Methods and systems for decentralized consensus protocol in timechain networks

A computer-implemented method for a consensus process implemented in a timechain network, comprising:

• upon receiving event data in a network, determining, by a node in the network, whether the node is selected to participate as a time elector or time node based at least on a stake of the node, the stake being a predefined number of tokens submitted with the network to participate in the consensus process, the predefined number of tokens to be staked being equal for any nodes participating in the consensus process,
• wherein determining that the node is selected to participate as the time node by generating a verifiable delay function (VDF) proof is based at least on a random seed and the stake of the node;
• receiving, by the node, a block in combination with a VDF proof from a time elector node in the network;
• verifying, by the node, the block and the VDF proof from the time elector node based on a public key of the time elector node;
• and
• upon a successful verification, confirming, by the node, the verified block to be added to the timechain.

A node for a consensus process implemented in a timechain network, comprising:

• a processor;
• a communication module;
• and
• a memory for storing instructions which, when executed by the processor, causes the node, at least in part, to:
• receive event data from a network, the event data being sent to the network by a publisher;
• verify the event data by validating a signature of the publisher;
• determine whether the node is selected to participate in the consensus process as a time elector or a time node based at least on a stake of the node, the stake being a predefined number of tokens submitted with the network to participate in the consensus process, the predefined number of tokens to be staked being equal for any nodes participating in the consensus process,
• wherein determination is performed by generating a verifiable delay function (VDF) proof based at least on a random seed and the stake of the node;
• generate a block to be added to a time chain, the block comprising the received data and current state of the time chain;
• and
• communicate the block in combination with the VDF proof to other nodes in the network, the block being proposed by the node to be added to the timechain.

A node for a consensus process implemented in a timechain network, comprising:

• a processor;
• a communication module;
• and
• a memory for storing instructions which, when executed by the processor, causes the node, at least in part, to:
• upon reception of event data in a network, determine whether the node is selected to participate as a time elector or time node based at least on a stake of the node, the stake being a predefined number of tokens submitted with the network to participate in the consensus process, the predefined number of tokens to be staked being equal for any nodes participating in the consensus process,
• wherein determination is performed by generating a verifiable delay function (VDF) proof based at least on a random seed and the stake of the node;
• receive a block in combination with the VDF proof from a time elector node in the network;
• verify the block and the VDF proof from the time elector node based on a public key of the time elector node;
• and
• upon a successful verification, confirm the verified block to be added to the timechain.