LOW BANDWIDTH CRYPTO CURRENCY TRANSACTION EXECUTION AND SYNCHRONIZATION METHOD AND SYSTEM
A method for synchronizing a crypto-currency balance ledger stored on a device with data from the associated public crypto-currency block chain. The method comprises receiving from the public block chain data related to incoming transactions as limited to unspent transaction outputs (UTXOs), receiving from the public block chain data related to outgoing transactions that are conducted within a predetermined time frame as determined by a user, and determining whether the data received matches a current balance ledger as stored on the device; and if a match is not indicated updating the current balance ledger to generate an updated balance ledger.
1 . A method for synchronizing a crypto-currency balance ledger stored on a device with data from the associated public crypto-currency block chain, the method comprising:
a. receiving from the public block chain data related to incoming transactions as limited to unspent transaction outputs (UTXOs);
b. receiving from the public block chain data related to outgoing transactions that are conducted within a predetermined time frame as determined by a user; and
c. determining whether the data received matches a current balance ledger as stored on the device; and if a match is not indicated updating the current balance ledger to generate an updated balance ledger.
2 . The method of claim 1 wherein the data comprises less than complete transaction information for a transaction having less than a predetermined number of confirmations.
3 . The method of claim 1 wherein the data comprises less than complete transaction information for a transaction having more than a predetermined number of confirmations.
4 . The method of claim 1 a user determining the predetermined number of confirmations.
5 . The method of claim 1 further comprising implementing a hashing value in the data for use to detect data corruption and tampering.
6 . The method of claim 1 wherein the device comprises a mobile device, a wearable device, or a crypto-currency wallet or a smart wallet.
7 . The method of claim 1 wherein the device comprises communication components capable of communicating via near field, Wi-Fi, Bluetooth, LoRa, private area network, optical, acoustic, pere2peer, point2point communications techniques, the communications components for use in receiving data related to the incoming and outgoing transactions.
8 . The method of claim 1 wherein the step of determining comprises comparing a Merkel Root Hash of the current balance ledger with a Merkel Root Hash of the data received in a status packet.
9 . A system for providing formatted data to a mobile or wearable device via one or more communication paths:
a first component for receiving from the public block chain data related to incoming transactions as limited to unspent transaction outputs (UXTOs); and
a second component for receiving from the public block chain data related to outgoing transactions that are conducted within a user defined time frame;
a third component for determining whether the data received matches a current balance ledger as stored on the device; and
if a match is not indicated a fourth component for updating the current balance ledger to generate an updated balance ledger.
10 . The system of claim 9 wherein the first component utilizes either data polling or push notifications.
11 . The system of claim 9 the data in a format using hashes to determine data integrity.
12 . The system of claim 9 wherein the communication path is dynamically selected.
13 . The system of claim 9 wherein the communications paths comprise Wi-Fi™, Bluetooth™, LoRa, optical transmission, NFC, or direct physical connection.
14 . The system of claim 9 wherein the communication path comprises a communication path that is selected from a user-defined prioritization of all available communications paths.
15 . The system of claim 14 wherein the communication path comprises a plurality of communication paths.
16 . The system of claim 9 wherein a format of the data comprises a flat-file format or a database format.
17 . The system of claim 9 wherein the data incorporates a Merkel Tree Hash or a user-configurable cryptographic function.
18 . The system of claim 9 wherein the data is encrypted or presented in plain-text.
19 . A method for announcing new transactions to the crypto-currency network for inclusion in the block chain, the method comprising: implementing a predetermined transaction fee, payment of which ensures inclusion of the transaction in the block chain in a timely manner; paying the transaction fee; and including the transaction in the block chain.
20 . The method of claim 19 wherein a communication path to reach the Internet comprises one or more of Wi-Fi™, Bluetooth™, LoRa, optical transmissions, NFC, pere2peer, point2point, or direct physical connection.