The Data Economics Company announces Notice of Allowance for a U.S. Patent Application on Transactional Proof of Work and Workchains
Patent issuance strengthens IP position with regards to novel and environmentally friendly methods of developing blockchain-backed digital assets and applications
LOS ANGELES, April 5, 2022 /PRNewswire/ — The Data Economics Company (DECO), a science and tech company that develops the Lydion® Engine, announced that its patent application (#US20190318350A1) covering systems and methods of generating, validating, and utilizing digital data assets in a blockchain platform using a minimal-energy-consuming Transactional Proof of Work (TPow) algorithm received a Notice of Allowance from the United States Patent and Trademark Office. This patent is foundational to the functionality of the Lydion Engine and the method it uses to generate, validate, approve, and record Lydion Digital Assets (Lydions) within a Data Economic Network (DENET).
“Computational Proof of Work, while a powerful mechanism for designing incentives to participate in a blockchain mining network, has some inherent drawbacks, most of which are connected to energy and resource consumption for the generation of artificial scarcity within digital assets,” said Arka Ray, co-inventor of the patent and part of the Managing Directors team at DECO. “Transactional Proof of Work, on the other hand, allows us to capture the energy used in real-world work and transactions as a source of scarcity for the creation of, and confirmation of, ‘blocks’ in a blockchain database and digital assets called ‘Lydions’. Each Lydion Asset represents proof of valuable outcomes of real-world work and can be used as an economic token to run enterprise-scale platforms and applications without requiring external currencies or cryptocurrencies. We have seen real-world proof of the effectiveness and scalability of ‘Transactional PoW’ and the Lydion Engine over three years with the success of the Miraculum Contracting Platform in the Health Sciences sector and an additional five enterprise Lydion Engine-powered platforms launching in the Climate, Finance, Agriculture, Gaming, and Education sectors over the next two years.”
“Computational PoW has limitations such as cost, carbon footprint, and capacity. Alternatives—as we have developed with Transactional PoW, as well as methods such as Proof of Stake—are essential to make blockchain-based applications environmentally sustainable and efficient at scale,” said Jennifer Hinkel, co-inventor and a Managing Director at DECO. “This patent contributes to the foundational science around Lydion Data Asset formation and is a cornerstone of DECO’s IP portfolio. The allownace reflects years of research by DECO as well as the talented legal support of Brienne Terrill and Carol Thorstad-Forsyth at Fox Rothschild.”
TPoW is a novel means to general, validate, and securely record transactions underlying the generation of digital assets. This method enables confirming transactions and blocks that enable the functionalities of blockchain data structures without the need for electricity-intensive computational proof of work algorithms such as those used for maintaining global blockchain networks that record cryptocurrency transactions. The result enables creation of blockchain platforms and applications that, compared to mainstream Distributed Ledger Technology and blockchain platforms, are nearly infinitely cheaper to run, significantly faster and higher capacity for transaction volume, and completely green and sustainable, as TPoW requires no additional energy expenditure.
This newly allowed patent application, first filed in 2019, contains 20 claims fundamental to the Lydion Engine and has a priority date of April 13, 2018. DECO has a pipeline of inventions related to the development and application of Lydion data assets and distributed computing systems and an IP portfolio including other granted US patents.
About DECO and the Lydion® Engine
The Data Economics Company’s mission is to pioneer and propagate the field of Data Economics by leading theoretical science and research; developing the mathematical, economic, and software frameworks and toolsets to power implementation; and continuing to advance commercialization of the Lydion® Engine. The Lydion® Engine enables companies and individuals to convert their data into valuable digital assets that can be utilized, shared, and transacted in secure, private data vaults and data economic networks.
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SOURCE The Data Economics Company
