ZeU files New Provisional Patent for New Internet Communication Protocol & Introduces the Infrastructure Layer for the Internet of Ledgers
(TheNewswire)
Montréal – TheNewswire - August 18, 2019 – St-Georges Eco-Mining Corp. (CSE:SX) (OTC:SXOOF) (FSE:85G1) is pleased to inform the public that its subsidiary, ZeU Crypto Networks Inc., has filed this week with the US Patent Office a provisional patent application for a New Internet Communication Protocol. The protocol will enable a smoother transition of legacy systems into the distributed digital economy, or Web 3.0.
ZeU’s Internet of Ledgers starts with a communication protocol enabling infinite, distributed, and trustless network connections on data, executable code, digital assets, and the next big thing yet to be invented.
The US Provisional Patent: “A Method and System for a Transactional Decentralized Communication Protocol Infrastructure; (Using ZeU Cross-Chain Multi-Chain Atomic Swap)”
This patent describes a method to create a highly-scalable, smart contract-less communication protocol, much like TCP/IP, using distributed consensus, an atomic transaction framework, Unspent Transaction Output (UTXO), and a Byzantine Fault Tolerance standard. This protocol leverages the cross-chain, multi-chain particularities of ZeU’s Atomic Swap.
Decentralized Transactional Communication Protocol (DTCP)
The Decentralized Transactional Communication Protocol (DTCP) is a grassroots alternative to tackle DLT-based industry problems such as interoperability and scalability. It enables any number of participants to communicate in a transactional way. They can exchange data (even executable code or direct streaming bytes packets) or digital assets or both. It can create communication channels in a continuous or one-time manner. The protocol does not use blockchain or a token and is ledger-agnostic, as it uses a user protocol-centric approach to decentralized escrows. It is decentralized utilizing a network of nodes, which mine the transaction in a specific way.
The protocol leverages participants’ virtual machines (VM) to create a scalable alternative to Lightning Networks or state channels.
The protocol uses a mix of distributed VMs and derives asymmetric encryption (BIP32), multisig digital wallets, and a transactional flow. To settle on mutually agreed terms, participants synchronize and accept the mutual terms of communications, much like TCP/IP and SSL handshakes, to establish commitments. The protocol is built for all participants and nodes to verify the authenticity and the validity of any transactional request. It uses a decentralized escrow system to disable double-spends and other such attacks.
The protocol is Byzantine fault-tolerant and follows a UTXO approach using the concept of commitment rollbacks. These rollback commitments are established at the same time as the request commitments on a hard fail or a timeout-based on the length, i.e. number of Participants, in the transaction chain.
The protocol can enable use cases such as:
- High Volume/Speed Trading;
- Micropayments;
- DApp ledger interoperability;
- Streaming;
- Exchange of distributed executable logic, similar to smart contracts.
Frank Dumas, CEO of ZeU Crypto Networks, commented: “(…) DTCP is built for Web 3.0. It’s a grassroots way to redefine asynchronous distributed communication in a decentralized way which removes the need for trust between third parties. It will enable interoperability, scalability, and a token-less economic model in the world of digital assets as data, cryptocurrency, and distributed executable code, such as smart contracts, using methods similar to the emergence of internet protocols (…) as a communication protocol, DTCP is ledger-agnostic and enables any number of participants in any transaction. As the web transit to the digital economy, this protocol allows any participant to create their own mini internet with other participants (…) this newest addition to ZeU’s IP portfolio should grow our pool of commercial opportunities exponentially. To accelerate its universal adoption, a dedicated team will be working around the clock to publish a comprehensive proof of concept to use by third-party developers before year-end. (…)
Use Cases of the DTCP Protocol
Use Case 1: High volume micropayments for streaming involving Alice, Bob, and Chris
Alice has an online paid streaming engine (AliceApp) and distributes content to her users in exchange for crypto micro-payment. Bob and Chris are consumers of Alice’s service. Bob pays in ETH and Chris in BTC. Bob and Chris put an amount of asset (1 ETH, 0.1 BTC) into their AliceApp account by enabling it to be held in escrow. Note that Alice does NOT have the funds yet, but she can prove the funds exists and are available.
Bob and Chris create a streaming request, i.e., a transaction request, by clicking on the video to start.
AliceApp will start trading streaming packets in exchange for Bob and Chris’ pseudo-transaction signed receipt, perhaps 0.00001 ETH or 0.000001 BTC per megabytes. The payments are settled only when one of the two conditions are met.
- Agreed schedule, e.g., AliceApp as a 24h settlement cycle;
- The total committed amount of any participant is met, e.g., Chris has reached 0.1 BTC.
Use Case 2: DApp interoperable remittance system with David, Esther, and Kate
DavidApp is a gambling DApp enabling participants to bet on live sporting matches built on EOS. EstherApp is a remittance micro-payment system built on BCH. Kate is a DavidApp user. David is using EstherApp to reward the winner using the user’s chosen asset.
Kate is playing DavidApp by sending her bet from her mobile device while she is enjoying the match. Every time she places a bet, she sends the related data and an asset, e.g., 0.00001 ETH, which she has requested to be rewarded with BCH. Multiple times within the established time frame, e.g., the length of the match, Kate wins, and DavidApp responds with a winning event in which he rewards Kate with 0.01 BCH.
Kate receives her BCH, if applicable, from EstherApp at the end of the match, the agreed cycle. She was able to bet hundreds of times, sometimes winning, sometimes losing. David also has access to the ETH at the end of the match. EstherApp exchanges a sum of ETH for the required BCH and the EOS to pay for the platform bandwidth.
EstherApp may use a multilateral atomic swap with its affiliated partner to ensure liquidity in any requested digital asset.
Use Case 3: Decentralized Liquidity Pool with George, Hannah, Iris, Jared & Kalvin
All Liquidity Pool Participants desire easy access to each other’s available assets to create liquidity for their application, e.g., EstherApp in Use Case 2.
- George has BTC
- Hannah has BCH
- Iris has LTC
- Jared has XRP
- Kalvin has ETH
All participants commit funds to the pool. Note that none of the other participants have access to any of the funds but can have their funds returned.
The participants can exchange pseudo-transactions, either micro or macro, which will only settle once the agreed-upon cycle is met or any participant has reached their committed funds.
Note that the participants can use a transaction bridge to automate the repopulation/refund of their escrow accounts using distributed code logic and trusted signals, i.e., oracles, e.g. a DApp signal based on asset fluctuation price.
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas”
DIRECTOR & COO, ST-GEORGES ECO-MINING
PRESIDENT & CEO, ZEU CRYPTO NETWORKS
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Copyright (c) 2019 TheNewswire - All rights reserved.