Patent Application
20230315816
The present invention belongs to the technical field of computers, and particularly relates to a method for value mapping and exercise of digital rights, which realizes right mapping, exchange and exercise without governance and matching in a centralized or decentralized environment.
In the asset and right transaction field, it is a common means to use computers and networks to handle transaction. For the market that merely takes transaction as an objective and centralized transaction as a basis, it is necessary to deal with the expression of assets and rights directly only according to book information instead of dealing with it in a special way. There are still quite a few artificial processes and matching behaviors in a process of asset issuance, right exercise, and price formation.
There are issuing, transaction and price formation mechanisms. Regarding issuance, artificial pricing and issuance are generally used, and assets or rights are represented in writing and electronic certificates. Transaction means include electronic transaction and artificial transaction, which belong to centralized transaction. Price formation depends on bids of a buyer and a seller, and a transaction price is generated through centralized matching, and is delivered by electronic or artificial means. Traditional assets/rights such as bonds, stocks and futures are all implemented in the above way, by the technical means of a centralized electronic ledger. These methods are not suitable for disposal of digital assets, nor can they be implemented in a decentralized way.
With the development of network and blockchain technologies, a wider range of right and asset types have emerged. Quite a few rights and assets are different from traditional forms, such as cryptocurrencies, game equipment or community management rights. These rights and assets are usually closely related to some online rights. Besides being tradable, they also directly correspond to some value fluctuation strategy. These assets are not suitable for transaction and exercise in the traditional asset market. Some common means of value formation, transaction and exercise include:
1) Definition and Matching by an Issuer
Typical right certificates such as points, game equipment, and promotion codes issued by specific institutions are mainly electronic. An issuer defines and prices these certificates, and provides a final exercise means. This kind of transaction is supported by a centralized transaction system operated by the issuer itself. The technical means is a centralized electronic ledger.
2) Aggregation and Matching by a Middleman
21) Community Type Matching
Common community rights exist in the form of points, rebate levels, account levels, etc. A user generated content (UGC) platform is a typical representative, and a centralized electronic ledger is the technical means. Ownership of this kind of community rights is not clear, and is realized in a centralized way, in the absence of the mapping means related to the ownership.
22) Cryptocurrencies Exchange
Assets in a cryptocurrencies exchange are expressed in the form of digital cryptocurrencies or tokens on a blockchain. Price mapping is realized through traditional centralized matching. A transaction system is implemented by a centralized electronic ledger or distributed ledger technology. A charging and withdrawal system still uses a centralized server to interface with a decentralized blockchain network.
23) Processing by a Blockchain Technology
The decentralized autonomous organization (DAO) uses digital cryptocurrencies or tokens to realize mapping of rights and assets. The exchange of rights and assets is decentralized, but there is no price mapping mechanism. Therefore, price formation and transaction matching of related rights and assets still depend on a centralized exchange.
Decentralized finance (DeFi) uses a decentralized intelligent contract to realize exchange and derivative lending and borrowing business of digital cryptocurrencies, thus solving the problem of price formation and automatic matching to some extent. DeFi is less related to governance and exercise of ownership.
The technical means commonly used in the field include: an electronic certificate technology, a centralized electronic ledger technology, a centralized transaction matching technology, a decentralized digital cryptocurrency technology, a distributed ledger technology and an intelligent contract technology.
For digital rights, a value is an asset attribute, a price is a transaction attribute on the market, and issuance and exercise are governance attributes. The above technical means generally cannot handle these attributes at the same time.
To solve technical problems in the prior art, the present invention aims to provide a method for value mapping and asset ownership exercise of digital rights. The present invention designs two independent operations bound on a single semantic structure in any network shared storage, which map a transaction attribute on the market and an asset attribute of digital assets respectively, so as to expand mutually independent atomic operation attributes for an exchange operation and an exercise operation, such that right exchange, automatic exercise and governance may be realized without centralized intervention, and then asset issuance, price discovery, transaction and exercise may be completed more efficiently. The method is suitable for both centralized and decentralized cases. After digital rights and ownership are mapped through the method, exercise of ownership of specific assets may be realized without transaction matching and governance. The present invention provides a specific mapping method, such that the mapping processes are transformed according to a set of data configurations and functional relations. When the mapping and transformation are executed according to a data structure designed by the present invention, an automatic transaction and exercise process may be realized without artificial intervention, which is especially suitable for a decentralized application scene.
