Bprotocol Foundation (20240378595). METHODS FOR EXCHANGING AND EVALUATING VIRTUAL CURRENCY simplified abstract
Contents
METHODS FOR EXCHANGING AND EVALUATING VIRTUAL CURRENCY
Organization Name
Inventor(s)
Eyal Hertzog of Ramat-HaSharon (IL)
Galia Benartzi of Tel-Aviv (IL)
METHODS FOR EXCHANGING AND EVALUATING VIRTUAL CURRENCY - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240378595 titled 'METHODS FOR EXCHANGING AND EVALUATING VIRTUAL CURRENCY
Simplified Explanation: The patent application describes a method, system, and computer program product for executing cryptocurrency transactions. It involves receiving a request to execute a transaction related to a first cryptocurrency token, validating it through a smart contract, and determining rules for the transaction based on various parameters. The secure ledger network updates its ledger upon completion of the transaction.
- Key Features and Innovation:
- Execution of cryptocurrency transactions through a secure ledger network. - Smart contract validation for transaction execution. - Determination of transaction rules based on parameters like total amount of tokens in circulation and reserve ratio constant.
- Potential Applications:
- Cryptocurrency exchanges. - Financial institutions. - Online payment systems.
- Problems Solved:
- Ensuring secure and efficient cryptocurrency transactions. - Providing a transparent and reliable method for executing transactions.
- Benefits:
- Increased security in cryptocurrency transactions. - Streamlined process for executing transactions. - Enhanced transparency and trust in the transaction process.
- Commercial Applications:
- "Secure Cryptocurrency Transaction Execution System for Financial Institutions and Exchanges"
- Prior Art:
- Readers can explore prior art related to cryptocurrency transaction execution systems in the field of blockchain technology and financial services.
- Frequently Updated Research:
- Stay updated on the latest advancements in blockchain technology and cryptocurrency transaction systems.
Questions about Cryptocurrency Transaction Execution System:
1. How does the secure ledger network ensure the security of cryptocurrency transactions?
- The secure ledger network utilizes smart contracts and predefined rules to validate and execute transactions securely.
2. What are the key parameters considered in determining the rules for cryptocurrency transactions?
- Parameters such as total amount of tokens in circulation, total reserve of other cryptocurrency tokens, and reserve ratio constant are considered in determining transaction rules.
Original Abstract Submitted
method, system, and computer program product for executing cryptocurrency transactions. a request to execute a transaction related to a first cryptocurrency token is received by a secure ledger network. the secure ledger network executes a smart contract validated thereby and determining at least one rule for performing the transaction. execution of the transaction comprising determining a price of the first cryptocurrency token and/or an amount of at least one of the first cryptocurrency token and another cryptocurrency token obtained in exchange of one another, based on a group of parameters comprising: a total amount (tt) of the first cryptocurrency token in circulation, a total reserve (tr) of the other cryptocurrency token in a reserve, and a reserve ratio constant (rr) predefined as a ratio between the total reserve and a token market cap. a secure ledger maintained by the secure ledger network is updated about completion of the transaction.
