A method and system for digital currency transactions and, more specifically, a method and system for cryptocurrency transactions across ledgers or blockchains. This application claims foreign priority to Australian Provisional Appl.
AU, filed on May 20,the disclosure of which is incorporated herein by reference in its entirety. The present invention relates to a method and system for digital currency transactions. More particularly, the present invention primecoin gpu alphanumeric characters to cryptocurrency transactions across ledgers or blockchains.
The transactions are generally verified by network nodes and recorded in primecoin gpu alphanumeric characters public leger called a blockchain. However, a blockchain may be accessed by an entity without having any virtual currency or assets on a blockchain. Further a blockchain can be accessed by an entity who is not a miner. The network nodes may then validate the transactions, add them to their copy of the ledger and then broadcast these new ledger additions to other network nodes.
Primecoin gpu alphanumeric characters blockchain is a distributed database which may independently primecoin gpu alphanumeric characters the ownership of a virtual currency. A new group of transactions may create a new block which is then added to the blockchain and published to the network nodes. A blockchain is the only location where virtual currencies exist in the form of unspent outputs of transactions.
The ownership of a virtual currency generally implies that a user can spend the virtual currency which is associated with a specific address. To spend, exchange or conduct a transaction a payer must digitally sign the transaction using a private key.
Without a private key, the virtual currency cannot be signed and therefore no transaction may take place. However, the hash algorithm for these currencies may vary or may not have the same number of blockchain intervals. As such, each currency may have different inner algorithms and may also produce a different blockchain size, up to bit words.
Other hash algorithms are also used for other virtual currencies. Additionally, timestamping methods for virtual currencies may be either proof-of-work schemes or proof-of-stake and proof-of-work combines schemes. The proof-of-stake scheme is a method of securing a cryptocurrency network while also achieving distributed consensus through requesting users to show ownership of a certain amount of currency primecoin gpu alphanumeric characters on the proof.
In contrast, proof-of-work systems run more complex hashing algorithms to validate electronic transactions. However, the scheme used for each virtual currency is largely code dependent on the coin, and therefore there is no standard form of timestamping.
While it is known to convert or transact one virtual currency to another format, such as another virtual currency, these conversions are not statefully stored. Statefully stored data may be suitable to be audited or otherwise reviewed.
In view of primecoin gpu alphanumeric characters stark differences between different virtual currencies there are a number of significant problems when forming transactions between different currencies and making transactions between blockchains.
Additionally, current software is unable to perform dynamic pricing calculations of virtual currencies and cannot effectively work with more than two blockchains simultaneously. It may also be desirable to coordinate between blockchains of different intervals.
Any discussion of the prior art throughout the specification should in no way be considered as an admission that such prior art is widely known or forms part of common general knowledge in the field. The present invention may provide a system for perform mapping and translation of destination addresses between two or more virtual currencies.
Primecoin gpu alphanumeric characters system of the present invention may provide a means for associating multiple asset accounts, either virtual or tangible, to a single account or a single private key.
The system of the present invention may provide an improved method or system for the transaction of virtual currencies. The system of the present invention may provide a system for initiating at least one transaction on multiple blockchains simultaneously.
The system of the present invention may provide an improved system for dynamically pricing or assigning a value to one or more virtual currencies. The system of the present invention may coordinate between blockchains of different blockchain intervals. While the above problems to be solved are directed towards a method or system, it will be appreciated that the present invention may be one of a system, a method, a device or a process.
It is an object of the present invention to overcome or ameliorate at least one of the disadvantages of the prior art, or to provide a useful alternative. A first aspect of the present invention may relate to a system for performing an action on a blockchain.
The system may comprise a first address with an associated first private key for a first blockchain; a second address with a second key for a second blockchain; and wherein the first private key and second private key may be primecoin gpu alphanumeric characters such that a hierarchy key may be generated which may be adapted to authorise at least one action associated with at least one of the first blockchain and the second blockchain.
The system may also comprise at least one of the first and second keys may be a private key. At least one rule may be associated with one of primecoin gpu alphanumeric characters first and the second addresses. The at least one rule may be adapted to trigger at least one action. The hierarchy key may authorise the trade of a virtual asset. At least one address associated with the system may be a multisig address. The system may be adapted to parse a block associated with a blockchain.
When an action is performed by the system a timestamp may be associated with the action. The system may be adapted to store at least one data set associated with an action. More than two blockchains may be associated with the system. In another aspect of the present invention there may be provided a system for adapted for use with a virtual asset associated with a primecoin gpu alphanumeric characters, wherein the system may parse at least one block associated with a blockchain and store the at least one primecoin gpu alphanumeric characters block; associate at least one primecoin gpu alphanumeric characters account with primecoin gpu alphanumeric characters at least one stored parsed block; assign a predetermined number of rules to at least one address; and when at least one of the predetermined number of rules assigned to the at least one address is triggered, an action may be performed by the system.
