WO2024050135A1 - Mécanismes de stabilisation de ressources dans un réseau distribué - Google Patents

Mécanismes de stabilisation de ressources dans un réseau distribué Download PDF

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Publication number
WO2024050135A1
WO2024050135A1 PCT/US2023/031921 US2023031921W WO2024050135A1 WO 2024050135 A1 WO2024050135 A1 WO 2024050135A1 US 2023031921 W US2023031921 W US 2023031921W WO 2024050135 A1 WO2024050135 A1 WO 2024050135A1
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Prior art keywords
resources
distributed network
resource
amounts
users
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PCT/US2023/031921
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English (en)
Inventor
Bayo SODIMU
Bogdan DUMITRU
Markus Franke
Nadiem SISSOUNO
Nelson TAVERAS
Pedro GROJSGOLD
Roman CROESSMANN
Slobodan SUDARIC
Tobias KUHLMANN
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Mento Labs Inc.
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Publication of WO2024050135A1 publication Critical patent/WO2024050135A1/fr

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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
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/06—Asset management; Financial planning or analysis
    • 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
    • G06Q20/065—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme using e-cash
    • 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
    • G06Q20/065—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme using e-cash
    • G06Q20/0652—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme using e-cash e-cash with decreasing value according to a parameter, e.g. time
    • 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
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
    • 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

Definitions

  • a set of smart contracts may be used for issuance, redemption and the stability of resources in a distributed network.
  • Some of the resources in the distributed network may be of a stable resource type, and the distributed network may attempt to maintain the value of these stable resources, which may be cryptocurrencies, at fixed, target, levels relative to specified external resources, such as fiat currencies.
  • the stable resources may include a combination of crypto-collateralized assets and a seigniorage-style market-based mechanism based on governable smart contracts. Problems with the stability of stable resources in a distributed network may be introduced by issues with liquidity, collateral, incentives for participation, and levels of interactions by participants.
  • FIG. 1 shows an example system suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • FIG. 2 shows an example arrangement suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • FIG. 3 shows an example state diagram suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • FIG. 4A shows an example procedure suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • FIG. 4B shows an example procedure suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • FIG. 5 shows an example procedure suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • FIG. 6 shows an example procedure suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • FIG. 7 shows a computer according to an implementation of the disclosed subject matter.
  • FIG. 8 shows a network configuration according to an implementation of the disclosed subject matter.
  • Resource stabilization mechanisms in a distributed network may allow for increased stabilization of the values of the stable resource types relative to external resources.
  • the resource stabilization mechanisms used in the distributed network may increase participation by users in the distributed network by allowing users to buy and sell stable resources against a collateral reserve, borrow stable resources against the reserve, and obtain additional resources by becoming part of the reserve, by participating in a decentralized arbitrage system, and by contributing improvements to a stability protocol for the distributed network.
  • the distributed network may be, for example, a network of multiple computing devices and systems that may host any number of decentralized databases. Computing devices and systems may be able to join and leave the distributed network freely.
  • the decentralized databases may be, for example, blockchain databases stored in a decentralized manner across multiple different computing devices and systems.
  • the decentralized databases may be functionally decentralized, so that no single, central party may store, manage, or maintain the decentralized databases.
  • the decentralized databases may track control of resources by parties that have accounts in the decentralized databases. For example, a party may have an account identified by an address in one of the decentralized databases which may store a record of transactions for that address.
  • the address may be, for example, a cryptographic public key, or may be, for example, a communications address such as an email address or phone number.
  • the distributed network may track any number of different resources of different resource types using the various decentralized databases.
  • Resources tracked within the distributed network may include stable resource types.
  • Resources of the stable resource type may be stable resources, which may be, for example, cryptocurrencies, and may have values that are meant to be held at fixed, target, levels relative to specified external resources, such as fiat currencies.
  • Resources of the external resource type may be resources that are not tracked by the distributed network.
  • none of the decentralized databases of the distributed network may track the control of amounts fiat currencies by any parties.
  • Resources tracked within the distributed network may also include resources of the other resource types.
  • Resources of the other resource types may be resources that are not meant to be held at a stable value relative to any external resources and may be exchanged for stable resources within the distributed network according to any protocols that govern the distributed network and its various decentralized databases.