In the technical solution of the present invention:
A method for value mapping and exercise of digital rights includes:
1) establishing an ownership certificate set S, where an mth element sm in the collection S is used to record the quantity of the certificate s for the mth exercise or cancellation of an asset A; taking a certain number of digital right tokens X as exercise certificates of the asset A, with the number of exercise certificates t=k×s1, where k is an exercise mapping ratio; and another type of digital right tokens Y is taken as the price reference certificates (pricing certificates for short) of the asset A, and setting up a variable ratio group {c, t}, where c is the number of pricing certificates, and s1 is the number of initial voting rights; and creating a data structure as an operation pool T, and two operations acting on the operation pool T: operation G and operation E, where the operation G is to increase or decrease elements in the operation pool data structure T in a same direction and to increase or decrease certificates s accordingly, and the operation E is to increase or decrease elements in the operation pool data structure T in an opposite direction and to lock or release certificates corresponding to the elements accordingly.
2) An exercise certificate holder a takes ci pricing certificates and ti exercise certificates, and establishes a variable ratio group Gi=d×{ci, ti} corresponding to ith operation G, where d indicates an operation direction, d is 1 when an ownership certificate obtaining request is implemented, and d is −1 when an ownership certificate transfer request is implemented.
3) T=T+Gi is executed on the operation pool T, si ownership certificates s are generated according to
and S={s1, s2, . . . , si} is updated; the exercise certificate holder a obtains si ownership certificates by exercise, which correspond to
ownership of the asset A; corresponding c, pricing certificates and ti exercise certificates are locked by the T; and conditions of executing T=T+Gi on the operation pool T include satisfying
when i>1, and satisfying ci>0, ti>0 when i=1; a reference price ratio of an exercise certificate satisfying
where tT is the number of current exercise certificates in the operation pool T, and cT is the number of current pricing certificates in the operation pool T; and a pooling product is computed according to Ri=cT×tT after each operation G.
4) The exercise certificate holder a takes si certificates s and d=−1, and establishes a variable ratio group Gi={−ci, −ti} corresponding to the ith operation G according to ti=si×k, ci=pi×ti, and
T=T+Gi is executed on the operation pool T, si certificates are locked and canceled by the T, S={s1, s2, . . . , −si} is updated, and ti exercise certificates and c, pricing certificates are released to the exercise certificate holder a; and the exercise certificate holder a transfers
ownership corresponding to the asset A.
5) When an exercise certificate holder or a pricing certificate holder implements the operation E on the operation pool T, the number of certificates in the operation pool T changes according to tT=Ri×cT−1; and an exchange price ratio of an exercise certificate is computed according to
or an exchange price ratio of a pricing certificate is computed according to
6) A pricing certificate holder b takes ch pricing certificates and establishes a variable ratio group Eh=d×{ch, −th} corresponding to hth operation E, where
d indicates an operation direction, d is 1 when an exercise certificate obtaining request is implemented, and d is −1 when an exercise certificate transfer request is implemented; and when d=1, T=T+Eh is executed on the operation pool T, and the T locks ch pricing certificates and releases th exercise certificates to the pricing certificate holder b, such that the pricing certificate holder b exchanges ch pricing certificates for th exercise certificates.
7) An exercise certificate holder C takes th exercise certificates to be transferred and d=−1, and establishes a variable ratio group Eh={−ch, th} corresponding to the hth operation E, where
and T=T+Eh is executed on the operation pool T, and the T locks th exercise certificates and releases ch pricing certificates to the exercise certificate holder C, such that the exercise certificate holder C exchanges th exercise certificates for ch pricing certificates.
The present invention designs an operation pool data structure T and two operations acting on the operation pool: operation G and operation E. The operation G is to increase or decrease elements of T in a same direction and to increase or decrease certificates s accordingly, and the operation E is to increase or decrease elements of T in an opposite direction and to lock or release certificates corresponding to the elements (“increasing or decreasing in an opposite direction” refers to the increase and decrease relationship of the elements in T being mutually opposite; and elements increased in T are locked correspondingly, and elements decreased in T are released correspondingly). Increase or decrease of the certificates s may be used to map an asset attribute change of rights, and increase or decrease of the elements in T may be used to map a market value change of rights. The operation G and the operation E are independent and semantically self-consistent, and the operation pool T keeps semantically self-consistent before and after each operation. Therefore, the design may keep semantic integrity when running under a decentralized condition.
