Virtual currency transaction validation method based on block chain multi-factor cross-validation

Abstract

The invention provides a virtual currency transaction validation method based on block chain multi-factor cross-validation to solve the double-spending problem that virtual currency based on block chains are liable to 51% attacks and thus generates transactions. The method queries and backups a history block chain branch periodically, organizes confirmed transaction information into a hash chain list array which is easy for querying, and avoids branch transaction information losses induced by block chain evolution. During a virtual currency transaction, the method not only checks payer information, recipient information, a fund source, a currency transaction amount and the like recorded in a current main block chain, but also queries a backup branch block chain to check whether the current transaction and a history transaction on the branch block chain have the same fund source. If any transaction does not pass the check, a miner gives an alarm over the whole network about the transaction, so that the method can avoid the double-spending problem induced by illegal transactions.

Description

technical field [0001] The invention relates to a virtual currency transaction security verification method, which belongs to the field of information security. Background technique [0002] Since Bitcoin became the world's first widely used cryptocurrency in 2009, various types of virtual currencies have appeared in the network environment, such as Litecoin, Infinitecoin, Pennies, Ripple, etc. Due to its advantages of decentralization, strong privacy protection, and convenient transactions, virtual currency has quickly attracted worldwide attention and popularity. In 2014, California, the United States legislated to stipulate digital currency including Bitcoin as the legal currency of the state. In the same year, The IRS announced the legalization of encrypted digital assets. In February 2015, the European Central Bank released a research report on "Virtual Currency System", affirming the legal use of virtual currency. In 2014, the People's Bank of China (PBOC) specially ...

AI Technical Summary

Problems solved by technology

[0019] In order to achieve double spending, such as figure 1 As shown, payer A needs to master the computing power exceeding 51% of the entire network (hence the name 51% attack). ->B's transaction record will be considered as an invalid record and will not be confirmed because it has the same source of funds as the record A->C in the new main chain, so that the receiver B will suffer losses

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