Blockchain leader Dragonchain received a patent for a blockchain loyalty system that tracks and monetizes time with blockchain, in accordance with the documents published by the United States Patent and Trademark Office (USPTO) on April 23.
The product described in the filing corresponds to the U.S. patent application filed in November 2018 titled “Security Systems and Methods based on Cryptographic Utility Token Inventory Tenure.” Dragonchain proposes a new value system, Dragon Days of Slumber Score, also known as DDSS, which captures a time-based score for balances on blockchain.
DDSS is a breakthrough in digital assets and loyalty rewards, since time cannot be replicated or fluctuate in value. This introduces a consensus mechanism with advantages over Proof of Stake and Proof of Work. Proof of Time, the consensus model based on DDSS, is resistant to tampering and manipulation from bad actors.
“When you look at existing loyalty programs, the rewards are not proportionate to someone’s actual loyalty. For example, airline rewards are often based on using a credit card to accumulate points, rather than rewarding the time someone has flown with an airline,” said Joe Roets, founder and CEO of Dragonchain. “By monetizing time with blockchain, DDSS creates a new type of value system to recognize true loyalty through immutable measurement.”
Tenure-based protocols elevate entities whose contributions have withstood scrutiny over time. They enable Dragonchain to allocate privileges wisely among diverse participants to minimize the need for sluggish subjective validation and thereby provide a quantum leap in administrative decision speed,” said Jonathan Olson, patent attorney of AEON Law. “The patent office approved our application with unusual speed. Dragonchain continues to expand its status as a primary nexus in blockchain innovation.”
November 2018, Dragonchain also received a patent for Interchain, which enabled interoperability with public blockchain networks such as Bitcoin, Ethereum, Ethereum Classic, and more.
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Dragonchain is a U.S.-based technology leader, offering Blockchain as a Service with security and scalability at the forefront of its operations. Dragonchain’s public/private hybrid blockchain platform combines high performance and ease of use, allowing enterprises to build and deploy blockchain solutions in minutes. As a service provider, Dragonchain’s goal is to empower businesses with an enterprise-grade blockchain solution. Visit www.dragonchain.com