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Using virtual blockchain protocols to implement a fair electronic exchange

A blockchain and public key technology, applied in electrical components, user identity/authority verification, digital transmission systems, etc., can solve problems such as waste of computing resources, high operating costs, and small throughput, so as to avoid transaction costs and reduce The effect of reducing the amount of calculation and transaction cost

Pending Publication Date: 2021-10-01
ALGORAND INC
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

Some legacy systems are expensive to run, waste computing and other valuable resources, concentrate power in the hands of new entities (miners), suffer from great ambiguity (forks), and have long latency and low throughput

Method used

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  • Using virtual blockchain protocols to implement a fair electronic exchange
  • Using virtual blockchain protocols to implement a fair electronic exchange
  • Using virtual blockchain protocols to implement a fair electronic exchange

Examples

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Embodiment Construction

[0014] Trusted third parties are sometimes used to secure transactions, for example, transmitting authenticated emails, signing and delivering electronically signed contracts, or cryptographic asset transactions. However, transactions involving trusted third parties may be inefficient or expensive, as such trusted third parties may slow down transactions and demand payment for their services. In some cases, blockchain can be used to replace trusted third parties at reduced cost. However, blockchain also incurs costs in terms of processing time and monetary constraints. Embodiments disclosed herein provide a virtual blockchain protocol to implement Fair Electronic Exchange (FEE). FEE represents a set of transactions that includes authenticated email, electronic contract signing, and other implementations.

[0015] A virtual blockchain protocol is a protocol that can be used to securely complete two-party transactions in the presence of a blockchain such that blocks are not us...

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Abstract

Methods for a virtual blockchain protocol include generating a public key and a private key for transmitting a message from a sender to a recipient. The sender encrypts the message using the public key and a cryptographic key of the recipient to generate a first data payload. The sender signs a hash function of the first data payload using a cryptographic key of the sender to generate a second data payload. The sender transmits the first data payload and the second data payload to the recipient. The sender receives a signed version of the second data payload signed using the cryptographic key of the recipient. The sender determines that the signed version of the second data payload has been posted to a blockchain. The sender posts the private key to the blockchain.

Description

[0001] Cross References to Related Applications [0002] This application claims the benefit of U.S. Provisional Application 62 / 777,410, filed December 10, 2018, and U.S. Provisional Application 62 / 778,482, filed December 12, 2018. technical field [0003] This specification generally relates to implementing Fair Electronic Exchange (FEE) using a virtual blockchain protocol. Background technique [0004] A public ledger is a tamper-proof sequence of data that can be read and augmented. A shared public ledger could revolutionize the way modern society works. Traditional transactions—such as payments, asset transfers, and titles—can be protected in the order in which they occur. New transactions can be enabled, such as cryptocurrencies and smart contracts. Corruption can be reduced, middlemen eliminated, and new paradigms of trust can be introduced. [0005] However, traditional public ledgers have not lived up to their potential. Traditional public ledgers can place all ...

Claims

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Application Information

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IPC IPC(8): H04L9/32H04L9/08
CPCH04L9/3247H04L9/3239H04L9/0847H04L9/50H04L9/0637H04L9/0643H04L9/0825
Inventor 西尔维奥·米卡利
Owner ALGORAND INC
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