A peer, “wallet-only” consensus schema for ownership transfer over finite populations

Abstract

Consensus achievement is a scalable process, which relies on the mutual “Proof of something” among the consenting parties. Not every application has the same consensus needs: a classification of escalating complexity proofing cases is presented in [1], where it is proved that high complexity consensus policies can be effectively delivered on a pure P2P manner even over finite, even trivial capacity systems. The Proof of Existence (PoE) is utilized there as a minimal universal proofing case, the increased complexity of which is too high to be handled by a single atom, yet it can be delivered effectively on a collective basis. Irrespective of the undoubtable universality and soundness of PoE, it constitutes but the first and least-demanding proofing class identified. Universal consensus achievement on ownership transfer and monetary transactions requires elevated complexity proofing policies, capable of safeguarding the uniqueness of the transferred tokens as well as the finality of the transactional blockchain. In this work we present a pure P2P consensus schema for ownership transfer over finite populations. It relies on the IoT micro-Blockchain architecture which delivers a robust verifiable atomic consistency framework and facilitates the delivery of Proof of Originality-PoO and Proof of Consistency-PoC based consensus. We assert that PoO and PoC are necessary and capable to deliver robust consensus on ownership transfer transactions, and we study their traits over finite populations.