20240054479. SYSTEMS AND METHODS FOR OPEN, SECURE, ENCRYPTED CURRENCY EXCHANGE AND SMART CONTRACT TRANSACTIONS simplified abstract (Wyre, Inc.)

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SYSTEMS AND METHODS FOR OPEN, SECURE, ENCRYPTED CURRENCY EXCHANGE AND SMART CONTRACT TRANSACTIONS

Organization Name

Wyre, Inc.

Inventor(s)

Craig Lou of Plymouth MI (US)

Samuel Schlachter of Washington Crossing PA (US)

Salim Hamza of Mandeville (CA)

SYSTEMS AND METHODS FOR OPEN, SECURE, ENCRYPTED CURRENCY EXCHANGE AND SMART CONTRACT TRANSACTIONS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240054479 titled 'SYSTEMS AND METHODS FOR OPEN, SECURE, ENCRYPTED CURRENCY EXCHANGE AND SMART CONTRACT TRANSACTIONS

Simplified Explanation

  • Techniques for open, secure, encrypted currency exchange and smart contract transactions are described in the patent application.
  • The script is used to receive input indicating an item for purchase or other transaction.
  • The script determines the price of the item and a transaction fee based on the input.
  • The transaction fee can be determined in a first currency, such as a fiat currency.
  • A first wallet is configured to receive payment in the fiat currency if the payment is equal to or greater than the sum of the price and transaction fee.
  • The script identifies digital assets to be provided from a second wallet in response to receiving the payment.
  • The script also identifies the item to be purchased to one or more smart contracts that can execute the purchase.

Potential Applications

This technology can be applied in:

  • Cryptocurrency exchanges
  • E-commerce platforms
  • Financial services

Problems Solved

This technology solves the following problems:

  • Ensuring secure and encrypted transactions
  • Facilitating currency exchange in a transparent manner
  • Automating smart contract transactions

Benefits

The benefits of this technology include:

  • Enhanced security in transactions
  • Efficient currency exchange processes
  • Streamlined smart contract execution


Original Abstract Submitted

techniques for open, secure, encrypted currency exchange and smart contract transactions include executing a script for receiving input indicating an item for purchase, or other transaction. the script can be used to determine a price of the item, and a transaction fee responsive to the price and the input indicating the item. the script can determine the transaction fee in a first currency, for example a fiat currency. a first wallet can be configured to receive payment in the fiat currency; e.g., where the payment is equal to or greater than a sum of the price and the transaction fee. the script can also identify one or more digital assets to be provided from a second wallet, responsive to receiving the payment, and to identify the item to be purchased to one or more smart contracts that are executable to purchase the item.

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