The method specifically includes:
i>1) when operation G is executed on the T; Gi=d×{ci, ti}, (d=1 or −1), and two different values of d indicate two different operation execution directions; and S={s1, s2 . . . si}, si=ti, si indicates the number of certificates s generated or canceled for ith exercise, and si=ti is an execution action in the operation G.
A value of hth operation E is recorded as Eh={ch, −th}, and when the operation E is executed on the T, T=T+Eh; and Eh=d×{ch, −th}, (d=1 or −1).
A corresponding functional relation between cT and tT in the operation pool T is tT=Ri×cT−1, where tT is the number of current exercise certificates in the operation pool T, and cT is the number of current certificates s in the operation pool T. A pooling product Ri is obtained by executing Ri=cT×tT with cT and tT after operation Gi, and remains unchanged before next operation G; and Ri∝cTG×tTG, cTG=ΣcGi, and tTG=ΣtGi. cTG is the sum of ci in all operations G, and tTG is the sum of ti in all operations G. It may be seen from the above relation that when operation E is executed, increase or decrease of t is opposite to that of c, for example, t and c represent different resources respectively, a ratio of t to c may reflect a scarcity degree of t relative to c, an inverse ratio of which reflects a value ratio of t to c; and when operation G is executed, t and c increase or decrease in a same direction and a ratio of t to c remains unchanged, and s that increases or decreases with t year on year reflects a total value change represented by S. The data structure S is mapped to an ownership governance interface of an asset A, t is mapped to any type of digital certificates tA, and then the number of s may reflect issuance and redemption of ownership and a proportion of the ownership; exercise may be executed on the asset A by holding tA by the operation G; when any digital certificate corresponding to c is taken as a price reference, tA generates a firm price and the price changes in an opposite direction according to supply and demand, which reflects a market price of the asset A; and the issuance and redemption of ownership do not affect a supply and demand price of tA, obtaining and selling of ownership may be realized without matching, and even if the number of tA is limited, ownership of the asset A may be issued and redeemed indefinitely, such that rigid ownership governance is avoided.
Furthermore, an exercise mapping ratio k is added in the above structural relation, to make si=ti change to si×k=ti, and when k≠1, s and t generate two different governance granularities, with t representing market usability and s representing exercise usability. Operations such as share split or joint stock may be implemented by changing k, thus increasing flexibility of exercise and procedural governance.
As shown in
A data structure S is established to correspond to an ownership set S={s1, s2 . . . sm}, and elements in S are mapped to a voting right change of an asset A, where an element sm is used to record an mth voting right change of the asset A, and s1 is the number of initial voting rights. Voting rights correspond to ownership {a1, a2 . . . an} of the asset A, Σi=1nai=100%, and an element an is used to indicate an nth independent exercise/governance unit of ownership. A digital right token is generated as an exercise certificate of the asset A, the number of exercise certificates is t=k×s1, k is an exercise mapping ratio, and when k is 1, t=s1. A variable ratio group {c, t} is set up, where a pricing token of number c may use any type of valuable digital certificates.
A variable ratio group {ci, ti} corresponding to operation G is established, and a certain number of pricing certificates and exercise certificates are taken to create G1={c1, t1}, an initial price ratio of right certificates satisfying
An operation pool data structure T is established, T=T+G1={0, 0}+{+c1, t1}={c1, t1} is executed, s1 ownership certificates s are generated according to
and S={s1} is updated, the s1 ownership certificates s corresponding to the ownership of the asset A. A pooling product R1=c1×t1.
In the above process, if the number of exercise certificates is greater than k×s1, tf=t−t1 certificates do not participate in creation of the variable ratio group G1, and the tf is an extra-pool certificate, which may be used for extra-pool financing or subsequent government of a right pool.
An exercise certificate holder executes exercise to continue to obtain s corresponding to the ownership of the asset A as follows: based on a current reference price ratio pt of the operation pool T, a corresponding number of pricing certificates and exercise certificates are provided according to c2=t2×pt to create a right group G2={c2, t2}, T=T+G2 is executed, and the operation pool T generates s2 ownership certificates s according to
where S={s1, s2}, and s2 ownership certificates correspond to
ownership of the asset A.
The previous step is repeated, and any exercise certificate holder i may obtain si ownership certificates by exercise, which correspond to
ownership of the asset A.
