in detail to embodiments. In the following detailed description, numerous specific details are set forth in order to provide a thorough understanding of the present invention. However, it will be apparent to one of ordinary skill in the art that the present invention may be practiced without these specific details. In other instances, well-known methods, procedures, components and networks have not been described in detail so as not to unnecessarily obscure aspects of the embodiments.
The terminology used in the description of the invention herein is for the purpose of describing particular embodiments only and is not intended to be limiting of the invention. As used in the description of the invention and the appended claims, the singular forms “a”, “an” and “the” are intended to include the plural forms as well, unless the context clearly indicates otherwise. It will also be understood that the term “and/or” as used herein refers to and encompasses any and all possible combinations of one or more of the associated listed items. It will be further understood that the terms “comprises” and/or “comprising,” when used in this specification, specify the presence of stated features, integers, steps, operations, elements, and/or components, but do not preclude the presence or addition of one or more other features, integers, steps, operations, elements, components, and/or groups thereof.
As used herein, the term “if” may be construed to mean “when” or “upon” or “in response to determining” or “in response to detecting,” depending on the context. Similarly, the phrase “if it is determined” or “if [a stated condition or event] is detected” may be construed to mean “upon determining” or “in response to determining” or “upon detecting [the stated condition or event]” or “in response to detecting [the stated condition or event],” depending on the context.
Distributed Ledger Technology, DLT, and ledger may be used interchangeably.
The various applications and uses of the invention that may be executed may use at least one common component capable of allowing a user to perform at least one task made possible by said applications and uses. One or more functions of the component may be adjusted and/or varied from one task to the next and/or during a respective task. In this way, a common architecture may support some or all of the variety of tasks.
Unless clearly stated, the following description is not to be read as:
Attention is now directed towards embodiments of the invention.
The network system requirements are:
Prior to a transaction being possible:
An example of the operational protocol for direct transactions is as follows. An arrow (→) indicates an optional step:
In embodiments without a central node, W has the duty of checking and verifying data, and S and R can use V at any point after transaction initiation to determine which W to use.
The requirements for escrow transactions being possible are:
An example of the operational protocol for escrow transactions works similar to the protocol for direct transactions, with the exception of the following:
With such a simple process for verifying transactions that does not require large amounts of processing power to keep the network moving, unlike with blockchain, easier methods can be used for the acquisition of newly minted currency.
One example of such a system is a data contribution system. This requires network nodes (D) to be set up to receive specific types of data which they can process and verify. Users of the network can then contribute data to the network from their own node. The data is sent to D. If D verifies and approves the data, the user is rewarded with currency.
In some embodiments, other conditions must be met before a user is rewarded currency. Two examples of such conditions are:
To prevent 51 percent attacks, voting system restrictions must be implemented. An example method of doing this is:
At a scale where a 51 percent attack would be worth the trouble, it would be virtually impossible for an individual or group to physically acquire enough resources to make it happen, nor could they hack devices on a large enough scale to do so due to biometric authentication.
The foregoing description, for purpose of explanation, has been described with reference to specific embodiments. However, the illustrative discussions above are not intended to be exhaustive or to limit the invention to the precise forms disclosed. Many modifications and variations are possible in view of the above teachings. The embodiments were chosen and described in order to best explain the principles of the invention and its practical applications, to thereby enable others skilled in the art to best utilize the invention and various embodiments with various modifications as are suited to the particular use contemplated.
Number | Date | Country | Kind |
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2210879.9 | Jul 2022 | GB | national |