  • Decentralization of the distributed network and the stability of stable resources tracked by the distributed network may be increased by diversifying and rebalancing a collateral reserve of resources in the distributed network across different resources.
  • This may include resources tracked by any number of the decentralized databases of the distributed network, for example, resources tracked by one or more multiple blockchains. These resources may be, for example, transactional resources, which may not be meant to be held at a fixed value relative to any external resource. Transactional resources may be, for example, cryptocurrencies with values that are allowed to float.
  • the collateral reserve may be, for example, an account on a decentralized database of the distributed network that may be controlled by, for example, the distributed network, including protocols of the distributed network such as the resource stabilization mechanisms.
  • the distributed network may use resource stabilization mechanisms that may provide for decentralized linking of demand for resources of the stable resource types with demand for certain resources of the other resource types.
  • resource stabilization mechanisms may provide for decentralized linking of demand for resources of the stable resource types with demand for certain resources of the other resource types.
  • an impact-focused reserve mechanism may allow for users of the distributed network to decide how to maximize environmental impact by accepting verified natural capital backed resources as collateral in the collateral reserve.
  • the resource stabilization mechanisms may allow users of the distributed network to obtain additional resources by committing resources to collateral reserve as incentivization.
  • the collateral reserve in the distributed network may hold 90 million of a first resource type.
  • a first user may act as collateral provider and provide an additional 10 million of resources of that resource type to the collateral reserve, such that in total the first user would have contributed 10% of the total resources in the reserve.
  • the first user may receive resources of an incentivization resource type, which may be a resource type provided to users who provide resources as collateral to the collateral reserve.
  • 10% of inflowing stable resources may flow into the first user’s position and 10% of the outflowing first resource type may flow out of the first user’s position.
  • stable resources may flow out of the first user’s position unless there are no stable resources left in the position, at which point additional stable resources may be issued by the distributed network and the first user’s position may remain the same. Resources obtained in exchange for the outflowing stable resources may flow into the first user’s position during the expansion of the supply of the stable resource.
  • additional users may need to provide resources to the collateral reserve in the same proportion as first user’s positions. For example, if 20% of the position of the first user is in a first stable resource type and 80% is in the first resource type, then any additional users may need to provide resources to the collateral reserve in those same resource types and proportions. Any number of users of the distributed network may provide resources to the collateral reserve.
  • the first user may be incentivized to provide resources as collateral to the collateral reserve based on receiving resources as trading fees from the resource stabilization mechanism on a pro-rata basis.
  • the first user may also receive incentivization resources for the provision of collateral.
  • the incentivization resource may be used by a first user in exchange for the resources in the first user’s position in the collateral reserve.
  • the first user may choose to have their incentivization resources locked up for some set period of time, such as one month, three months, six months, one year, five years, or ten years. During the period of time the first user’s incentivization resources are locked up.
  • the first user may not be able to exchange the locked up incentivization resources for the resources in their position in the collateral reserve, preventing withdrawal of those resources from the collateral reserve for the lock up time period.
  • These incentivized long lockup periods for the incentivization resource may result in protocol owned resources in the collateral reserve beyond any original resources in the collateral reserve.
  • a user may be incentivized to lock up their incentivization resources through the provision of rewards to the user by the distributed network, including protocols on the distributed network. Rewards provided to users for providing resources to the reserve may come from the yield of the resources provided as collateral to the reserve, from excess resources in the collateral reserve, or from additional resource types.
  • Locking up resources in the collateral reserve may provide for guaranteed availability of resources in the collateral reserve in states in which resources would have otherwise been insufficient , such as during the occurrence of black-swan events, and/or the absorption of extraordinary demand shocks for resources of the stable resource types.
  • resources of the stable resource types may be transferred to the users who provided resources to the collateral reserve, allowing for a transfer of risk among different groups of users.
  • the resource stabilization mechanisms used in the distributed network may allow users to obtain additional resources by committing resources to smart contracts that guarantee protocol interactions can happen at every point in time on a blockchain or other decentralized database of the distributed network. This may result in an increase in user interaction and protocol interaction with the distributed network.
