AU2021290326A1 - Private distributed ledger ecosystem - Google Patents
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/04—Payment circuits
- G06Q20/06—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
- G06Q20/401—Transaction verification
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- H—ELECTRICITY
- H04—ELECTRIC COMMUNICATION TECHNIQUE
- H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
- H04L9/00—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols
- H04L9/32—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols including means for verifying the identity or authority of a user of the system or for message authentication, e.g. authorization, entity authentication, data integrity or data verification, non-repudiation, key authentication or verification of credentials
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- H—ELECTRICITY
- H04—ELECTRIC COMMUNICATION TECHNIQUE
- H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
- H04L9/00—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols
- H04L9/50—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols using hash chains, e.g. blockchains or hash trees
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- H—ELECTRICITY
- H04—ELECTRIC COMMUNICATION TECHNIQUE
- H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
- H04L2209/00—Additional information or applications relating to cryptographic mechanisms or cryptographic arrangements for secret or secure communication H04L9/00
- H04L2209/56—Financial cryptography, e.g. electronic payment or e-cash
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Abstract
A distributed ledger ecosystem comprises a first cryptographic token unique to the distributed
ledger ecosystem and transactable within the distributed ledger ecosystem, a second cryptographic
token unique to a public distributed ledger network and transactable across the public distributed
5 ledger network, and a plurality of nodes configured to conduct private distributed ledger transactions
amongst each other using the first cryptographic token. The distributed ledger ecosystem is built on
a private permissioned blockchain network. One or more of the plurality of nodes in the private
permissioned distributed ledger network is connected to the public distributed ledger network and
operable to conduct distributed ledger transactions on the public distributed ledger network. Private
10 distributed ledger transactions using the first cryptographic token incur fees that are accrued by an
administrator of the private distributed ledger ecosystem. The distributed ledger ecosystem includes
a holding account for storing the first cryptographic tokens that are collected as fees. The distributed
ledger ecosystem distributes the first cryptographic tokens to users of the distributed ledger
ecosystem dependent on the amount of second cryptographic tokens staked by each user in a
15 predetermined address associated with the ecosystem.
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Description
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. . . . .. ... . a300D0
300E
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- 300D B~c
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Private Distributed Ledger Ecosystem
FIELD OF INVENTION The present invention relates to private distributed ledger ecosystems. The present invention has particular but not exclusive application in financial transaction systems and digital marketplaces.
BACKGROUND OF THE INVENTION Blockchain networks such as Bitcoin and Ethereum permit entities to transact with each other using virtual currencies (e.g. Bitcoin and Eth), also known as 'cryptocurrencies'. Transactions between entities are verified via a consensus algorithm, such as Proof-of-Work (PoW), Proof-of-Stake (PoS), and others. As the popularity of major PoW blockchain networks such as Bitcoin and Ethereum grow, the time-cost and/or financial-cost for obtaining consensus is increasing due to the increasing volume of transactions on the network and thereby the demand for consensus calculations. The energy-cost (kWh) of performing PoW consensus is also increasingly being viewed as a problem as the cost of Carbon Dioxide Equivalent emissions (CO2e) is increasingly being factored into financial analyses. Moreover, the volatility in the value of virtual currencies relative to fiat currencies (e.g. BTC/USD, ETH/USD) presents a challenge for sellers in the pricing of their products and services in virtual currencies, and similarly for buyers in making a decision on the value-for-money of a product or service priced in a virtual currency. Still further, the steps currently required to transact in virtual currencies are burdensome, particularly when compared with the steps required for transacting in fiat currencies. Fiat currencies are ubiquitously accepted, and a transaction in a fiat currency may be as simple as swiping a credit card at a point-of-sale terminal. In contrast, a transaction in a virtual currency involves first determining if a vendor accepts a virtual currency, purchasing enough virtual currency using fiat currency from an Exchange (e.g. SywftxTM and BinanceTM), transferring the purchased virtual currency to a personal digital wallet, and then effecting the transaction from the personal digital wallet to the vendor's wallet. The above-described issues and inconveniences of transacting in virtual currencies present a barrier to such transactions becoming more mainstream and ubiquitous. Another barrier to the ubiquitous adoption of transacting in virtual currencies is the lack of an ecosystem that facilitates such transactions. For example, there is no 'marketplace' that vendors and buyers can access, which marketplace offers products and services that can all be purchased using a virtual currency, and wherein transaction involving these products/services are effected using the blockchain underlying the virtual currency, and which further provides the same or similar ease of transaction as transacting with fiat currencies.
