View source for 20240046370. Supplemental Tax Protocol System and Method simplified abstract (SafeMoon US, LLC)

=Supplemental Tax Protocol System and Method=


==Organization Name==

[[:Category:SafeMoon US, LLC|SafeMoon US, LLC]]


[[Category:SafeMoon US, LLC]]

==Inventor(s)==

[[:Category:Adel Elmessiry of Brentwood TN (US)|Adel Elmessiry of Brentwood TN (US)]][[Category:Adel Elmessiry of Brentwood TN (US)]]

==Supplemental Tax Protocol System and Method - A simplified explanation of the abstract==


This abstract first appeared for US patent application 20240046370 titled 'Supplemental Tax Protocol System and Method

==Simplified Explanation==

The abstract of the patent application describes a system and method for calculating and deducting supplemental taxes associated with cryptocurrency transactions automatically. Here is a simplified explanation of the abstract:

* The patent application proposes a system and method for handling supplemental taxes related to cryptocurrency transactions.
* It suggests automatically calculating and deducting these supplemental taxes upon the execution of a transaction.
* The innovation aims to simplify the process of tax calculation and deduction for cryptocurrency transactions.

Potential Applications:

* Cryptocurrency exchanges and platforms can utilize this technology to streamline tax calculations and deductions for their users.
* Governments and tax authorities can leverage this system to ensure accurate and efficient taxation of cryptocurrency transactions.

Problems Solved:

* Simplifies the process of calculating and deducting supplemental taxes associated with cryptocurrency transactions.
* Addresses the challenge of accurately determining and deducting taxes in the rapidly evolving cryptocurrency landscape.

Benefits:

* Automation of tax calculation and deduction reduces the burden on users and ensures compliance with tax regulations.
* Streamlines the tax collection process for governments and tax authorities.
* Enhances transparency and accuracy in cryptocurrency transactions by incorporating tax calculations directly into the transaction execution process.


==Original Abstract Submitted==

a system and method for calculating supplemental taxes associated with a cryptocurrency transaction and automatically deducting such supplemental taxes upon execution of a transaction.



[[Category:G06Q40/10]]
[[Category:G06Q20/38]]
[[Category:G06Q20/06]]