Blockchain-based electronic transfer method and network
Date:
A method of maintaining a transaction database in an electronic transfer network, the method improving privacy of the network by making it possible to discard older transactions by enforcing demurrage, the method comprising: verifying, the value of an input $N(t_g)$ of a new transaction is equal to the value of the output $M(t_a)$ it references, multiplied once by a demurrage rate $r$ for every block between the past block $B_x$ storing the past transaction $(t_a)$ whose output $M(t_a)$ is referenced and the new block $(B_z)$:
Verifying that the total value of the new transaction’s outputs $M(t_g)$ is equal or inferior to the total value of the new transaction’s inputs $N(t_g)$, if the condition is verified, validating the new block $(B_z)$.