It is one object of the present invention to provide a distributed ledger ecosystem that
facilitates convenient and quick financial transactions between members of the ecosystem, and which
transactions are less prone to the time-cost, financial-cost, and/or energy-cost of traditional
blockchain networks, in particular PoW blockchain networks.
According to one aspect of the invention, a distributed ledger ecosystem comprises a first
cryptographic token unique to the distributed ledger ecosystem and transactable within the
distributed ledger ecosystem, a second cryptographic token unique to a public distributed ledger
network and transactable across the public distributed ledger network, and a plurality of nodes
configured to conduct private distributed ledger transactions amongst each other using the first
cryptographic token. The distributed ledger ecosystem is a private permissioned distributed ledger
network. The first cryptographic token is created on the private permissioned distributed ledger
network. Private distributed ledger transactions using the first cryptographic token incur fees that are
accrued as first cryptographic tokens in a predetermined address of the private distributed ledger
network. The distributed ledger ecosystem distributes the first cryptographic tokens in the
predetermined address of the private distributed ledger network to eligible recipients dependent on
the amount of second cryptographic tokens staked by each eligible recipient in a predetermined
address of the public distributed ledger ecosystem.
Preferably, at least one node in the private permissioned distributed ledger network is
connected to the public distributed ledger network and operable to conduct distributed ledger
transactions on the public distributed ledger network.
Preferably, the public distributed ledger network is a blockchain network.
Preferably, the private distributed ledger network is a blockchain network.
In one form, the private permissioned distributed ledger network utilises a consensus
mechanism that is different to, or a different instance of, that used by the public distributed ledger
network.
In one form, the private permissioned distributed ledger network utilises a proof-of authority
consensus mechanism to obtain consensus for transactions conducted thereon.
Preferably, the first cryptographic token is pegged to a value of a fiat currency, a basket of fiat
currencies, a commodity, or a precious metal.
Preferably, a value of the second cryptographic token is allowed to float and is not pegged to
a fiat currency, basket of fiat currencies, a commodity, or a precious metal.
In one form, the second cryptographic token is created on the public distributed ledger
network.
In order that the present invention can be more readily understood, reference will now be
made to the accompanying drawings which illustrate preferred embodiments of the invention and
wherein:
Figure 1 illustrates an abstract representation of a public distributed ledger network;
Figure 2 illustrates an abstract representation of a distributed ledger ecosystem according to
an embodiment of the present invention; and
Figure 3 illustrates a commercial implementation of the distributed ledger ecosystem as a
digital marketplace.
Fig. 1 is an abstract representation of a public distributed ledger network 1000. The public
distributed ledger network 1000 is, in one embodiment, a public blockchain network. The network
1000 comprises a large plurality of nodes 100 which are each connected to a plurality of other nodes
100, thereby forming the network 1000. Note that whilst only three nodes have been identified with
reference number 100 in Fig. 1, it is to be understood that each vertex of each hexagon depicted in
Fig. 1 is to be considered a node 100.
Each node 100 represents a participant of the network 1000. A participant may be, for
example, the computing device of a legal person (e.g., a human, a corporation, or other legal entity)
who is the sending or receiving party of a blockchain transaction. A participant may also be a
computing device that contributes to the work required to reach consensus for transactions being
conducted on the network 1000. A participant may also be a computing device that assists with the
governance and administration of the blockchain network. While different blockchain networks may
comprise different types of nodes, the general concept of nodes in blockchain networks is well
understood by persons skilled in the art and that same general concept applies to nodes 100.
The term 'computing device' as used above and hereinafter is used broadly, and may refer to
a physical or virtual computing device. A virtual computing device in this context may be, for example,
a virtual machine, a terminal window (e.g. command prompt), or more generally a parallel computing
process.
Each node 100 runs a client, which is a software program that effects interactions such as
communication and coordination between the nodes 100, and more generally controls each node 100
to act in a manner that accords with the protocols of the blockchain network 1000.
Whilst there are various interpretations of nodes, clients, server and peers in software
engineering, for the purposes of this invention, a node is a peer from the perspective of other nodes
on the network 1000, in other words a node is a member of the network. A node itself can be a server
from the perspective of a client application that connects to it. As used herein, clients are not members
of the network per se, rather they are clients of the node to which they connect, and which node plays
the role of a gateway to the network for the client.