  • a user may commit resources to an interactions contract in return for resources of an interaction resource type.
  • the interactions contract may be a smart contract that runs on a blockchain of the distributed network.
  • the interactions contract may take profit opportunities across the blockchain of the distributed network and on other decentralized exchanges in a way that is beneficial to the stability of the stable resource types and general price efficiency on the blockchain of the distributed network.
  • the interactions contract may receive privileged access to certain reserve interactions such that arbitrage profit opportunities may be better democratized and maximal extractable value may be reduced.
  • the interactions triggered by the interactions contract may be defined by a convex optimization problem with an object of a convex function, convex inequality constraints, and affine equality constraints.
  • Any user may provide the solution to the convex optimization problem to the interactions contract, which may then check the validity of the provided solution by checking the Karush-Kuhn-Tucker conditions.
  • Executing the interactions contract may be computationally cheap, as it may involve checking a set of linear equations and inequalities, so everyone who has an incentive to keep the stabilization mechanism functioning, such as users who have provided resources as collateral, may be incentivized to trigger execution of the interactions contract.
  • Resources of the interaction resource type that are received by users who interact with the interactions contract may be long-term locked and provided as rewards similarly to the incentivization resources provided to users who provide collateral to the reserve.
  • the sources of additional resources provided to users who interact with the interactions contract may be the same as the source of additional resources provided to users who provide resources to the collateral reserve.
  • resources provided to the interactions contract may have to be provided in the same proportions as current contract holdings of the other interactions contracts in order to achieve fungibility for the interaction resource type.
  • resources of the interaction resource type may be redeemable for resources in the interactions contract on a pro-rata basis.
  • the resource stabilization mechanisms may allow users to lock resources used as collateral in individual reserve positions (IRPs) and then generate resources of a stable resource type against their IRPs. This may allow for more exotic resources to be added to the reserve resources held in the collateral reserve and be used as collateral with granularly set minimum reserve ratios and caps, further diversifying the types of resources held in the collateral reserve. IRPs may also make it possible to generate resources of the stable resource type locally on different blockchains that are not part of the distributed network but still have them tied into the base reserve that is held on the blockchain of the distributed network. In the context of IRP - based stabilization mechanisms, liquidation serves as a mechanism to contract the supply of resources of the stable resource types in order to increase the overall collateralization of the protocol.
  • the IRPs used by the resource stabilization mechanisms may, instead of triggering auction-based fire sales of resources used as collateral whenever a position becomes undercollateralized, simply return the resources to the collateral reserve in case of a liquidation. This is possible through leveraging a buy-and-sell feature of the stabilization mechanism that can handle the contraction of stable resource types if necessary, such that fire sale auctions are not required.
  • the resource stabilization mechanisms may return resources by using a keeper model, which may include agents that are incentivized to execute liquidations on IRPs, transferring the liquidated resources to the collateral reserve.
  • the resource stabilization mechanism may return resources through an exposed method on IRPs that would allow the ' exchange' to redeem a variable amount of the underlying resources only as long as the IRP is undercollateralized. This may allow for the distributed network to distribute resources of the assets used as collateral not only from the collateral reserve but also by dipping into IRPs using an off-blockchain routing mechanism.
  • Trading using the buy and sell mechanisms may include direct trading with resources from the base reserve, or trading through one or more IRPs that can be drained of resources as part of the liquidation mechanism .
  • users of the resource stabilization mechanism may take on the role of keepers. It may also allow arbitrageurs to become keepers without having to add complexity to their setup, as they may be able to get a discount when obtaining resources, such as transactional resources, from the distributed network if they route orders through liquidatable IRPs.
  • the resource stabilization mechanisms may support trading with any of the supported resources in the collateral reserve, or may otherwise require a liquid market to convert resources of other resource types into a resource of a specified resource type.
  • the collateral reserve used by the resource stabilization mechanisms may further be divided into multiple sub-reserves, each holding a separate set of resources that are linked through a tiered liquidation and resource transfer policy. This would allow the resource stabilization mechanism to trigger and execute liquidation of resources at different points in time and would allow the collateral reserve to hold a more diversified set of resources as collateral. For example, an impact-focused sub-reserve may hold resources as long as possible but divest those resources if it becomes necessary to recollateralize other sub-reserves.