A holder of an ownership certificate si sells ownership in the following ways that the held si is returned to the operation pool T, and the operation pool T redeems a corresponding number of exercise certificates according to t=s×k, and redeems a corresponding number of pricing certificates according to c=pt×t, with a current exchange price ratio pt. After obtaining the redeemed pricing certificates and exercise certificates, the holder no longer owns the ownership of the asset A and then changes to a holder of the exercise certificates. The exercise certificates may be further exchanged for pricing certificates by the operation pool, such that any right certificates are no longer held.
Operation E is implemented on the operation pool T, to realize valuable exchange of pricing certificates and right certificates. The number of certificates in the operation pool T changes inversely according to tT=Ri×cT−1, and an exchange price ratio is obtained according to
on the function curve. An exchange price ratio of exercise certificates satisfies
and an exchange price ratio of pricing certificates satisfies
A pricing certificate holder obtains exercise certificates in the following ways that c1 pricing certificates are taken, a variable ratio group E1={c1, −t1} corresponding to operation E is established with d=1 and
T=T+E1 is executed, and the T locks c1 pricing certificates and releases t1 exercise certificates.
An exercise certificate holder obtains pricing certificates in the following ways that t2 exercise certificates are taken, a variable ratio group E2={−c2, t2} corresponding to the operation E is established with d=−1 and
T=T+E2 is executed, and the T locks t2 exercise certificates and releases c2 pricing certificates.
Compared with the prior art, the present invention has the beneficial effects:
1) An exchange price ratio of right certificates is automatically generated and adjusted according to supply and demand in operation.
2) An ownership certificate may be automatically issued and withdrawn according to exercise demand.
3) The obtaining cost of options and ownership is automatically adjusted with change of supply and demand, and is in line with a market supply and demand law.
4) Obtaining and redemption of an ownership certificate are not bound by the third party, that is, ownership is fully exercised.
5) The above process requires no artificial intervention and no matching.
6) After being started, the above process may run continuously without a permanent governance institution.
7) Limited right certificates realize controllable unlimited issuance.
8) Generation and dilution of ownership conform to the law of cost in reality.
The present invention will be further described in detail in combination with the specific embodiments.
1. After a user Alice maps an asset or enterprise right to online voting/governance (by legal and industrial and commercial means, etc.), a corresponding online entity A of the asset is established (which may be a management system/voting system/decision system/dividend account, etc.).
2. A data structure S is established, and elements of the data structure S are made correspond to an operation interface of the online entity A in a corresponding proportion.
3. Alice issues options and stock rights for A by issuing 10,000 option tokens to represent 10,000 options of A (that is, t=10,000), taking 5,000 tokens (or stable currencies, etc.) anchored to US dollars as pricing certificates (that is, c=5,000), and establishing a variable ratio group G1={5000, 10000}; and executing T=T+G1={0,0}+{5000, 10000}={5000, 10000}, s1=t1=10000, s1 being the number of certificates s, recording S={10000}, which corresponds to 100% of stock rights of A. The new 10,000 certificates s are held by Alice, and 5,000 pricing certificates and 10,000 option certificates are locked by T, which means that the operator Alice initially issues 10,000 shares for A, holds the 10,000 shares and owns 100% ownership of A.
4. After an operation pool T is established, a certificate price ratio in the T satisfies
that is, a middle price of options of the entity A is 0.5 USD/share in this case. Anyone may transfer the pricing certificates to the T at a transaction price of
in exchange tor the options of A. For example, a user Bob wants to obtain 200 options, and Δt=200, Δpt=0.51. Bob has to pay for 102 pricing certificates to the T, which is equivalent to buying 200 options of A at a price of 0.51 USD/share. After transaction is completed, T={5102, 9800}, and a new middle price of options changes to
The price change is in line with the law of market supply and demand.
5. Bob may further transform the options into stock rights of A, to obtain voting rights and dividends for A, or may only hold the options and sell the options at the right time to make a profit. A behavior of selling options is similar to step 4, in an opposite transaction direction, that is, option tokens are paid for and pricing certificates are obtained.
6. Bob transforms 200 options into stock rights of A (which is exercise) by taking 104.12 corresponding pricing certificates c to create a right group G2={104.12, 200} according to a proportion of
and executing T=T+G2={5206.12, 10,000}, generating 200 s2, and recording S={10000, 200}, which means that 200 shares of A are additionally issued, and are held by Bob. The total number of shares of A changes to 10,200. Alice still holds 10,000 shares of A, and a stock-owned proportion changes to
and Bob obtains
of stock rights of A. Exercise does not affect an option price.
