Method and System for Securing a Blockchain with Proof-of-Transactions
Novel tools and techniques are provided for implementing blockchain transactions, and, more particularly, to methods, systems, and apparatuses for securing a blockchain with proof-of-transactions. In various embodiments, the blockchain system utilizes a proof-of-transactions approach that is based on a multi-player voting system and that is not susceptible to a free-rider problem that affects many other cryptocurrencies. The proof-of-transactions approach allows the cryptocurrency network to divide revenue between the nodes in the peer-to-peer network that provides bandwidth and connectivity and a set of other nodes that solve computational puzzles that safeguard the security of the blockchain system.
1 . A method, comprising:
quantifying, by one or more first nodes among a plurality of nodes in a blockchain network and in accordance with a set of consensus rules of a blockchain, a level of difficulty associated with producing a valid candidate block by reducing it to a burn fee, wherein the burn fee is a cost denominated in a value of a token managed by the blockchain network;
quantifying, by the one or more first nodes and in accordance with the set of consensus rules of the blockchain, the value of one or more transactions being included in a candidate block by reducing it to a burn value, wherein the burn value is a figure denominated in a value of a token managed by the blockchain network;
determining, with the one or more first nodes and in accordance with the set of consensus rules of the blockchain, whether a sum of individual burn values of the one or more transactions that are included in the candidate block is equal to or greater than the burn fee of the candidate block; and
based on a determination that the sum of individual burn values of the one or more transactions that are included in the candidate block is equal to or greater than the burn fee of the candidate block, determining, with the one or more first nodes, that the candidate block is valid according to the set of consensus rules of the blockchain.
2 . The method of claim 1 , wherein the burn fee is algorithmically set by at least one computing system in the blockchain network.
3 . The method of claim 1 , wherein a burn fee needed for production of a block decreases over time in proportion to time elapsed since generation of a preceding block in the blockchain.
4 . The method of claim 1 , wherein a burn value of a transaction comprises a transaction fee paid by an originator of the transaction for inclusion of its transaction in the blockchain.
5 . The method of claim 1 , wherein a burn value of a transaction is adjusted depending on whether the transaction contains a valid chain of embedded cryptographic signatures establishing a route that the transaction has taken in its course of propagating across the blockchain network.
6 . The method of claim 1 , wherein a burn value of a transaction is adjusted downward depending on the number of hops that the transaction has made across the blockchain network, as measured by an embedded chain of cryptographic signatures contained within the transaction that document its course of transmission across the blockchain network.
7 . The method of claim 6 , wherein the burn value of the transaction is halved with each additional hop beyond a first hop that the transaction has made through the blockchain network from its point of origin to its point of inclusion in a block.
8 . The method of claim 1 , further comprising:
determining, with at least a majority of the plurality of nodes in the blockchain network, whether aggregate burn values of the transactions included in a block are sufficient to pay for the burn fee required for production of a block; and
based on a determination that the aggregate burn values of the transactions included in the block are sufficient to pay for the burn fee required for the production of the block, determining, with the at least a majority of the plurality of nodes in the blockchain network, that the block is valid and including, with the at least a majority of the plurality of nodes in the blockchain network, the block in a blockchain.
9 . The method of claim 1 , wherein at least a portion of a difference in value between a burn value of a transaction included in a block and a burn fee needed to produce a block, as measured in the value of the token managed by the blockchain network, is granted to a node among the plurality of nodes that produces the block as a form of payment for producing the block.
10 . The method of claim 1 , wherein at least a portion of the burn value of the one or more transactions included in the candidate block is removed from circulation and not transferred to a node that produced the candidate block.
11 . A node among a plurality of nodes in a blockchain network, the node comprising:
at least one processor; and
a non-transitory computer readable medium communicatively coupled to the at least one processor, the non-transitory computer readable medium having stored thereon computer software comprising a set of instructions that, when executed by the at least one processor, causes the node to:
quantify, in accordance with a set of consensus rules of a blockchain, a level of difficulty associated with producing a valid candidate block by reducing it to a burn fee, wherein the burn fee is a cost denominated in a value of a token managed by the blockchain network;
quantify, in accordance with the set of consensus rules of the blockchain, the value of one or more transactions being included in a candidate block by reducing it to a burn value, wherein the burn value is a figure denominated in a value of a token managed by the blockchain network;
determine, in accordance with the set of consensus rules of the blockchain, whether a sum of individual burn values of the one or more transactions that are included in the candidate block is equal to or greater than the burn fee of the candidate block; and
based on a determination that the sum of individual burn values of the one or more transactions that are included in the candidate block is equal to or greater than the burn fee of the candidate block, determine that the candidate block is valid according to the set of consensus rules of the blockchain.
12 . The node of claim 11 , wherein the burn fee is algorithmically set by at least one computing system in the blockchain network.
13 . The node of claim 11 , wherein a burn fee needed for production of a block decreases over time in proportion to time elapsed since generation of a preceding block in the blockchain.
14 . The node of claim 11 , wherein a burn value of a transaction comprises a transaction fee paid by an originator of the transaction for inclusion of its transaction in the blockchain.
15 . The node of claim 11 , wherein a burn value of a transaction is adjusted depending on whether the transaction contains a valid chain of embedded cryptographic signatures establishing a route that the transaction has taken in its course of propagating across the blockchain network.
16 . The node of claim 11 , wherein a burn value of a transaction is adjusted downward depending on the number of hops that the transaction has made across the blockchain network, as measured by an embedded chain of cryptographic signatures contained within the transaction that document its course of transmission across the blockchain network.
17 . The node of claim 11 , wherein the burn value of the transaction is halved with each additional hop beyond a first hop that the transaction has made through the blockchain network from its point of origin to its point of inclusion in a block.
18 . A method, comprising:
calculating, by one or more first nodes among a plurality of nodes within a blockchain network, a value of all unspent tokens contained in all unpruned blocks preceding; and
adjusting a monetary policy of the blockchain network so that the blockchain network will reintroduce the unspent tokens as tokens allocated in future blocks; and
pruning, by the one or more first nodes among the plurality of nodes within the blockchain network, transaction slips in blocks in a blockchain preceding an arbitrary block identified according to consensus rules of the blockchain.
19 . The method of claim 18 , wherein the unspent tokens are reintroduced back into the blockchain network in a later block through use of golden tickets.
20 . A node among a plurality of nodes in a blockchain network, the node comprising:
at least one processor; and
a non-transitory computer readable medium communicatively coupled to the at least one processor, the non-transitory computer readable medium having stored thereon computer software comprising a set of instructions that, when executed by the at least one processor, causes the node to:
calculate a value of all unspent tokens contained in all unpruned blocks preceding;
adjust a monetary policy of the blockchain network so that the blockchain network will reintroduce the unspent tokens as tokens allocated in future blocks; and
prune transaction slips in blocks in a blockchain preceding an arbitrary block identified according to consensus rules of the blockchain.
21 . The node of claim 20 , wherein the unspent tokens are reintroduced back into the blockchain network in a later block through use of golden tickets.