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Patent US9875510
Issued 2018-01-23
Consensus System For Tracking Peer-to-peer Digital Records
The disclosure describes a peer-to-peer consensus system and method for achieving consensus in tracking transferrable digital objects. The system achieves consensus on a shared ledger between a plurality of peers and prevents double spending in light of network latency, data corruption and intentional manipulation of the system. Consensus is achieved and double spending is prevented via the use of the most committed stake metric to choose a single consensus transaction record. A trustable record is also facilitated by allowing stakeholders to elect a set of trusted non-colluding parties to cooperatively add transactions to the consensus record. The voting mechanism is a real-time auditable stake weighted approval voting mechanism. This voting mechanism has far reaching applications such as vote directed capital and providing a trusted source for data input into a digital consensus system. The system further enables digital assets that track the value of conventional assets with low counterparty risk.
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- 1. A decentralized consensus system for tracking transferable digital objects, the system comprising:
i. a plurality of node computers, each node computer in said plurality of node computers including a processing unit, some amount of memory accessed by said processing unit, and a network interface operatively coupled to said processing unit and a wide area network connecting said plurality of node computers; ii. each node computer within said plurality of node computers including a consensus system software application running on said processing unit of said node computer; and iii. said consensus system software application adapted to:
1) load an initial ledger containing a first set of digital objects;
2) connect to peer nodes over said wide area network;
3) download block chain data from connected peer nodes, said block chain data including one or more data block chains, each data block chain within said one or more data block chains including a set of data blocks, each data block within said set of data blocks including a set of transactions and signed by one or more block signers within a set of block signers;
4) check validity of said block chain data using a set of consensus rules to determine whether data blocks within said set of data blocks follow a set of protocol rules;
5) where said block chain data includes more than one data block chain, determine a consensus data block chain based on a most committed stake metric, wherein said consensus data block chain includes a set of valid transactions and a set of valid data blocks;
6) pass said set of valid transactions and said set of valid data blocks to one or more connected peers over said wide area network, wherein said set of valid transactions and said set of valid data blocks are verified to follow said set of protocol rules; and
7) maintain a current ledger, said current ledger built from said initial ledger, said valid transactions and said valid data blocks.