  • FIG. 1 shows an example system suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • a computing device 100 may include a distributed network client 110 and a storage 140.
  • the computing device 100 may be any suitable computing device, such as, for example, a computer 20 as described in FIG. 7, or component thereof, for implementing the distributed network client 110 and the storage 140.
  • the computing device 100 may be a single computing device, or may include multiple connected computing devices, and may be, for example, a laptop, a desktop, an individual server, a server farm, or a distributed server system, or may be a virtual computing device or system.
  • the computing device 100 may be part of a computing system and network infrastructure, or may be otherwise connected to the computing system and network infrastructure.
  • the computing device 100 may be, for example, a computing device or system that may participate in a distributed network that includes a decentralized database.
  • the distributed network client 110 may be any suitable combination of hardware and software on the computing device 100 for interacting with and performing functions related to the distributed network and decentralized databases of the distributed network, which may be, for example, blockchain databases stored across multiple computing devices.
  • the storage 140 may be any suitable combination of hardware and software for storing data, including any suitable volatile and non-volatile storage.
  • the distributed network client 110 may be any suitable combination of hardware and software on the computing device 100 for interacting with and performing functions related to the distributed network and decentralized databases.
  • the decentralized databases may be, for example, blockchain databases.
  • the distributed network client 110 may allow for the computing device 100 to interact with, and be a part of, the decentralized databases.
  • the distributed network client 110 may maintain a copy of the decentralized databases in the storage 140 of the computing device 100.
  • the distributed network client 110 may, for example, include the protocol that operates the distributed network, which may run on the computing device 100 as part of the distributed network client 110.
  • the protocol may, for example, including resource stabilization mechanisms that may manage a collateral reserve of the distributed network, including allowing for transfers involving resource of the stable resource type, transactional resource type, incentive resource type, and interaction resource type, and any other resource type and allow for the use of IRPs within the distributed network.
  • the storage 140 may store databases 142.
  • the databases 142 may be, for example, a copy of the blockchains of the decentralized database.
  • the databases 142 may be stored as, for example, series of blocks.
  • the databases 142 as stored on the computing device 100, may be complete copies of the blockchains of the decentralized databases including all blocks written to the blockchains since their inceptions.
  • the databases 142 may include records of all transactions, or transfers, that have occurred on the various blockchains and involve resources of the stable, collateral, incentive, and interaction types.
  • the collateral reserve for the distributed network may be an account hosted on any of the decentralized databases of distributed network, with copies of records of transfers into and out of the collateral reserve stored in a suitable one of the databases 142.
  • FIG. 2 shows an example arrangement suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • the distributed network may be a peer-to-peer network that may include several computing devices and systems, including, for example, the computing device 100, computing device 200, computing device 210, computing device 220, computing device 230, computing device 240, computing device 250, computing device 260, and computing device 270.
  • the computing devices 200, 210, 220, and 230, 240, 250, and 260 may be any suitable computing devices or systems similar to the computing device 100, and may, for example, each store a complete copy of the databases 142, which may be blockchains that stores the decentralized databases of the distributed network.
  • the computing devices of the distributed network may each run a distributed network client, such as the distributed network client 110. This may ensure that all of the computing devices and systems in the distributed network operate within the distributed network using the same protocol.
  • the computing devices of the distributed network may be connected in any suitable manner, allowing communication between any two computing devices of the distributed network.
  • computing devices may be connected through any combination of public networks, such as the Internet, and private networks. Communication may occur directly between any two computing devices, such as, for example, between the computing device 100 and the computing device 230, or may be passed through computing devices, such as, for example, between the computing device 100 and the computing device 210 through the computing device 230.
  • Computing devices may join and leave the distributed network at any time, for example, through enabling and disabling of the distributed network client.
  • Users associated with the computing devices may have accounts in the decentralized database stored in the blockchain of the databases 142, which may track transfers of cryptocurrencies, including the transactional resource, the fixed resource, and other resources , between accounts.
  • FIG. 3 shows an example state diagram suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • a stable resource may be pegged and may not have its supply changed.
