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Transactional system with peer-to-peer distributed architecture for exchanging units of account

a distributed architecture and transaction system technology, applied in the field of protocols, can solve the problems of inability to change the condition and not always possibl

Inactive Publication Date: 2018-05-03
MAIM ENRICO
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

This solution allows for flexible and dynamic conditional transactions, enabling payments to be constrained by a common contract, ensuring compliance with evolving user groups and contexts, thus overcoming the limitations of the traditional Bitcoin protocol.

Problems solved by technology

However, once the first transaction is inserted into the blockchain, the funds are thus locked and said condition cannot be changed.
This will require to first obtain the signature of X or Y, which is not always possible.

Method used

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  • Transactional system with peer-to-peer distributed architecture for exchanging units of account
  • Transactional system with peer-to-peer distributed architecture for exchanging units of account
  • Transactional system with peer-to-peer distributed architecture for exchanging units of account

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Experimental program
Comparison scheme
Effect test

first embodiment

[0068]First we introduce the concepts of “contract” and “context”, the application of a contract on a context resulting in “constraints”.

[0069]As mentioned in the preamble, it has recently been introduced in Bitcoin an option to specify the condition of an output by placing in it the hash of this condition (called «Pay to Script Hash» or #P2SH), which must be provided in clear in the input of the transaction that uses this output (and this condition must be satisfied for that transaction to be valid). To date, the conditions that can be expressed in Bitcoin are merely conditions of multi-signatures to be provided in said input. We will use this method in the following examples.

[0070]The left side of FIG. 3 presents an example thereof:

[0071]A transaction “Tx1” provides 1000 units of account to a recipient node identified by a hash code referred to as “C1”, these 1000 units can only be consumed by an input with a script whose hash code (obtained by applying a predetermined hash functi...

second embodiment

[0132]A second embodiment of the method of the invention will now be described, which also consists in validating each transaction based on the consistency model shown in FIG. 2, but additionally based (in the context) on the specification of transaction types and input parameters they admit, thus constraining the outputs of the downstream transaction in a particular manner.

[0133]FIG. 8 diagrammatically depicts a networked risk-pooling example using this embodiment.

[0134]In this embodiment, the blockchain is structured in different “pots”, each associated with an individual user terminal and to the damage risk that this user can be exposed to. Each transaction can have inputs connected to several upstream transactions from different pots and several transactions can be generated on a same pot e.g. to allow multiple payments.

[0135]In the example shown in FIG. 8, users:[0136]each have a pot that they feed through «Refill» transactions;[0137]specify «Potential Contribution» transaction...

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PUM

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Abstract

A transaction system based on a distributed peer-to-peer computer architecture, said system involving transactions generated by users by means of wallets and allowing the transfer of units of account by feeding inputs from outputs, each transaction (called downstream transaction) having an input directly or indirectly referring to an output of an upstream transaction (or several inputs each referring to an output of a respective upstream transaction) and having an output specifying the number of units of account and an address of a recipient.The system comprises means for connecting an input of a downstream transaction to an output of an upstream transaction as a function of matching rules between a code computed on all or part of the content of the downstream transaction and a check code contained in the upstream transaction, or conversely,The system further comprises means for propagating a contract, predetermined at an upstream transaction, to a downstream transaction having an input connected to the output of said upstream transaction, said contract being executable on a context for establishing allocation constraints of the output(s) of the downstream transaction, such allocation being authorized only if the constraints are met.

Description

FIELD OF THE INVENTION[0001]This invention relates to the field of protocols, such as Bitcoin, for peer-to-peer transactions of units of account, in a decentralized manner on a network such as the Internet, without the intervention of a trusted third party, using electronic signature by means of a software and / or hardware “wallet”.BACKGROUND OF THE INVENTION[0002]The expressive power of Bitcoin is considerable. Indeed, as particularly described and illustrated Mike Hearn in 2013 [https: / / en.bitcoin.it / wiki / Contracts], one can issue a first transaction which, while offering the advantage of depositing / locking the funds that are inputted therein (from the fact of being inserted into the blockchain), represents a conditional payment for a second transaction, where said condition can consist in requiring signatures to be provided within said second transaction and can even contain “ORs”. One can thus express transactions of the type “payment of 1 bitcoin, valid from . . . , on signature...

Claims

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Application Information

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Patent Type & Authority Applications(United States)
IPC IPC(8): G06Q20/22H04L9/32G06Q20/36H04L9/30G06Q20/38H04L9/14
CPCG06Q20/223H04L9/3247G06Q20/3674H04L9/30G06Q20/3829H04L9/14H04L9/3242H04L2209/68H04L9/3236H04L2209/56
Inventor MAIM, ENRICO
Owner MAIM ENRICO