20240037542. METHODS AND SYSTEMS FOR MANAGING CRYPTOCURRENCY simplified abstract (Block, Inc.)

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METHODS AND SYSTEMS FOR MANAGING CRYPTOCURRENCY

Organization Name

Block, Inc.

Inventor(s)

Ryan Lanman of San Francisco CA (US)

Alexander Schoof of Leesburg VA (US)

Arvin Aminpour of New York NY (US)

Clayton Garrett of Atlanta GA (US)

METHODS AND SYSTEMS FOR MANAGING CRYPTOCURRENCY - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240037542 titled 'METHODS AND SYSTEMS FOR MANAGING CRYPTOCURRENCY

Simplified Explanation

The present disclosure is about a cryptocurrency management system that allows users to transfer cryptocurrency without accessing the private key stored in the system. The system includes a cryptocurrency management device (CMD), a mobile communication device (MCD), and a cryptocurrency management server (CMS), each storing a private key for generating an authenticating signature for a multi-signature address in a cryptocurrency network. Any two of the three devices can combine their authenticating signatures to create a fully authenticated request for transferring cryptocurrency associated with the multi-signature address. The CMS enables recovery in case of loss or unavailability of the CMD and/or MCD.

  • The system manages cryptocurrency and allows users to transfer it without accessing the private key.
  • It includes a CMD, MCD, and CMS, each storing a private key for generating an authenticating signature.
  • Any two of the three devices can combine their signatures to create a fully authenticated transfer request.
  • The CMS enables recovery in case of loss or unavailability of the CMD and/or MCD.

Potential applications of this technology:

  • Secure and convenient management of cryptocurrency without the need to access private keys.
  • Enhanced security for cryptocurrency transfers through multi-signature authentication.
  • Flexibility for users to transfer cryptocurrency using different devices without compromising security.

Problems solved by this technology:

  • Eliminates the need for users to directly access private keys, reducing the risk of unauthorized access or loss.
  • Provides a self-custody solution that allows users to manage their cryptocurrency securely without relying on third-party services.
  • Enables recovery in case of device loss or unavailability, ensuring users can still access and transfer their cryptocurrency.

Benefits of this technology:

  • Improved security by using multi-signature authentication for cryptocurrency transfers.
  • Convenient and flexible management of cryptocurrency using different devices.
  • Peace of mind for users knowing that their cryptocurrency can be recovered in case of device loss or unavailability.


Original Abstract Submitted

the present disclosure generally relates to methods, systems, apparatuses, and non-transitory computer readable media for managing cryptocurrency. a cryptocurrency management system has a cryptocurrency management device (cmd), a mobile communication device (mcd), and a cryptocurrency management server (cms) that are each configured to store a respective private key for use in generating a respective authenticating signature for a multi-signature address of a cryptocurrency network. any two of the three authenticating signatures capable of being generated by the cmd, mcd, and cms may be combined to generate a fully authenticated request for transferring cryptocurrency associated with the multi-signature address. the system provides the user with a flexible self-custody solution that permits him or her to transfer cryptocurrency without having to access the private key stored at the cms. however, the cms enables for recovery in the event of loss or unavailability of one or both of the cmd and/or the mcd.

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