UNCHARTED INDUSTRIES LIMITED (20240305487). IMPROVED BLOCKCHAIN RELYING ON ADVANCED CONSENSUS simplified abstract
Contents
IMPROVED BLOCKCHAIN RELYING ON ADVANCED CONSENSUS
Organization Name
Inventor(s)
John Fletcher of West Midlands (GB)
IMPROVED BLOCKCHAIN RELYING ON ADVANCED CONSENSUS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240305487 titled 'IMPROVED BLOCKCHAIN RELYING ON ADVANCED CONSENSUS
The abstract describes a method for a first node of a blockchain to output a transmission to a second node by identifying a deposit associated with a further node of the blockchain and determining the influence of the further node on the consensus mechanism and/or a reward for the further node based on the deposit.
- The method involves identifying a deposit of an asset that is not directly related to the blockchain.
- It determines the impact of the further node on the consensus mechanism of the blockchain.
- It also calculates a reward for the further node based on the deposit.
- The method outputs a transmission to the second node of the blockchain depending on the influence and/or the reward.
Potential Applications: This technology could be used in blockchain networks to incentivize nodes based on their deposits and influence on the consensus mechanism.
Problems Solved: This method helps in determining the contribution of nodes to the blockchain network and incentivizing them accordingly.
Benefits: Enhances the efficiency and security of blockchain networks by rewarding nodes based on their contributions.
Commercial Applications: This technology could be valuable for blockchain platforms, cryptocurrency networks, and decentralized applications looking to optimize node behavior and incentivize participation.
Questions about the technology: 1. How does this method improve the overall performance of blockchain networks? 2. What are the potential implications of incentivizing nodes based on their influence on the consensus mechanism?
Original Abstract Submitted
there is described a computer-implemented method of outputting a transmission to a second node of a blockchain, the method being performed by a first node of the blockchain, the method comprising: identifying a deposit associated with a further node of the blockchain, the deposit comprising a deposit of an asset that is substantially uncorrelated with the blockchain; and determining, based on the deposit: the influence of the further node on a consensus mechanism of the blockchain; and/or a reward for the further node; and outputting a transmission to the second node of the blockchain in dependence on the influence and/or the reward.
