20240037657. SYSTEM OF CRYPTOCURRENCY MINING USING NON-FUNGIBLE TOKENS simplified abstract (BMC Ventures Inc.)
Contents
SYSTEM OF CRYPTOCURRENCY MINING USING NON-FUNGIBLE TOKENS
Organization Name
Inventor(s)
Brandon L. Castaneda of Data Point CA (US)
Michael J. Jalonen of San Juan Capistrano CA (US)
Patrick D. Miller of San Marcos CA (US)
SYSTEM OF CRYPTOCURRENCY MINING USING NON-FUNGIBLE TOKENS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240037657 titled 'SYSTEM OF CRYPTOCURRENCY MINING USING NON-FUNGIBLE TOKENS
Simplified Explanation
The patent application describes a system of cryptocurrency mining that involves a mining machine, a rewards pool, and a non-fungible token. The non-fungible token is designed to direct a fraction of the cryptocurrency in the rewards pool to the owner of the token. This invention focuses on fractionalizing rewards to non-fungible token holders in cryptocurrency mining.
- The system includes at least one cryptocurrency mining machine, a rewards pool, and a non-fungible token.
- The non-fungible token is configured to direct a fractionalized portion of the cryptocurrency in the rewards pool to the owner of the token.
- This system can be applied to various types of cryptocurrency mining, including bitcoin mining.
- The non-fungible token, methods, and systems described in the patent application can be used by rewards pools and rewards pool managers of all kinds.
- By fractionalizing rewards, the inventions described in the application can adjust the cost of entry to profitable endeavors, opening up new opportunities by democratizing ownership.
Potential applications of this technology:
- Cryptocurrency mining: The system can be used to distribute rewards to non-fungible token holders in cryptocurrency mining operations, such as bitcoin mining.
- Rewards pools: The technology can be employed by rewards pools and rewards pool managers to distribute fractionalized portions of cryptocurrency rewards to token holders.
Problems solved by this technology:
- Fair distribution of rewards: The system ensures that non-fungible token holders receive a fraction of the cryptocurrency rewards from mining operations, promoting fairness and inclusivity.
- Cost optimization: By fractionalizing rewards, the technology allows for fine-tuning the cost of entry to profitable endeavors, making them more accessible to a wider range of participants.
Benefits of this technology:
- Democratization of ownership: The fractionalization of rewards allows for the democratization of ownership in cryptocurrency mining, providing opportunities for a broader range of individuals to participate.
- Increased fairness: The system ensures that rewards are distributed fairly among non-fungible token holders, promoting a more equitable distribution of wealth in cryptocurrency mining.
Original Abstract Submitted
a system of cryptocurrency mining comprising at least one cryptocurrency mining machine, a rewards pool for receiving cryptocurrency from the mining machine, and a non-fungible token configured to direct a fractionalized portion of the cryptocurrency in the rewards pool to an owner of the non-fungible token. the invention relates to fractionalizing rewards to non-fungible token holders, such as bitcoin and other cryptocurrency mining. more broadly, the non-fungible token, methods, and systems disclosed herein can easily be employed by rewards pools and rewards pool managers of all kinds, as would be understood by one of ordinary skill in the art. by fractionalizing hard to apportion devices and systems, the inventions described herein can fine tune the cost of entry to profitable endeavors, proving new opportunities by democratizing ownership.
