Methods and systems for blockchain-implemented event-lock encryption

A computer readable storage medium comprising computer-executable instructions which, when executed, configure a processor to perform a method of confiscating a digital asset comprising:

• detecting, by a first node that is a member of a congress comprising a plurality of nodes, malicious activity by a malicious node that is also a member of the congress;
• providing, by the first node, a partial signature on a confiscation transaction to transfer at least a portion of digital asset(s) deposited by the malicious node to an unspendable address, wherein the digital asset(s) were deposited by the malicious node when joining the congress;
• determining, by a threshold number of members of the congress, that the digital asset(s) of the malicious node should be confiscated, wherein the determination is made by reaching a consensus on a sidechain;
• and
• confiscating the at least a portion of digital asset(s) of the malicious node by generating a valid signature for the confiscation transaction and suspending the malicious node from further participation in the congress.

An electronic device comprising:

• an interface device;
• a processor coupled to the interface device;
• a memory coupled to the processor, the memory having stored thereon computer executable instructions which, when executed, configure the processor to perform a method of confiscating a digital asset comprising:
• detecting, by a first node that is a member of a congress comprising a plurality of nodes, malicious activity by a malicious node that is also a member of the congress;
• providing, by the first node, a partial signature on a confiscation transaction to transfer at least a portion of digital asset(s) deposited by the malicious node to an unspendable address, wherein the digital asset(s) were deposited by the malicious node when joining the congress;
• determining, by a threshold number of members of the congress, that the digital asset(s) of the malicious node should be confiscated, wherein the determination is made by reaching a consensus on a sidechain;
• and
• confiscating the at least a portion of digital asset(s) of the malicious node by generating a valid signature for the confiscation transaction and suspending the malicious node from further participation in the congress.