  • the supply of a stable resource may undergo contraction.
  • the supply of the stable resource may undergo expansion.
  • the stable resource may be any suitable stable resource that is supported by the distributed network, which may support multiple different stable resources.
  • the stable resource When in the state 310, the stable resource may have its value pegged to a target relative to a specified external resource. For example, if the target is 1:1, and the stable resource exchanges at a 1 : 1 ratio with the specified resource, the stable resource may be considered pegged to the specified external resource.
  • the stable resource may not need to be exactly at the target to be considered pegged, as there may be a buffer on either side of the target before the stable resource is considered unpegged.
  • the supply of the stable resource may not be changed by resource stabilization mechanisms of the distributed network. Users of the distributed network may become collateral providers by providing resources to the collateral reserve of the distributed network, establishing collateral positions. The resource stabilization mechanism may not cause any inflows to or outflows from the collateral positions while in the state 310.
  • the state may transition from the state 310 to the state 312. If the value of the stable resource increases enough for the stable resource to be considered unpegged, the state may transition from the state 310 to the state 314.
  • the supply of the stable resource may be contracted to increase the value of the stable resource.
  • resource stabilization mechanisms on the distributed network may cause an outflow of resources from the collateral positions in the collateral reserve.
  • the outflowing resources may be exchanged for the stable resource, which may inflow the collateral positions in the collateral reserve proportionally to the outflow of resources from the collateral positions.
  • the inflow of stable resources into the collateral reserve may contract the available supply of the stable resource thereby increasing the value of the stable resource relative to the specified external resource.
  • the supply of the stable resource may be decreased through inflows into the collateral reserve until, for example, the value of the stable resource reaches its target relative to the external resource and the stable resource can be considered pegged to the specified external resource. This may result in a return to the state 310.
  • the supply of the stable resource increased to decrease the value of the stable resource.
  • resource stabilization mechanisms on the distributed network may cause an outflow of the stable resource from the collateral positions in the collateral reserve.
  • the outflow of the stable resources from the collateral reserve may expand the available supply of the stable resource thereby decreasing the value of the stable resource relative to the specified external resource.
  • the supply of the stable resource may be increased through outflows from the collateral reserve until, for example, the value of the stable resource reaches its target relative to the external resource and the stable resource can be considered pegged to the specified external resource. This may result in a return to the state 310.
  • FIG. 4A shows an example procedure suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • stable resources and other resources may be received at a collateral reserve from collateral providers.
  • a user of the distributed network may establish a collateral position in the collateral reserve of the distributed network by transferring stable resource and/or other resources into the collateral reserve.
  • Any number of users of the distributed network may become collateral providers by transferring stable resources and/or other resources into the collateral reserve, establishing collateral positions.
  • incentive resources may be provided to collateral providers Tn exchange for the resources transferred to the collateral reserve by collateral providers, the resource stabilization mechanisms of the distributed network may provide the collateral providers with some amount of incentive resources.
  • the incentive resources may be a resource, or token, of the distributed network.
  • the incentive resources may be used by a user to retrieve resources from their collateral position by exchanging the incentive resources for the resource from the collateral position.
  • a user who has received incentive resources may lock up the incentive resources up for some period of time, for example, from one month up to 10 years, and may receive rewards from the distributed network for doing so.
  • the provision of rewards may incentivize users to lock up their incentive resource for some period of time, ensuring that the resources in their collateral positions remain in the collateral reserve, as resource in a user’s collateral position cannot be transferred out while their incentive resources are locked up and unavailable to be exchanged for the resources in the collateral position.
  • the rewards may be any suitable rewards, including resources of any suitable type on the distributed network and obtained by the distributed network in any suitable manner, including as yields of the resources in the collateral reserve, excess resources in the collateral reserve, or resources that the distributed network has the ability to create.
  • FIG. 4B shows an example state diagram suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • flow may proceed to 406. Otherwise, flow may proceed to 410.
  • the supply of a stable resource may need to be expanded if an increase in the value of the stable resource has caused it to become unpegged.
  • the resource stabilization mechanisms may determine whether a supply of a stable resource needs to be expanded in any suitable manner. For example, the resource stabilization mechanism may determine a current value of the stable resource relative to the specified external resource to which the stable resource is meant to be pegged and compare this to a target.
