BLOCKCHAIN LABS INC. (20240330915). MULTI BLOCKCHAIN NETWORK SYSTEM WITHOUT NATIVE CRYPTOCURRENCY BASED ON AGGREGATED PROOF-OF-TRANSACTION CONSENSUS simplified abstract
MULTI BLOCKCHAIN NETWORK SYSTEM WITHOUT NATIVE CRYPTOCURRENCY BASED ON AGGREGATED PROOF-OF-TRANSACTION CONSENSUS
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MULTI BLOCKCHAIN NETWORK SYSTEM WITHOUT NATIVE CRYPTOCURRENCY BASED ON AGGREGATED PROOF-OF-TRANSACTION CONSENSUS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240330915 titled 'MULTI BLOCKCHAIN NETWORK SYSTEM WITHOUT NATIVE CRYPTOCURRENCY BASED ON AGGREGATED PROOF-OF-TRANSACTION CONSENSUS
The patent application describes a multi-blockchain network with an infra relay chain, validators for governance, and multiple parachains connected to the relay chain.
- The first parachain generates a transaction with a vote for a blockchain account and a fee.
- The second parachain generates a transaction with a vote for another blockchain account and a fee.
- The infra relay chain elects validators based on the votes and fees from the parachains.
- Key Features and Innovation:**
- Multi-blockchain network structure with infra relay chain and parachains.
- Validators determine governance based on votes and fees from parachains.
- Efficient and decentralized system for managing multiple blockchains.
- Potential Applications:**
- Decentralized finance (DeFi) platforms.
- Supply chain management systems.
- Voting and governance mechanisms for organizations.
- Problems Solved:**
- Scalability issues in blockchain networks.
- Centralization of governance in traditional systems.
- High transaction fees and slow processing times.
- Benefits:**
- Enhanced security and decentralization.
- Improved scalability and efficiency.
- Transparent and democratic governance processes.
- Commercial Applications:**
Blockchain-based voting systems for elections and corporate governance.
- Prior Art:**
Research existing multi-blockchain networks and governance systems for comparison.
- Frequently Updated Research:**
Stay informed about developments in multi-blockchain technology and decentralized governance systems.
- Questions about Multi-Blockchain Networks:**
1. How does the infra relay chain ensure secure communication between parachains? 2. What are the potential challenges in coordinating governance decisions among validators from different parachains?
Original Abstract Submitted
disclosed is a multi-blockchain network comprising an infra relay chain, a plurality of validators determining governance of the multi-blockchain network and a plurality of parachains including a first parachain and a second parachain connected to the infra relay chain, wherein the first parachain is configured to generate a first transaction including a vote for a first blockchain account and having a first fee, wherein the second parachain is configured to generate a second transaction including a vote for a second blockchain account and having a second fee, and wherein the infra relay chain is configured to elect the plurality of validators based on the votes for the first and second blockchain accounts and the first and second fees. in addition to this, various embodiments grasped through the specification are possible.
