Inveniam Capital Partners, Inc. (20240275580). SEPARATING HASHING FROM PROOF-OF-WORK IN BLOCKCHAIN ENVIRONMENTS simplified abstract
Contents
SEPARATING HASHING FROM PROOF-OF-WORK IN BLOCKCHAIN ENVIRONMENTS
Organization Name
Inveniam Capital Partners, Inc.
Inventor(s)
SEPARATING HASHING FROM PROOF-OF-WORK IN BLOCKCHAIN ENVIRONMENTS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240275580 titled 'SEPARATING HASHING FROM PROOF-OF-WORK IN BLOCKCHAIN ENVIRONMENTS
The abstract of this patent application discusses how blockchain environments can utilize different encryption, difficulty, and proof-of-work schemes for mining transactions, allowing miners to be agnostic to specific schemes and process data in multiple blockchains. Specialized processing hardware components may be deterred by cache misses and latencies, while hashing and proof-of-work schemes require less code and storage space, executing faster and improving security.
- Simplified Explanation:
This patent application explores the use of various encryption, difficulty, and proof-of-work schemes in blockchain mining, enabling miners to work across multiple blockchains efficiently and securely.
- Key Features and Innovation:
- Mix-and-match different encryption, difficulty, and proof-of-work schemes in blockchain mining - Agnostic miners capable of processing data in multiple blockchains - Deterrence of specialized hardware components through cache management - Improved security and efficiency in hashing and proof-of-work schemes
- Potential Applications:
- Cryptocurrency mining operations - Secure data processing in blockchain networks - Enhancing efficiency and security in blockchain transactions
- Problems Solved:
- Overcoming limitations of specific encryption and proof-of-work schemes - Improving security and efficiency in blockchain mining operations - Allowing miners to work across multiple blockchains seamlessly
- Benefits:
- Enhanced security in blockchain transactions - Increased efficiency in mining operations - Flexibility for miners to work in diverse blockchain environments
- Commercial Applications:
Title: "Enhancing Blockchain Mining Efficiency and Security through Scheme Flexibility" This technology can be utilized by cryptocurrency mining companies, blockchain developers, and financial institutions to improve the security and efficiency of their blockchain operations, potentially leading to cost savings and increased transaction speeds.
- Questions about the Technology:
1. How does this technology impact the scalability of blockchain networks? - The flexibility in encryption and proof-of-work schemes can potentially enhance scalability by allowing miners to process data more efficiently across multiple blockchains. 2. What are the implications of this technology on the energy consumption of blockchain mining? - By improving efficiency and security, this technology may help reduce the energy consumption associated with traditional mining processes.
Original Abstract Submitted
blockchain environments may mix-and-match different encryption, difficulty, and/or proof-of-work schemes when mining blockchain transactions. each encryption, difficulty, and/or proof-of-work scheme may be separate, stand-alone programs, files, or third-party services. blockchain miners may be agnostic to a particular coin's or network's encryption, difficulty, and/or proof-of-work schemes, thus allowing any blockchain miner to process or mine data in multiple blockchains. gpus, asics, and other specialized processing hardware components may be deterred by forcing cache misses, cache latencies, and processor stalls. hashing, difficulty, and/or proof-of-work schemes require less programming code, consume less storage space/usage in bytes, and execute faster. blockchain mining schemes may further randomize byte or memory block access, further improve cryptographic security.