7. Bob takes the number of held s as stock rights, exercises a decision/voting/dividend right for A, and gains income, or may also sell held stock rights at an appropriate time. An operation way of selling stock rights is similar to that of step 6, with an opposite operation direction. With selling 100 shares by Bob as an example, Bob pays for 100 s to T, and obtains 100 option certificates, and
pricing certificates. After selling is completed, S={10000, 200, −100}, and the total number of shares changes to 10,100, such that stock-owned proportions of Alice and Bob also change accordingly. Selling does not affect an option price.
8. Selling operation may also be set according to a proportion of certificates s in S, that is, option tokens accounting for an equal proportion in T and corresponding pricing certificates may be sold according to an ownership proportion of certificates s. The selling method may be applied to cases having a stock capital dilution mechanism.
9. In the above process, after initialization of S and T (that is, a first batch of stock right issuance) is completed, governance-free operation may be started. All operations are triggered by a user transaction request or voting request, and a system may automatically complete option transaction, stock right issuance and repurchase, voting right exercise, dividend distribution and other actions without matching.
1. Alice, Bob and Coy, founders of the online community, have willings to support community operation by means of rational right incentives, regulate community governance by means of voting rights, and attract and recruit new core members by means of option incomes. The voting rights are planned to be divided equally for Alice, Bob and Coy, and a new voting right may be added only under the condition that approval votes account for more than half of all votes; 25% of options are reserved for new core members, and the new core members may obtain the incentives only under the condition that approval votes account for more than two-thirds of all votes.
2. A data structure S is established, and a proportional mapping relation between online community operation/voting system and the data structure S is established; a voting structure Vs is established to correspond to an update operation of the data structure S; and a voting account Vt is established to correspond to an option incentive.
3. t=4,000 option tokens are issued to represent 4,000 options, 1,000 option tokens are allocated to each of private accounts of Alice, Bob and Coy, and 1,000 option tokens are allocated to the voting account Vt.
4. Alice, Bob and Coy select the pricing certificates, agree on a same pt, and establish variable ratio groups according to G={100, 1000} separately, to obtain Ga, Gb and Gc; and an operation pool data structure T is established, the three people send T=T+G[a|b|c] to T with their own private accounts, T further requests S to execute an update operation, the three people execute voting by the voting structure V when voting results are satisfied, sa, sb and sc are issued to the private accounts of Alice, Bob and Coy, and S is updated to S={1000, 1000, 1000}. s is a voting right certificate or stock right. The community generates 3,000 voting rights, and Alice, Bob and Coy each obtain 1,000 voting rights.
5. A current middle price of options in the operation pool T satisfies
Anyone may obtain community options by paying for the pricing certificates, and the options may be sold at the right time to make the person gain benefits. Only when the options obtain more than half of votes in the voting structure Vs, voting rights may be obtained by creating a new variable ratio group Gi and submitting it to T.
6. There are currently 1,000 options in the voting account Vt. Due to existence of pt, the options have values, and may be exchanged for the pricing certificates in T, or used to create new Gi in exchange for the voting rights. The account is set to execute paying when the number of votes exceeds two-thirds. When the community decides to give option incentives to a specific member, Alice, Bob and Coy exercise their voting rights to dominate the incentives.
7. The above process is also suitable for control of stock right issuance and government of option incentives in Embodiment 1.
1. Alice plans to transfer 40% of stock rights to raise $400,000 for her startup project.
2. Alice maps the startup project to online voting/governance (by legal and industrial and commercial means, etc.), a corresponding online entity A of the asset is established (which may be a management system/voting system/decision system/dividend account, etc.).
3. A data structure S is established, and elements of the data structure S are made correspond to an operation interface of the online entity A in a corresponding proportion.
4. Alice issues options and stock rights for A by issuing t=10,000 option tokens to represent 10,000 options of A, taking c=60 tokens (or stable currencies, etc.) anchored to US dollars as pricing certificates, and establishing a variable ratio group G1={60, 6000}; and executing T=T+G1={0, 0}+{60, 6000}={60, 6000}, generating 6,000 s1, and recording S={6000}. s1 is an ownership certificate, and corresponds to 100% of stock rights of A, which means that the operator Alice initially issues 6000 shares for A, holds the 6000 shares and owns 100% ownership of A.