The public blockchain network 1000 may be any blockchain network that has an application
layer, or an equivalent thereto. Preferably, the network 1000 is one that has a Turing-complete
application layer.
With reference to Fig. 2, an exemplary distributed ledger ecosystem 2000 according to one
embodiment of the present invention is illustrated. The distributed ledger ecosystem 2000 is
represented in Fig. 2 as a blockchain network. The ecosystem 2000 illustrated in Fig. 2 is part of the
network 1000 and has one node 200G connected to a node 100 of the network 1000. The node 200G,
in being connected to a node 100, is thereby itself also a node 100 of the network 1000.
The remainder of the nodes 200B in the ecosystem 2000 are private nodes that are connected
to other nodes 200B, 200G of the ecosystem 2000 but otherwise unconnected (and unconnectable)
with the nodes 100 of the network 1000. In essence, the ecosystem 2000 is a separate private
permissioned distributed ledger network 2000. Accordingly, the ecosystem 2000 is hereinafter
interchangeably referred to also as the private permissioned network 2000 (or network 2000).
Additionally, the nodes 200B, 200G of the ecosystem 2000 are hereinafter referred to commonly as
the nodes 200 of the ecosystem where distinction is not required.
The network 2000 does not require or limit any minimum or maximum number of nodes 200G
that are connected to a node 100 of the network 1000 nor nodes 200B that are unconnectable with
the nodes 100 of the network 1000. For example, every node 200 in the ecosystem 2000 may be a
node 200G that is also a node 100 of the network 1000. Conversely, all but one node 200 in the
ecosystem 2000 may be a node 200B that is not connected to a node 100 of the network 1000.
The nodes 200 conform to the same distributed ledger protocol as the nodes 100, or
otherwise conform to a distributed ledger protocol that is compatible with the blockchain protocol of
the nodes 100. In this manner, decentralized applications (dApp) built for the public distributed ledger
network 1000 will also run on the private permissioned network 2000, and vice versa.
The network 2000 is formed, maintained, and governed by a distributed ledger technology
(DLT) platform (e.g. Hyperledger BESU) embodied as a software application executing on each node
200 of the network 2000. The software application executing on a node 200 is configured to permit
its node 200 to communicate, transact, and otherwise interact privately with other nodes 200 of the
ecosystem 2000, and also to permit its node 200 to separately communicate, transact, and otherwise
interact with nodes 100 of the system 1000 if its node 200 has been deemed permitted to do so. Nodes
100 and nodes 200 may additionally or alternatively communicate through a middleware developed
as a part of the distributed ledger ecosystem with the use of Remote Procedure Calls (RPC) and/or
Application Programming Interface (API).
The private permissioned network 2000 is thereby formed from and defined by the collection
of nodes 200 that are each executing the aforementioned DLT software application according to a
predetermined configuration of the software application common to and shared by each node 200.
It should be apparent that whilst Fig. 2 visually illustrates the private permissioned network
2000 as separate from the blockchain network 1000 and connected thereto only by a single node
200G, this visual illustration is for convenience and ease of understanding only. In practice, the skilled
addressee will understand that the private permissioned network 2000 may actually significantly
'overlie' the network 1000, and that many of the nodes 200 of the network 2000 may also be nodes
100 of the network 1000.
The network 2000 may use a different consensus mechanism (or a different instance of a
consensus mechanism) to that used by the network 1000 for transactions that are private to the
ecosystem 2000. As used herein, a private transaction is one that is strictly between the nodes 200
and internal to the ecosystem/network 2000. In allowing a different consensus mechanism (or
instance of one) to be used for private transactions, such transactions are freed from the previously
described issues and inconveniences that apply to transaction on the public blockchain network 1000,
such as increasing time-resources, financial-resources, and/or energy-resources. Moreover, different
consensus mechanisms may be used for different private transactions types. In one preferred
embodiment of the ecosystem 2000, a Proof-of-Authority (PoA) mechanism and a PoW mechanism
are provided.
According to the preferred embodiment of the ecosystem 2000, a first cryptographic token
(hereinafter referred to as BSC) unique to the ecosystem 2000 is created and used for private
transactions. BSC is created and resides in the application layer of the private network 2000. BSC is
used by users of the network 2000 to exchange value with each other, for example to buy and sell
products and services, pay transaction fees, and the like.
