Transferring ledger assets between blockchains via pegged sidechains

US10812274B2 · kind B2 · utility

Assignee

• Blockstream Corporation · CA

Inventors

• Adam Back · San Francisco, US
• Gregory Maxwell · Mountain View, US
• Matt Corallo · Kingston, US
• Luke Dashjr · Land O' Lakes, US
• Mark Friedenbach · San Jose, US
• Andrew Poelstra · Austin, US
• Jorge Timon · San Francisco, US
• Pieter Wuille · Mountain View, US

Key dates

• Filing date: May 9, 2016
• Grant date: Oct 20, 2020
• Expiry date: Aug 16, 2038

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04L2209/56
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Systems and methods are described for transferring an asset from a parent chain to a sidechain. A simplified payment verification (SPV) proof associated with the parent chain asset may be generated. The SPV proof may include a threshold level of work. The SPV proof associated with the parent chain asset may be validated, and a sidechain asset corresponding to the parent chain asset may be generated. If no reorganization proof is detected, the sidechain asset is released. To redeem the sidechain asset in the parent chain, a SPV proof associated with the sidechain asset may be generated. The parent chain may validate the SPV proof associated with the sidechain asset. The parent chain asset associated with the sidechain asset may be held for a second predetermined contest period. The parent chain asset may then be released if no reorganization proof associated with the sidechain asset is detected.