5. After an operation pool T is established, a certificate price ratio in the T satisfies
that is, a middle price of options of the entity A is 0.01 USD/share in this case. Anyone may transfer the pricing certificates to the T at a transaction price of
in exchange tor the options of A. For example, a user Bob wants to obtain 1000 options, and Δpt=0.012. Bob has to pay for 12 pricing certificates to the T, which is equivalent to buying 1000 options of A at a price of 0.012 USD/share. After transaction is completed, T={72, 5000}, and a new middle price of options changes to
The price change is in line with the law of market supply and demand.
6. After the operation in step 4, Alice still holds 4,000 extra-pool tokens. Alice may use the extra-pool tokens to implement financing. Before financing, Alice needs to adjust a value of the options to 100 USD/share. The method includes the steps that Alice buys 5,940 options from T, destroys or locks the options, such that T={6000, 60}, and in this case, a middle price of the options in T is 100 USD/share.
7. Alice transfers 4,000 extra-pool options to an investor, the investor Coy takes 400,000 corresponding pricing certificates to create a right group G2={400000, 4000} according to a proportion of
executes T=T+G2={406000, 4060}, generates 4000 s2, and records S={6000, 4000}, which means that 4,000 shares of A are additionally issued, and are held by Coy. The total number of shares of A changes to 10,000. Alice still holds 6,000 shares of A, and a stock-owned proportion changes to
and Coy obtains
of stock rights of A.
8. Usually, in operation, if a fair value of the startup project of Alice may reach 100 USD/share, Alice does not need to adjust the value herself in step 6, but the market completes value approximation by itself.
1. A data structure S is established, and elements of the data structure S are made correspond to an ownership operation (voting/governance/dividend) interface of an online entity A in a corresponding proportion.
2. A data structure T is established, a variable ratio group {c, t} is set up, t=10,000 option tokens are issued to represent 10,000 options of A, c=5,000 tokens (or stable currencies, etc.) anchored to US dollars are taken as pricing certificates, a variable ratio group {5000, 10000} is established, operation G is executed on T, G1={5000, 10000}, T=T+G1={0, 0}+{5000, 10000}={5000, 10000}, 10,000 s1 are generated, and S={10000} is recorded. s1 is an ownership certificate, and corresponds to 100% ownership of A.
3. In a distributed or decentralized environment, the data structure T is synchronized to any working node in a network in a way of global copy; before executing the operation G and operation E on T, any node needs to synchronize with the whole network to obtain a latest copy of T, so as to ensure the operation G or E executed on the latest T.
4. Because T is semantically self-consistent, any node may ensure that a right exchange and exercise process is correct and complete only by keeping the operation G or E on the latest T.
1. A discrete data structure S having a sequence is established, and elements of the data structure S are made correspond to an ownership operation (voting/government/dividend) interface of an online entity A in a corresponding proportion.
2. A discrete data structure T having a sequence is established, a variable ratio group {c, t} is set up, t=10,000 option tokens are issued to represent 10,000 options of A, c=5,000 tokens (or stable currencies, etc.) anchored to US dollars are taken as pricing certificates, a variable ratio group {5000, 10000} is established, operation G is executed on T, G1={5000, 10000}, T=T+G1={0, 0}+{5000, 10000}={5000, 10000}, 10,000 s1 are generated, and S={10000} is recorded. s1 is an ownership certificate, and corresponds to 100% ownership of A.
3. The data structure T records operation G and operation E according to the sequence. T may be distributed and stored in different nodes.
4. In a distributed environment or a decentralized environment, any node may obtain the latest Ri and Δpt by synchronizing with other nodes and traversing all G and E operation sequences of the T; and according to the Ri and Δpt, new operation G or E may be created and submitted to any node for implementation, after successful implementation, records of T and S are updated, pricing certificates or option tokens are released, and exercise or exchange is completed.
5. Because T is semantically self-consistent, it may be ensured that a right exchange and exercise process is correct and complete only by keeping using the latest Ri and Δpt for implementing the operation G or E on T.
The present invention may be applied to the field of blockchain, where the certificates may be tokens.
The above descriptions are merely concise embodiments of the present invention and merely used for describing the method of the present invention, instead of limiting the protection scope of the present invention. Any modifications, equivalent substitutions, improvements, etc. within the spirit and principles of the present invention are intended to fall within the protection scope of the present invention.
| Number | Date | Country | Kind |
|---|---|---|---|
| 202010982713.8 | Sep 2020 | CN | national |
| Filing Document | Filing Date | Country | Kind |
|---|---|---|---|
| PCT/CN2021/101951 | 6/24/2021 | WO |
