Coinbase, Inc. (20240311811). WEB3 TRANSFER PROTOCOL simplified abstract
Contents
WEB3 TRANSFER PROTOCOL
Organization Name
Inventor(s)
Brian Cripe of San Francisco CA (US)
Chris Loeper of Lake Oswego OR (US)
Danyal Prout of Woodside CA (US)
WEB3 TRANSFER PROTOCOL - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240311811 titled 'WEB3 TRANSFER PROTOCOL
Simplified Explanation:
The patent application describes methods, systems, and devices for data management using a self-executing program on a blockchain distributed data store. The program verifies and transfers crypto tokens based on received messages.
- The self-executing program on a blockchain data store receives messages indicating sender and recipient addresses and amounts of crypto tokens.
- It verifies the validity of the messages by checking if they are signed by an operator associated with the program.
- The operator, linked to a custodial token platform, verifies information and signs messages.
- After validation, the program broadcasts messages to transfer the specified amount of crypto tokens to the recipient address.
Key Features and Innovation:
- Use of a self-executing program on a blockchain data store for data management.
- Verification of message validity through operator signatures.
- Transfer of crypto tokens based on verified messages.
Potential Applications:
The technology can be applied in:
- Financial transactions
- Secure data transfers
- Tokenized asset management
Problems Solved:
- Ensures secure and verified data transfers
- Streamlines token transactions
- Reduces the risk of fraud in crypto token transfers
Benefits:
- Enhanced security in data management
- Efficient processing of token transactions
- Improved trust in crypto token transfers
Commercial Applications:
Potential commercial uses include:
- Cryptocurrency exchanges
- Financial institutions
- Tokenized asset platforms
Prior Art:
Readers can explore prior art related to blockchain data management, self-executing programs, and crypto token transfers in the field of distributed ledger technologies.
Frequently Updated Research:
Stay updated on research related to blockchain data management, self-executing programs, and secure crypto token transfers for the latest advancements in the field.
Questions about Blockchain Data Management: 1. How does the self-executing program verify the validity of messages in the blockchain data store? 2. What are the potential risks associated with using a custodial token platform for verifying information in crypto token transfers?
Original Abstract Submitted
methods, systems, and devices for data management are described. a self-executing program of a blockchain distributed data store may receive a first message that includes indications of a sender address and a first amount of a first crypto token type to be received by a recipient address. the self-executing program may verify based at least in part on execution of the self-executing program, that the first message is validly signed by an operator associated with the self-executing program. the operator may be associated with a custodial token platform that verifies information and signs messages. the self-executing program may broadcast, after verifying that the first message is validly signed, one or more second messages that are configured to transfer the first amount of the first crypto token type to the recipient address.
