Intuit, Inc. (20240346465). TOKEN OF DYNAMICALLY ADJUSTABLE VALUE simplified abstract

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TOKEN OF DYNAMICALLY ADJUSTABLE VALUE

Organization Name

Intuit, Inc.

Inventor(s)

Christopher Mankit Chan of San Jose CA (US)

Jothimani Kanthan Ganapathi of Castro Valley CA (US)

Jason Daniel Taylor of Sunnyvale CA (US)

Glenn Scott of Portola Valley CA (US)

TOKEN OF DYNAMICALLY ADJUSTABLE VALUE - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240346465 titled 'TOKEN OF DYNAMICALLY ADJUSTABLE VALUE

The patent application provides a method for transacting on a blockchain involving user tokens and system tokens.

  • The method includes determining equivalent amounts of user tokens for funding the transfer and system tokens for paying the cost of the transfer.
  • The transfer of user tokens is executed, and the system tokens paid for the transfer cost are reimbursed.
  • This process ensures a balanced transaction on the blockchain.

Potential Applications:

  • This technology can be used in various blockchain-based financial transactions.
  • It can streamline token transfers and ensure fair cost distribution on the blockchain.

Problems Solved:

  • Balancing token amounts for funding transfers and paying costs.
  • Ensuring transparency and efficiency in blockchain transactions.

Benefits:

  • Fair and efficient token transactions.
  • Reduced complexity in managing token transfers on the blockchain.

Commercial Applications:

  • This technology can be valuable for cryptocurrency exchanges, decentralized finance platforms, and any blockchain-based financial services.

Questions about the technology: 1. How does this method ensure the equivalent amounts of user tokens and system tokens for a transaction? 2. What are the potential risks associated with using this method in blockchain transactions?


Original Abstract Submitted

certain aspects of the disclosure provide a method for transacting on a blockchain with an amount of user token for a transfer; an amount of user token for funding the transfer; and an amount of system token for paying a cost of the transfer, wherein the amount of user token for funding the transfer is determined to be equivalent to the amount of system token for paying the cost of the transfer; executing the transfer of user token; and reimbursing the amount of system token paid for the cost of the transfer.

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