NChain Licensing AG (20240265372). SYSTEM AND METHOD OF MULTI-ROUND TOKEN DISTRIBUTION USING A BLOCKCHAIN NETWORK simplified abstract
Contents
SYSTEM AND METHOD OF MULTI-ROUND TOKEN DISTRIBUTION USING A BLOCKCHAIN NETWORK
Organization Name
Inventor(s)
Silvia Bartolucci of London (GB)
SYSTEM AND METHOD OF MULTI-ROUND TOKEN DISTRIBUTION USING A BLOCKCHAIN NETWORK - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240265372 titled 'SYSTEM AND METHOD OF MULTI-ROUND TOKEN DISTRIBUTION USING A BLOCKCHAIN NETWORK
The abstract describes a computer-implemented method for participating in a token transfer process on a blockchain, involving indirect anonymous transfers.
- Joining a token transfer process as a participating node in the indirect anonymous transfer protocol.
- Obtaining a list of indirect token transactions involving the first node.
- Generating commitment channels between the first node and other participating nodes for identified transactions.
- Collaborating with other nodes to execute the indirect token transactions using the generated commitment channels.
Potential Applications: - Secure and anonymous token transfers - Facilitating complex token transactions on a blockchain
Problems Solved: - Ensuring privacy and security in token transfers - Enabling efficient collaboration among participating nodes
Benefits: - Enhanced privacy protection for token holders - Streamlined execution of token transactions on a blockchain
Commercial Applications: Title: Secure and Anonymous Token Transfers: Commercial Uses and Market Implications Description: This technology can be utilized by financial institutions, cryptocurrency exchanges, and other entities to facilitate secure and private token transfers, potentially increasing trust and adoption in the blockchain ecosystem.
Questions about Token Transfer Protocol: 1. How does the commitment channel enhance the security of token transfers? - The commitment channel ensures that token transactions are securely executed between participating nodes, reducing the risk of fraud or interception.
2. What are the key advantages of using an indirect anonymous transfer protocol for token transfers? - The protocol provides a high level of privacy protection for token holders, making it ideal for sensitive transactions where anonymity is crucial.
Original Abstract Submitted
a computer-implemented method to participate in a token transfer process for transferring a first quantity of token from a sender node to a recipient node using a blockchain is disclosed. the method comprising: joining a token transfer process as a participating node in the indirect anonymous transfer protocol; obtaining a list of indirect token transactions for which the first node is either an input node or an output node for in the indirect anonymous transfer protocol; generating, in collaboration with other participating nodes of the indirect anonymous transfer protocol, a commitment channel between the first node and each of the other participating nodes for which an indirect token transaction identified in the list obtained by the first node, and collaborating with all the other participating nodes and executing the indirect token transactions in which the first node is involved, using the generated commitment channels.
