Blockchain Miner Commitment Reward System
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Solution Overview
Problem
Current consensus algorithms in blockchain networks are expensive and inefficient, as they often require significant electricity consumption and favor miners who invest more in equipment, lacking an effective incentive for miners to commit to the network.
Innovation Solution
A method and system that award blocks to miners based on their willingness to defer spending mining fees for a specified period, encouraging long-term commitment by selecting winning bids that agree to delay reward redemption, thereby promoting network stability and reducing resource consumption.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If miners invest more in equipment and electricity to increase their chances of mining blocks, then their probability of winning the next block increases, but the overall resource consumption and cost of the blockchain network increases
Solution Approach 1:
The patent changes the selection parameter from equipment investment amount to deferment period length. Miners submit bids specifying how long they will defer spending their mining rewards, and the system selects winners based on this parameter rather than their equipment investment, thereby reducing the emphasis on energy-consuming hardware while maintaining miner commitment through the deferment mechanism
Solution Approach 2:
The patent introduces a deferment period as an intermediary mechanism between miners and their rewards. Instead of directly spending mining fees, miners commit to holding them for a specified period, which serves as a mediator that incentivizes long-term commitment without requiring continuous investment in energy-consuming equipment
2Productivity
If miners immediately spend their mining fees, then they can reinvest in equipment and maintain competitive mining capability, but they lack long-term commitment to the network
Solution Approach 1:
The patent requires miners to take preliminary action by committing to a deferment period before they can spend their mining rewards. This advance commitment mechanism ensures that miners demonstrate long-term intent before receiving their full rewards, thereby promoting network stability while still allowing them to collect and eventually spend their earnings
3Reliability
If the blockchain uses traditional consensus algorithms like proof of work, then the blockchain grows through consensus, but the system becomes expensive and inefficient
Solution Approach 1:
The patent replaces the mechanical proof-of-work system with a bidding-based selection mechanism. Instead of requiring miners to perform energy-intensive computational work, the system uses a economic incentive mechanism where miners submit bids on deferment periods, and winners are selected through this alternative validation approach, thereby maintaining consensus while reducing system cost and complexity
Data Source
AI summary
A method and system for awarding blocks in a blockchain for mining based on commitment to a blockchain network. The method includes receiving, by a receiver of a processing server, a plurality of mining bids, where each mining bid is submitted by a blockchain node in a blockchain network and includes at least a declaration, the declaration being a period of time in which the blockchain node agrees to defer spending an earned mining fee; selecting, by a processor of the processing server, a winning bid of the plurality of mining bids based on at least the declaration included in each of the plurality of mining bids; and transmitting, by a transmitter of the processing server, a notification message to a winning blockchain node that submitted the winning bid.