With reference to Fig. 3, a commercial implementation of the ecosystem 2000 is described.
The commercial implementation illustrated in Fig. 3 is that of a digital marketplace 3000. It should be
understood that the ecosystem 2000 is not limited an implementation as a digital marketplace 3000, and the following description of an implementation of the ecosystem 2000 as a digital marketplace 3000 is exemplary only. The digital marketplace 3000 comprises a plurality of users 300A, 300B . . 300N. Collectively, this plurality of users 300A, 300 . . 300N is referred to as users 300 of the digital marketplace 3000. Notable users 300 include an administrating entity 300A, a financial institution 300B, a first end user 300C, a second end user 300D, and a retail business 300E. Each of the administrating entity 300A, financial institution 300B, first user 300C, second user 300D, and retail business 300E have a corresponding presence in the digital marketplace 3000 in the form of being a connected to a node 200 of the network 2000 via a client. The digital marketplace 3000 is configured with a fee holding account/address 390. Each private transaction conducted in the digital marketplace 3000 incurs a fee which is charged in BSC. The fees collected from one or more of the parties of a transaction are accumulated in the fee holding address 390. Distribution of the accumulated fees in the fee holding address 390 occurs periodically, and the manner in which this distribution is preformed is described in greater detail later below. In one embodiment of the present invention, the administrator of the network 2000 may establish an additional fee holding address 391 to accumulate additional fess (also in BSC) to cover the administrator's costs of administering and/or operating the network 2000. Accordingly, each private transaction conducted in the digital marketplace 3000 may incur fees in BSC which are split between two addresses/accounts 390 and 391 as revenue for participating users of the digital market place 3000 and for compensation of operational costs and the like for the administrator, respectively. An issuance process for obtaining BSC is first described using the first user 300C as an example. The process for obtaining BSC involves the first user transferring an amount of funds in a fiat currency to a banking institution 310 with which the administrating entity 300A has an account or via the administrating entity 300A taking into its possession, control or power such other form of value recognised by the administrating entity from time to time. Upon receipt, the funds are deposited into an account, or value attributed to a ledger, belonging to the administrating entity 300A. The administrating entity 300A is typically the owner or administrator of the digital marketplace 3000, and thereby also the owner/administrator of the private permissioned network 2000. In a preferred embodiment of the present invention, the value of BSC is pegged to a fiat currency or a basket of fiat currencies. The BSC may also be pegged to commodities, precious metals or such other value references which may be available from time to time. In pegging BSC to a fiat currency or a basket of fiat currencies, pricing for products and services in BSC for both vendors and buyers is rendered more certain, easier to evaluate, and less volatile. Upon deposit of funds or value into the administrating entity's account, or otherwise into the possession, control or power of the administrating entity 300A, the administrating entity 300A issues a corresponding amount of BSC and transfers this amount of BSC to the digital wallet of the first user
300C.
Consensus calculations for all blockchain transactions necessary to effect the above BSC token
issuance process are performed in accordance with the consensus mechanism defined by the
aforementioned DLT platform. As previously described, private transactions (of which the above
described deposit process is one) may use a consensus mechanism that is different to that used by
the public blockchain network 1000. Accordingly, the consensus mechanism used only for the above
BSC token issuance process is not subject (or at least less subject) to the issues of time-cost, financial
cost, and/or energy-cost that transactions on the public blockchain network 1000 are. In this manner,
the above BSC token issuance process can be near instantaneous as contrasted with an average time
of around 10 minutes for Bitcoin transactions, for example. Any fees incurred in the performance of
the distributed ledger transactions necessary to effect the above BSC token issuance process are
charged in BSC and transferred to the fee holding accounts 390, 391.
A transfer process for transferring BSC from one user to another is next described using the
first user 300C and second user 300D as examples. A transfer process that is conducted wholly in BSC
is a straightforward process that involves the first user 300C using their client software to identify the
second user 300D and instruct a transfer of the desired amount of BSC to the second user 300D.
