Bellevue, WA, May 20, 2019 – Blockchain leader Dragonchain received a patent for a blockchain loyalty system that tracks and monetizes time with blockchain, 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 titled “Security Systems and Methods based on Cryptographic Utility Token Inventory Tenure.” Dragonchain proposes a new value system, Dragon Days of Slumber Score, now known as TIME, which captures a time-based score for balances on blockchain.
TIME 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 TIME, 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. By monetizing TIME with blockchain, we create a new type of value systems to recognize true loyalty through immutable measurement.”
Joe Roets, Founder and CEO of Dragonchain
“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. The patent office approved our application with unusual speed. Dragonchain continues to expand its status as a primary nexus in blockchain innovation.”
Jonathan Olson, Patent Attorney of AEON Law
In 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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