Methods of entrusting digital assets

Abstract

A method for entrusting digital assets involves executing the following steps via a smart contract deployed on a blockchain network: (a) sending a request for restoration to blockchain nodes corresponding to a third-party group; (b) receiving t private key fragments from the corresponding third-party group's blockchain nodes, each fragment related to the private key, wherein the t private key fragments are configured as part or all of n private key fragments, and 1 < t ≦ n; (c) generating a restoration private key based on the t private key fragments; and (d) initiating a transfer transaction using the restoration private key to transfer the digital asset to a preset blockchain node. This mechanism, which allows the restoration of the private key through the fragments, enables the successful transfer of the digital asset should the private key be lost.

Claims

1. A method for entrusting and executing a digital asset, for transferring a digital asset corresponding to a private key, and implemented via a blockchain network comprising a plurality of blockchain nodes interconnected via a communication network, the method for entrusting and executing the digital asset through a smart contract deployed on the blockchain network executing the following steps: (a) upon fulfillment of a triggering condition, sending a request for restoration information to the blockchain nodes corresponding to a third-party group; (b) receiving t private key fragments from the blockchain nodes corresponding to the third-party group and relating to the private key, wherein the t private key fragments are part or all of n private key fragments, and 1 < t ≦ n; (c) A restored private key is generated from t such private key fragments, the restored private key being configured to be computed by an algorithm, the algorithm being configured to compute a polynomial of power (t-1) using t ordered pairs, the such private key fragments being configured as the such ordered pairs of the polynomial, and the restored private key being configured as the constant term of the polynomial; and (d) a transfer transaction is initiated using the restored private key to transfer the digital asset to the preset blockchain node.

2. The method for enacting a bequest of digital assets as described in claim 1, wherein, The trigger condition is configured to be met on a predetermined date, or after a preset number of days since the smart contract was deployed.

3. The method for enacting a bequest of digital assets as described in claim 1, wherein, The trigger condition is configured to receive a trigger message from the blockchain nodes corresponding to the third-party group.

4. The method for enacting a bequest of digital assets as described in claim 1, wherein, In step (b), each of the blockchain nodes corresponding to the third-party group is used to share its own private key fragment.

5. The bequest execution method for digital assets as described in claim 1 further includes the following steps prior to step (a): (e) receiving the private key; (f) disassembling the private key using an algorithm to obtain n private key fragments, wherein t of the n private key fragments are used to generate the restored private key; and (g) transmitting the n private key fragments to the third-party group.

6. The method for enacting a bequest of digital assets as described in claim 5, wherein, Each of the private key fragments in step (f) is signed using the private key.

7. The method for enacting a bequest of digital assets as described in claim 1, wherein, The private key fragments in step (b) are configured to be pre-decomposed from the private key using an algorithm before the smart contract is executed.

8. The method for enacting a bequest of digital assets as described in claim 1, wherein, t < n.

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