System and method for transferring resources using a blockchain

Abstract

A computer-implemented includes sending a public key associated with a particular node in a cyclically-ordered set of nodes participating in a blockchain network to an initiator node; receiving, by the particular node from a node immediately previous to the particular node in the cyclically-ordered set, a first value based on public keys associated with each node from the particular node through to the initiator node; determining a locking value based on the first value and the public key associated with the particular node; and preparing using the locking value, a transaction arranged to transmit control of a resource from a source address associated with the particular node to a receiving address of a node immediately subsequent to the particular node. The control of the resource is to be transmitted responsive to satisfaction of an execution condition including supply of an unlocking value corresponding to the locking value.

1 - 18 . (canceled) 
     
     
         19 . A computer-implemented method comprising:
 identifying a set of nodes;   randomizing the set of nodes to realize a cyclically ordered set of nodes;   selecting one of the nodes as an initiator node, U 0 ;   selecting one or more timeout values;   receiving, by the initiator node U 0 , a public key P i  from each of the other nodes U i  of the set of nodes, wherein the public key P i  is determined from a secret random value k i  and a private key associated with each of the other nodes U i ; and   creating a payment channel between adjacent nodes in the cyclically ordered set of nodes U i →U (i+1) mod n  by:
 (i) determining a locking value Q i+1 ; 
 (ii) checking that there is enough time to complete steps of a protocol; 
 (iii) establishing a payment channel between nodes U i  and U i+1  which is locked by the locking value; and 
 repeating steps (i) to (iii) until payment channels have been set up in a transaction ring. 
   
     
     
         20 . The method of  claim 19 , wherein the cyclically ordered set is considered as a ring, with each of the nodes U i  of the set of nodes having two other of the nodes as an immediately successive node U i+1  and an immediately previous node U i−1  to that node U i . 
     
     
         21 . The method of  claim 19 , wherein a first timeout value s represents an amount of time each node requires to complete operations including:
 constructing the payment channel U i →U (i+1) mod n ;   receiving a secret value; and   submitting an execution transaction T pay  that transfers x units in favour of U (i+1) mod n  to a blockchain.   
     
     
         22 . The method of  claim 19 , wherein a second timeout value S, is chosen as a starting time of a first transfer to a user being submitted to a Bitcoin network. 
     
     
         23 . The method of  claim 19 , wherein each k and its corresponding P i  are an elliptical curve public-private key pair such that P i =k i G. 
     
     
         24 . The method of  claim 19 , wherein the payment channel comprises three transactions comprising a commitment component transaction T c , a payment transaction T pay , and a refund transaction T r . 
     
     
         25 . The method of  claim 24 , wherein the commitment component transaction T c  represents a commitment component of the payment channel where U commits a specified number of units to the payment channel to be governed by either: a 2-of-2 multisignature (U i , U (i+1) ) or knowledge of a secret value sv (i+1)  and a signature of U (i+1) . 
     
     
         26 . The method of  claim 25 , wherein the T Pay  transaction transfers the specified number of units from U i  to U (i+1) , where the transaction is executed successfully through knowledge of the secret value sv i+1  and the signature of the user U i+1 . 
     
     
         27 . The method of  claim 25 , wherein the secret value sv i+1  is a counterpart to Q i+1  and represents a private key related to Q i+1  viewed as a public key. 
     
     
         28 . The method of  claim 25 , wherein the secret value sv i+1  is a counterpart to Q i+1  and represents a private key related to Q i+1  viewed as a public key. 
     
     
         29 . The method of  claim 25 , wherein the secret value sv i+1  is a counterpart to Q i+1  and represents a private key related to Q i+1  viewed as a public key. 
     
     
         30 . A computing device adapted to serve as a particular node in a cyclically-ordered set, the computing device comprising:
 a processor;   a memory;   a network interface; and   a non-transitory computer-readable storage medium storing computer-executable instructions that, when executed by the processor cause the computing device to perform a method according to  claim 19 .   
     
     
         31 . A non-transitory computer-readable storage medium storing instructions that adapt a computer system to serve as a particular node in a cyclically-ordered set wherein the instructions, when executed by a processor of the computer system, cause the computer system to perform a method according to  claim 19 .