20240046249. METHODS AND SYSTEMS FOR LINKING DIGITAL WALLETS ON A BLOCKCHAIN NETWORK simplified abstract (WENEW, Inc.)

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METHODS AND SYSTEMS FOR LINKING DIGITAL WALLETS ON A BLOCKCHAIN NETWORK

Organization Name

WENEW, Inc.

Inventor(s)

Randy Chia-Wei Chung of Bellevue WA (US)

Jonathan Wang of Saratoga CA (US)

Michael De Leon Figge of Los Angeles CA (US)

METHODS AND SYSTEMS FOR LINKING DIGITAL WALLETS ON A BLOCKCHAIN NETWORK - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240046249 titled 'METHODS AND SYSTEMS FOR LINKING DIGITAL WALLETS ON A BLOCKCHAIN NETWORK

Simplified Explanation

The patent application describes a technique for linking digital wallets on a blockchain network, allowing users to manage tokens and store information securely. This includes the use of both hot wallets (connected to the internet) and cold wallets (offline) for transactions. The hot wallet can perform transactions on behalf of the linked cold wallet, ensuring security.

  • The technique allows for the linking of digital wallets on a blockchain network.
  • Users can manage tokens and store information in a digital wallet.
  • Digital wallets can be either hot wallets (connected to the internet) or cold wallets (offline).
  • A cold wallet can be linked to a hot wallet to perform transactions securely.
  • Transactions are signed with the private key of the cold wallet but use the address of the hot wallet.

Potential Applications:

  • Secure management of digital assets and tokens on a blockchain network.
  • Facilitating secure transactions between hot and cold wallets.
  • Enabling users to store and manage private keys and public keys in a digital wallet.

Problems Solved:

  • Ensuring the security of digital wallets and transactions.
  • Allowing for the offline storage of digital assets in cold wallets.
  • Simplifying the process of performing transactions using cold wallets.

Benefits:

  • Enhanced security for digital assets and transactions.
  • Flexibility in managing and storing digital assets.
  • Simplified process for performing transactions using cold wallets.


Original Abstract Submitted

a technique is directed to methods and systems for linking digital wallets on a blockchain network. the linked digital wallet system can include a user interface that is used to manage tokens. a user can store tokens, private keys, public keys, or any information in a digital wallet. a digital wallet can refer to a hot wallet and/or a cold wallet. a hot wallet is connected to the internet. to prevent a cold wallet from connecting to the internet for a transaction, a user can link a cold wallet to a hot wallet. the hot wallet can perform a transaction on behalf of the linked cold wallet. for example, a user signs a transaction with the private key of the cold wallet, but the transaction address is the address of the hot wallet.

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