Identification of the second user 300D is typically by way of the unique cryptography token address
or 'wallet' address of the second user 300D. As with the BSC token issuance process, the transfer
process is a private transaction and all consensus calculations required to effect the transfer process are performed in accordance with the consensus mechanism defined by the DLT platform, which may be different to that used by the public blockchain network 1000. As with the BSC token issuance process, any fees incurred in the performance of the blockchain transactions necessary to effect the transfer process are charged in BSC and transferred to the fee holding accounts 390, 391. A point-of-sale transaction process involving the purchase of a product or service in BSC using a debit card (either physical or virtual) is described using the second user 300D, the retail business 300E, and the financial institution 300B as an example. The point-of-sale transaction process requires the retail business 300E to operate a point-of-sale terminal or device that is compatible with the financial institution 300B. Additionally, the point-of-sale transaction process requires the second user 300D to have a debit card issued by the administrating entity (or on behalf thereof). The retail business 300E operates the point-of-sale terminal or device to charge a predetermined amount in BSC corresponding to the product or service provided by the retail business 300E to the second user 300D. The second user 300D interacts the debit card with the point-of-sale terminal or device. The point-of sale terminal or device obtains from the debit card necessary details, most of which are common to existing point-of-sale transactions such as present-day credit card transactions (e.g. VISA, Mastercard, etc.). Additionally, the point-of-sale terminal or device obtains from the debit card a reference number by which the digital marketplace 3000 administrator can associate to the appropriate node or wallet address unique to the second user 300D. The information obtained by the point-of-sale terminal or device is transmitted to the financial institution 300B. The financial institution 300B is a user of the digital marketplace 3000 and as such is a node 200 of the network 2000. Using the information sent to it by the point-of-sale terminal, the financial institution 300B generates a series of transactions (e.g.
by way of a smart contract) to request BSC from the wallet of the second user 300D, and transfer BSC
to the wallet of the retail business 300E. As all participants in this transaction are users of the digital
marketplace 3000, the point-of-sale transaction process is a private transaction. Accordingly, as with
the BSC token issuance and transfer processes, any fees incurred in the performance of the blockchain
transactions necessary to effect the above point-of-sale process are charged in BSC and transferred to
the fee holding accounts 390, 391.
As previously described, BSC accumulated from, for example, transaction fees are held in the
fee holding accounts 390, 391. The BSC accumulated in the fee holding account 390 are periodically
distributed to eligible recipients. An individual qualifies as an eligible recipient to receive a share of
the BSC held in the fee holding account 390 if they meet two conditions:
1. They own at least one second cryptographic token (hereinafter referred to as BMC) that
is unique to the public distributed ledger network 1000 and transactable across the public
distributed ledger network 1000; and
2. They have 'staked' at least one of their BMC to a pre-determined network address on the
public distributed ledger network 1000 recognised by the digital marketplace 3000 as a
valid staking network address.
As used herein, the term 'stake' refers to the process of holding (and if necessary, first
transferring) BMC in/to the pre-determined network address and leaving the BMC in the pre
determined network address for a qualifying period of time.
If an individual satisfies the above two conditions, they will receive a share of the BSC held in
the fee holding account if/when the administrator of the digital marketplace 3000 initiates a fee
distribution action.
The share of BSC held in the fee holding account 390 that an eligible recipient receives is at
least in part determined by how much BMC they have stake. This share may also be in part determined
by how long they have staked their BMC.
The mechanism of fee distribution among BMC holders that have staked their BMC operates
as follows. A BMC is 'staked' by fixing it to an approved address for a set/qualifying period of time.
This period of time is determined by the administrator of the network 2000 / digital marketplace 3000.
Those BMC which remained fixed in the approved address for the set/qualifying period (or more) are eligible to receive a share of the BSC held in the fee holding account 390. The share received by an individual is proportional to the amount of BMC staked by the individual relative to the total amount of BMC staked at the address.
An approved node of the private distributed ledger network 2000 scans the ledger/blocks of
the public distributed ledger network 1000 to determine which accounts/wallets on the public
distributed ledger network 1000 (hereinafter referred to as public network accounts/wallets) have
staked BMC, and distributes a share of the BSC fees to accounts/wallets on the private distributed
ledger network 2000 corresponding to the public network accounts/wallets.
BMC may be purchased using fiat currencyor such other value references commonly accepted
by virtual currency exchanges for settling such transactions. Unlike BSC, however, BMC is allowed to
float in value and is not pegged to a fiat currency, a basket of fiat currencies, commodities, precious
metals or such other value references. BMC is created on the public distributed ledger network 1000.
The ecosystem 2000 of the present invention overcomes several challenges impeding the
more ubiquitous use of blockchain transactions and transaction involving cryptographic tokens.