  • the resource stabilization mechanisms may determine that the supply of the stable resource should be expanded.
  • the resource stabilization mechanisms of the distributed network may make this determination for any of the stable resource types supported by the distributed network.
  • the resource stabilization mechanisms of the distributed network may cause the stable resource to flow out of the collateral positions in the collateral reserve.
  • This outflow may increase the available supply of the stable resource for use in transfers by users of the distributed network, thereby decreasing the value of the stable resource relative to the specified external resource to which the stable resource is pegged.
  • the outflows may continue until the stable resource is again pegged, with its value at or close enough to the target relative to the external resource to which the stable resource is pegged, or until there are no longer stable resources left in any collateral position in the collateral reserve, at which point the distributed network may need to generate more of the stable resource.
  • the resources obtained by the resource stabilization mechanisms of the distributed network in exchange for the stable resources that flowed out of the collateral reserve may flow into collateral positions in the collateral reserve.
  • the supply of a stable resource may need to be contracted if a decrease in the value of the stable resource has caused it to become unpegged.
  • the resource stabilization mechanisms may determine whether a supply of a stable resource needs to be contracted in any suitable manner. For example, the resource stabilization mechanism may determine a current value of the stable resource relative to the specified external resource to which the stable resource is meant to be pegged and compare this to a target.
  • the resource stabilization mechanisms may determine that the supply of the stable resource should be contracted.
  • the resource stabilization mechanisms of the distributed network may make this determination for any of the stable resource types supported by the distributed network.
  • the resource stabilization mechanisms of the distributed network may cause the resources to flow out of the collateral positions in the collateral reserve. This outflow may be used by the resource stabilization mechanisms of the distributed network to exchange the resources from the collateral reserve for stable resources.
  • the stable resources obtained by the resource stabilization mechanisms of the distributed network in exchange for the resources that flowed out of the collateral reserve may flow into collateral positions in the collateral reserve.
  • This inflow may decrease the available supply of the stable resource for use in transfers by users of the distributed network, as the stable resources held in the collateral reserve may be kept there due to the locking up of the incentive resources, thereby increasing the value of the stable resource relative to the specified external resource to which the stable resource is pegged.
  • the inflows may continue until the stable resource is again pegged, with its value at or close enough to the target relative to the external resource to which the stable resource is pegged, or until there are no longer any resources in the collateral reserve to exchange for the stable resource, at which point the distributed network may attempt to obtain additional resources for the collateral reserve from users.
  • FIG. 5 shows an example procedure suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • resources may be received from user at an interactions contract.
  • an interactions contract that is part of the distributed network may receive resources of any suitable resource type from a user of the distributed network.
  • the interactions contract may be, for example, a smart contract.
  • Resources received by the interactions contract may be used by the interactions contract to participate in transfers on the distributed network.
  • the interactions contract may be a contract that may be designed to, when executed on the distributed network, use the resources transferred to the interactions contract by users to take profit opportunities across the distributed network, and any decentralized exchanges, in a way that contributes to the stability of the stable resources on the distributed network.
  • the interactions triggered by the interactions contract may be defined by a convex optimization problem with an object of a convex function, convex inequality constraints, and affine equality constraints. Any user may provide the solution to the convex optimization problem to the interactions contract, which may then check the validity of the provided solution by checking the Karush-Kuhn-Tucker conditions. Executing the interactions contract may be computationally cheap, as it may involve checking a set of linear equations and inequalities, so everyone who has an incentive to keep the stabilization mechanism functioning, such as users who have provided resources to the collateral reserve, may be incentivized to trigger execution of the interactions contract.
  • interactions resources may be provided to the user.
  • the stabilization mechanism may provide the user who transferred resources to the interactions contract with some amount of an interactions resource.
  • the interactions resource may be a resource tracked by the distributed network that may be used by the user to have the resources that user transferred to the interactions contract transferred back to the user.
  • the user may be able to lock up their interactions resources for periods of time, similar to the locking up of the incentive resources, and receive rewards from the stabilization mechanism for doing so.