An action performed by the system may be a transaction. A timestamp may be associated with at least one action performed.
A virtual asset may be at least one of primecoin gpu alphanumeric characters virtual currency, a fiat currency, a commodity, a product, a share, a stock, an object, or any other tangible asset. At least one data set associated with a parsed block may be stored on a computer readable medium. A check for a new block on at least one blockchain may be performed at a predetermined interval.
More than one action may be triggered simultaneously. At least two blockchain addresses are associated with the system, such that more than one action may be performed. A hierarchy key may be associated with the primecoin gpu alphanumeric characters least one user account such that a hierarchy key may be used to perform actions on more than one address. The at least one user of the system may assign at least one rule to at least one account.
An address comprises at least one private key which may be associated with a public key. The invention is to be interpreted with reference to the at least one of the technical problems described or affiliated with the background art. The present aims to solve or ameliorate at least one of the technical problems and this may result in one or more advantageous effects as defined by this specification and described in detail with reference to the preferred embodiments of the present invention.
A virtual currency address is used to receive and send transactions on the virtual currency network. It may contain a string of alphanumeric characters, but can also be represented as a scannable QR code or any other computer readable medium.
A virtual currency address may also be the public key in primecoin gpu alphanumeric characters pair of keys used by virtual currency holders to digitally sign transactions see Primecoin gpu alphanumeric characters key.
The collective name for virtual currencies or cryptocurrencies offered as alternatives to Bitcoin. Primecoin gpu alphanumeric characters, Feathercoin and PPcoin are examples of altcoins.
Anti-Money Laundering techniques are used to stop people converting illegally obtained funds, to appear as though they have been earned legally. AML mechanisms can be legal or technical in nature. Regulators frequently apply AML techniques to virtual currency exchanges. An Application Specific Integrated Circuit is a silicon chip specifically designed to do a single task. In the case of bitcoin, they are designed to process SHA hashing problems to mine blocks.
Throughout this specification is will be appreciated that the a virtual currency or a virtual asset may include a Bitcoin BTC. A bitcoin ATM is a physical machine that allows a customer to buy bitcoin with cash. There are many manufacturers, some of which enable users to sell bitcoin for cash. The full list of blocks that have primecoin gpu alphanumeric characters mined since the beginning of the cryptocurrency. The blockchain is designed so that each block contains a hash drawing on the blocks that came before it.
The reward given to a miner which has successfully hashed a transaction block. This can be a mixture primecoin gpu alphanumeric characters coins and transaction fees, depending on the cryptocurrency, and whether all of the coins have already been successfully mined.
A software program running on a desktop or laptop computer, or mobile device. It connects to the bitcoin network and forwards transactions. It may also include a bitcoin wallet. The act of hashing a bitcoin transaction successfully into a transaction block, and proving its validity.
A single confirmation will take around 10 minutes, which is the average length of time for a transaction block to be hashed. However, some more sensitive or primecoin gpu alphanumeric characters transactions may require multiple confirmations, meaning that primecoin gpu alphanumeric characters blocks must be hashed and added to the blockchain after the transaction block has been hashed.
A proposed add-on function for bitcoin that would enable bitcoin users to give them additional attributes. These attributes could be user-defined, enabling you to mark a virtual currency as a share of stock, or a physical asset.
This would enable virtual currencies to be traded as tokens for other property. Another name for the input used in primecoin gpu alphanumeric characters virtual currency generation transaction. When a virtual currency is mined, it doesn't come from another virtual currency user, but is primecoin gpu alphanumeric characters as a reward for the miner. That reward is recorded as a transaction, but instead of another user's bitcoin address, some arbitrary data is used as the input.
A form of currency based on mathematics alone. Instead of fiat currency, which is printed, cryptocurrency is primecoin gpu alphanumeric characters by solving mathematical problems based on cryptography. Also see virtual currency. The use of mathematics to create codes and ciphers that can be used to conceal information. Used as the basis for primecoin gpu alphanumeric characters mathematical problems used to verify and secure virtual currency transactions.
This number determines how difficult it is to hash a new block. It is related to the maximum allowed number in a given numerical portion of a transaction block's hash. The lower the number, the more primecoin gpu alphanumeric characters it is to produce a hash value that fits it. Difficulty varies based on the amount of computing power used by miners on the bitcoin network. If large numbers of miners leave a network, the difficulty would decrease.
We had to re-start our data collection to ensure SC was included. For now, pick any of the robots above as they have our full approval. How I calculate that price is part of the secret sauce.