According to the present invention, the ecosystem 2000 is a private permissioned network
2000 with nodes that conform to the blockchain protocol of the public blockchain network 1000. In
this manner, the ecosystem 2000 leverages the existing community, resources, and 'critical mass' of
the public blockchain network 1000 such as dApps, know-how, code libraries, and familiaritywith code
base.
In being a private permissioned network, private transactions that are wholly between nodes
that comprise the private permissioned network can be conducted differently to transactions on the
public blockchain network 1000. For example, consensus for private transactions can be achieved
using proof-of-authority instead of proof-of-work, which is quicker, cheaper, and more energy
efficient.
Moreover, in being a private permission network, membership to the network can be
controlled by an administrating entity. Control of membership can include a requirement for members
to broadcast or otherwise make available greater information of their identity, services, and the like
and in doing so, make more convenient the sale/purchase of goods/services (and more generally the
exchange of value) on the private permission network.
Claims (9)
1. A distributed ledger ecosystem comprising:
a first cryptographic token unique to the distributed ledger ecosystem and transactable
within the distributed ledger ecosystem;
a second cryptographic token unique to a public distributed ledger network and transactable
across the public distributed ledger network; and
a plurality of nodes configured to conduct private distributed ledger transactions amongst
each other using the first cryptographic token, wherein
the distributed ledger ecosystem is a private permissioned distributed ledger network,
the first cryptographic token is created on the private permissioned distributed ledger
network,
private distributed ledger transactions using the first cryptographic token incur fees that are
accrued as first cryptographic tokens in a predetermined address of the private distributed ledger
network, and
the distributed ledger ecosystem distributes the first cryptographic tokens in the
predetermined address of the private distributed ledger network to eligible recipients dependent on
the amount of second cryptographic tokens staked by each eligible recipient in a predetermined
address of the public distributed ledger ecosystem.
2. The distributed ledger ecosystem of claim 1, wherein at least one node in the private
permissioned distributed ledger network is connected to the public distributed ledger network and
operable to conduct distributed ledger transactions on the public distributed ledger network.
3. The distributed ledger ecosystem of claim 1, wherein the public distributed ledger network
is a blockchain network.
4. The distributed ledger ecosystem of claim 1, wherein the private distributed ledger network
is a blockchain network.
5. The distributed ledger ecosystem of claim 1, wherein the private permissioned distributed
ledger network utilises a consensus mechanism that is different to, or a different instance of, that
used by the public distributed ledger network.
6. The distributed ledger ecosystem of claim 4, wherein the private permissioned distributed
ledger network utilises a proof-of authority consensus mechanism to obtain consensus for
transactions conducted thereon.
7. The distributed ledger ecosystem of claim 1, wherein the first cryptographic token is pegged
to a value of a fiat currency, a basket of fiat currencies, a commodity, or a precious metal.
8. The distributed ledger ecosystem of claim 1, wherein a value of the second cryptographic
token is allowed to float and is not pegged to a fiat currency, basket of fiat currencies, a commodity,
or a precious metal.
9. The distributed ledger ecosystem of claim 1, wherein the second cryptographic token is
created on the public distributed ledger network.
Priority Applications (2)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| AU2021290326A AU2021290326A1 (en) | 2021-12-23 | 2021-12-23 | Private distributed ledger ecosystem |
| PCT/AU2022/051553 WO2023115129A1 (en) | 2021-12-23 | 2022-12-21 | Private distributed ledger ecosystem |
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| AU2021290326A AU2021290326A1 (en) | 2021-12-23 | 2021-12-23 | Private distributed ledger ecosystem |
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| CA3056717A1 (en) * | 2017-03-17 | 2018-09-20 | Royal Bank Of Canada | Systems and methods for hybrid blockchain platform |
| US20190172026A1 (en) * | 2017-12-02 | 2019-06-06 | Alchemy Limited LLC | Cross blockchain secure transactions |
| WO2019148210A1 (en) * | 2018-01-29 | 2019-08-01 | Krnc, Inc. | Cryptographic and fiat currency mechanics |
| US11042147B2 (en) * | 2019-01-15 | 2021-06-22 | Fisher-Rosemount Systems, Inc. | Machine-to-machine transactions using distributed ledgers in process control systems |
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| WO2023115129A1 (en) | 2023-06-29 |
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