  • the rewards may be similar to the rewards received for locking up incentive resources and may increase as the period of time a user commits to locking up their incentive resources increases.
  • interactions may be performed with the interactions contract.
  • the interactions contract may be executed on the distributed network after, for example, being triggered by a user of the distributed network.
  • the interactions contract may be triggered by a single user of the distributed network, which may be, for example, an automated bot.
  • the interactions contract may interact with the distributed network, for example, participating in transfers that may allow the interactions contract to generate profits through arbitrage of the various resource types supported on the distributed network.
  • FIG. 6 shows an example procedure suitable for resource stabilization mechanisms in a distributed network according to an implementation of the disclosed subject matter.
  • resources may be received for an individual reserve position.
  • the resource stabilization mechanisms may allow users to lock resources used as collateral in individual reserve positions (IRPs).
  • stable resources may be generated.
  • the resource stabilization mechanisms of the distributed network may allow users who have transferred resources into an IRP to have the distributed network generate resources of a stable resource type against their IRPs, allowing for expansion of the supply of that stable resource.
  • flow may proceed to 606. Otherwise flow may proceed back to 604, which may loop in order to constantly check for undercollateralized IRPs in the distributed network.
  • resources may be transferred from an individual reserve position to a collateral reserve.
  • the resources that were transferred to the IRP may be transferred to the collateral reserve of the distributed network. This may increase the availability of resources in the collateral reserve that can flow out of the collateral reserve and be exchanged for stable resources when the supply of stable resources needs to be contracted.
  • the resource stabilization mechanisms may transfer resources from an IRP to the collateral reserve by using a keeper model, which may include agents that are incentivized to execute liquidations on IRPs, transferring the liquidated resources to the base reserve.
  • the resource stabilization mechanism may return resources through an exposed method on IRPs that would allow the distributed network to redeem a variable amount of the underlying resource only as long as the IRP is undercollateralized. This may allow for the distributed network to distribute resources of various non-stable resource types not only from the collateral reserve but also by dipping into IRPs using an off-blockchain routing mechanism.
  • Implementations of the presently disclosed subject matter may be implemented in and used with a variety of component and network architectures.
  • FIG. 7 is an example computer 20 suitable for implementations of the presently disclosed subject matter.
  • the computer 20 includes a bus 21 which interconnects major components of the computer 20, such as a central processor 24, a memory 27 (typically RAM, but which may also include ROM, flash RAM, or the like), an input/output controller 28, a user display 22, such as a display screen via a display adapter, a user input interface 26, which may include one or more controllers and associated user input devices such as a keyboard, mouse, and the like, and may be closely coupled to the I/O controller 28, fixed storage 23, such as a hard drive, flash storage, Fibre Channel network, SAN device, SCSI device, and the like, and a removable media component 25 operative to control and receive an optical disk, flash drive, and the like.
  • a bus 21 which interconnects major components of the computer 20, such as a central processor 24, a memory 27 (typically RAM, but which may also include ROM, flash RAM, or the like), an input/output controller 28, a user display 22, such as a display screen via a display adapter, a user input interface 26, which may include one or
  • the bus 21 allows data communication between the central processor 24 and the memory 27, which may include read-only memory (ROM) or flash memory (neither shown), and random access memory (RAM) (not shown), as previously noted.
  • the RAM is generally the main memory into which the operating system and application programs are loaded.
  • the ROM or flash memory can contain, among other code, the Basic Input-Output system (BIOS) which controls basic hardware operation such as the interaction with peripheral components.
  • BIOS Basic Input-Output system
  • Applications resident with the computer 20 are generally stored on and accessed via a computer readable medium, such as a hard disk drive (e g., fixed storage 23), an optical drive, floppy disk, or other storage medium 25.
  • the fixed storage 23 may be integral with the computer 20 or may be separate and accessed through other interfaces.
  • a network interface 29 may provide a direct connection to a remote server via a telephone link, to the Internet via an internet service provider (ISP), or a direct connection to a remote server via a direct network link to the Internet via a POP (point of presence) or other technique.
  • the network interface 29 may provide such connection using wireless techniques, including digital cellular telephone connection, Cellular Digital Packet Data (CDPD) connection, digital satellite data connection, or the like.
