NChain Licensing AG (20240289755). METHOD AND SYSTEM OF MINING BLOCKCHAIN TRANSACTIONS PROVIDED BY A VALIDATOR NODE simplified abstract
Contents
METHOD AND SYSTEM OF MINING BLOCKCHAIN TRANSACTIONS PROVIDED BY A VALIDATOR NODE
Organization Name
Inventor(s)
Giuseppe Destefanis of London (GB)
Patrick Motylinski of London (GB)
Stephane Vincent of Luxembourg (LU)
METHOD AND SYSTEM OF MINING BLOCKCHAIN TRANSACTIONS PROVIDED BY A VALIDATOR NODE - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240289755 titled 'METHOD AND SYSTEM OF MINING BLOCKCHAIN TRANSACTIONS PROVIDED BY A VALIDATOR NODE
The abstract describes a method of operating a validator node in a blockchain system, where the validator node provides unconfirmed transactions to mining nodes in exchange for tokens. If a mining node successfully mines a block with the provided transactions, the validator node refunds the token to that node. If another miner mines a block before the mining nodes, the validator node transfers a modified token to each mining node.
- Validator node operates in a blockchain system
- Provides unconfirmed transactions to mining nodes in exchange for tokens
- Refunds tokens to mining nodes that successfully mine a block with provided transactions
- Transfers modified tokens to mining nodes if another miner mines a block first
Potential Applications: - Secure and efficient processing of blockchain transactions - Incentivizing mining nodes to include specific transactions in blocks
Problems Solved: - Ensures timely processing of transactions in the blockchain - Provides incentives for mining nodes to include specific transactions
Benefits: - Increased efficiency in processing blockchain transactions - Improved security through incentivized mining nodes
Commercial Applications: Title: Blockchain Transaction Processing and Incentivization Description: This technology can be used in various industries such as finance, supply chain management, and healthcare to securely process transactions and incentivize mining nodes for including specific transactions in blocks.
Questions about Blockchain Transaction Processing and Incentivization: 1. How does the validator node ensure the security of the blockchain transactions? - The validator node uses cryptographic techniques to secure the transactions and incentivizes mining nodes to include them in blocks. 2. What are the potential drawbacks of this method of operating a validator node in a blockchain system? - One potential drawback could be the reliance on mining nodes to include specific transactions, which may lead to delays in processing if not incentivized properly.
Original Abstract Submitted
validator nodes and methods of operating a validator node to process blockchain transactions. the validator node provides a plurality of mining nodes with access to a set of unconfirmed transactions, typically by providing a hash of those transactions, in exchange for a token from each of the mining nodes. if one of the plurality of mining nodes successfully mines a block containing the set of unconfirmed transactions, the validator node refunds the token to that mining node and retains the remaining tokens. if a miner other than one of the plurality of mining nodes successfully mines a block before any of the plurality of mining nodes is able to mine a block containing the set of unconfirmed transactions, then the validator node transfers to each of the plurality of mining nodes a modified token.
