System and Method for Authorizing Blockchain Network Transactions
Systems and methods are provided that authorize blockchain network transactions based on a work requirement. A blockchain network has a plurality of nodes. At least one node of the plurality of nodes is configured to determine whether a token has satisfied a work requirement. The work requirement represents participation of performing work within the blockchain network. The at least one node is further configured to approve a transaction as a function of determining that the work requirement has been satisfied and, to disapprove the transaction as a function of determining that the work requirement has not been satisfied. By enabling the transaction to be approved based on a work requirement, the token, for example, can be authenticated as having an inherent functional value. In this way, the blockchain network or token exchange can attest to the token not being a security, which would be subject to federal securities and regulations.
1 . A system for authorizing blockchain network transactions, the system comprising:
a blockchain network with a plurality of nodes; and
at least one node of the plurality of nodes having a processor configured to determine whether a work requirement on the blockchain network has been satisfied, the at least one node further configured to unlock at least one electronic token on the blockchain network in response determining that the work requirement has been satisfied;
wherein the unlocking of the at least one electronic token causes a state change of the at least one electronic token to be recorded on an electronic ledger of the blockchain network through a blockchain protocol validation process, causing a computational attestation of completion of the work requirement to be recorded on the blockchain network.
2 . The system of claim 1 , wherein the at least one node is further configured to employ a smart contract to determine whether the work requirement has been satisfied.
3 - 8 . (canceled)
9 . The system of claim 1 , wherein the at least one node is further configured to employ a smart contract to identify the computational attestation of completion of the work requirement.
10 . The system of claim 9 , wherein the at least one attestation includes an anti-money laundering (AML) type attestation or a know your customer (KYC) security type attestation.
11 . The system of claim 9 , wherein the at least one attestation attests to an amount of time spent, by the user, streaming digital content over the blockchain network.
12 . (canceled)
13 . The system of claim 1 , wherein the at least one electronic token is a utility token, and the work requirement is associated with at least one consumptive use within the blockchain network.
14 . The system of claim 13 , wherein the utility token is a fungible token and wherein the at least one consumptive use includes using the fungible token to purchase a non-fungible tokenized digital asset.
15 . The system of claim 13 , wherein the utility token is a fungible token and wherein the at least one consumptive use includes donating the fungible token.
16 . The system of claim 13 , wherein the utility token is a fungible token and wherein the at least one consumptive use includes using the fungible token to increase, maintain, or enhance a level associated with a non-fungible tokenized digital asset.
17 . The system of claim 13 , wherein the utility token is a fungible token and wherein the at least one consumptive use includes using the fungible token to mint a new non-fungible tokenized digital asset.
18 . The system of claim 1 , wherein the transaction is authorized in an event the at least one node approves the transaction and wherein the transaction is denied in an event the at least one node disapproves the transaction.
19 . The system of claim 1 , wherein the at least one node is one of multiple nodes of the plurality of nodes configured to approve or disapprove the transaction and wherein the transaction is authorized based on approvals from the multiple nodes that conform with a multisignature approval structure.
20 . The system of claim 1 , further comprising a memory configured to store a digital wallet owned by the user and wherein the transaction includes transfer of ownership of the digital wallet from the user to another user.
21 . (canceled)
22 . (canceled)
23 . The system of claim 1 , wherein the participation includes participation in a blockchain-based game.
24 . The system of claim 23 , wherein the blockchain-based game is between at least one influencer and at least one fan of the at least one influencer, the user having a role of fan or influencer in the blockchain-based game.
25 . The system of claim 24 , wherein the blockchain-based game includes a utility token and wherein the participation includes engaging with the at least one influencer in the blockchain-based game to earn a non-fungible token associated with the at least one influencer.
26 . The system of claim 23 , wherein the blockchain-based game includes a utility token and wherein the at least one node is further configured to determine that the user has satisfied the work requirement based on a level of a user account of the user having achieved a participation level, the participation level achieved via use of the utility token by the user in the blockchain-based game.
27 - 56 . (canceled)
57 . A method of authorizing blockchain network transactions comprising:
implementing a blockchain network with a plurality of nodes; and
configuring at least one node of the plurality of nodes configured to determine whether a work requirement on the blockchain network has been satisfied, the at least one node further configured to unlock at least one electronic token on the blockchain network in response determining that the work requirement has been satisfied;
wherein the unlocking of the at least one electronic token causes a state change of the at least one electronic token to be recorded on an electronic ledger of the blockchain network through a blockchain protocol validation process, causing a computational attestation of completion of the work requirement to be recorded on the blockchain network.