  • CDPD Cellular Digital Packet Data
  • the network interface 29 may allow the computer to communicate with other computers via one or more local, wide-area, or other networks, as shown in FIG. 8.
  • FIG. 8 shows an example network arrangement according to an implementation of the disclosed subject matter.
  • One or more clients 10, 11, such as local computers, smart phones, tablet computing devices, and the like may connect to other devices via one or more networks 7.
  • the network may be a local network, wide-area network, the Internet, or any other suitable communication network or networks, and may be implemented on any suitable platform including wired and/or wireless networks.
  • the clients may communicate with one or more servers 13 and/or databases 15.
  • the devices may be directly accessible by the clients 10, 11, or one or more other devices may provide intermediary access such as where a server 13 provides access to resources stored in a database 15.
  • the clients 10, 11 also may access remote platforms 17 or services provided by remote platforms 17 such as cloud computing arrangements and services.
  • the remote platform 17 may include one or more servers 13 and/or databases 15.
  • various implementations of the presently disclosed subject matter may include or be implemented in the form of computer-implemented processes and apparatuses for practicing those processes.
  • the disclosed subject matter also may be implemented in the form of a computer program product having computer program code containing instructions implemented in non-transitory and/or tangible media, such as floppy diskettes, CD-ROMs, hard drives, USB (universal serial bus) drives, or any other machine readable storage medium, wherein, when the computer program code is loaded into and executed by a computer, the computer becomes an apparatus for practicing implementations of the disclosed subject matter.
  • Implementations also may be implemented in the form of computer program code, for example, whether stored in a storage medium, loaded into and/or executed by a computer, or transmitted over some transmission medium, such as over electrical wiring or cabling, through fiber optics, or via electromagnetic radiation, wherein when the computer program code is loaded into and executed by a computer, the computer becomes an apparatus for practicing implementations of the disclosed subject matter.
  • the computer program code segments configure the microprocessor to create specific logic circuits.
  • a set of computer-readable instructions stored on a computer-readable storage medium may be implemented by a general-purpose processor, which may transform the general-purpose processor or a device containing the general-purpose processor into a specialpurpose device configured to implement or carry out the instructions.
  • Implementations may use hardware that includes a processor, such as a general-purpose microprocessor and/or an Application Specific Integrated Circuit (ASIC) that embodies all or part of the techniques according to embodiments of the disclosed subject matter in hardware and/or firmware.
  • the processor may be coupled to memory, such as RAM, ROM, flash memory, a hard disk or any other device capable of storing electronic information.
  • the memory may store instructions adapted to be executed by the processor to perform the techniques according to embodiments of the disclosed subject matter.

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Abstract

L'invention concerne des systèmes et des techniques pour des mécanismes de stabilisation de ressources dans un réseau distribué. Un transfert de quantités de ressources peut être réservé au niveau d'une réserve collatérale d'un réseau distribué à partir d'utilisateurs du réseau distribué. La réserve collatérale peut être suivie par le réseau distribué. Des quantités d'une ressource d'incitation peuvent être générées sur la base des quantités de la ressource reçue. Des quantités de la ressource d'incitation peuvent être transférées aux utilisateurs. Il est possible de déterminer s'il faut étendre ou contracter une fourniture d'une ressource stable. En réponse à une détermination selon laquelle il faut contracter la fourniture, des quantités des ressources dans la réserve collatérale peuvent être échangées par des quantités de la ressource stable qui circulent dans la réserve collatérale, ou, en réponse à une détermination selon laquelle il faut étendre la fourniture, des quantités de la ressource stable dans la réserve collatérale peuvent être échangées par des quantités de ressources qui circulent dans la réserve collatérale.
PCT/US2023/031921 2022-09-01 2023-09-01 Mécanismes de stabilisation de ressources dans un réseau distribué WO2024050135A1 (fr)

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Citations (1)

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US20220058623A1 (en) * 2018-08-06 2022-02-24 Inveniam Capital Partners, Inc. Stable Cryptocurrency Coinage

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US20220058623A1 (en) * 2018-08-06 2022-02-24 Inveniam Capital Partners, Inc. Stable Cryptocurrency Coinage

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