CROWDSTAKE GLOBAL, INC. (20240242200). SYSTEM AND METHOD FOR USING A BLOCKCHAIN TO ENABLE DECENTRALIZED STAKING POOL FUNDRAISING simplified abstract
Contents
SYSTEM AND METHOD FOR USING A BLOCKCHAIN TO ENABLE DECENTRALIZED STAKING POOL FUNDRAISING
Organization Name
Inventor(s)
James Jackson Leach of Cedar Creek TX (US)
SYSTEM AND METHOD FOR USING A BLOCKCHAIN TO ENABLE DECENTRALIZED STAKING POOL FUNDRAISING - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240242200 titled 'SYSTEM AND METHOD FOR USING A BLOCKCHAIN TO ENABLE DECENTRALIZED STAKING POOL FUNDRAISING
The abstract describes a computer-implemented method involving smart contracts on a blockchain, cryptocurrency pledging, and annual percentage yield calculations.
- Simplified Explanation:
The method involves users selecting a smart project to join, pledging cryptocurrency to it for a set period, receiving an annual percentage yield, and returning the cryptocurrency if a trigger condition is met.
- Key Features and Innovation:
- Utilizes smart contracts on a blockchain for controlling smart projects - Involves pledging cryptocurrency to smart projects - Calculates annual percentage yield based on the amount of cryptocurrency pledged - Returns cryptocurrency if trigger condition is met
- Potential Applications:
- Decentralized finance (DeFi) platforms - Investment opportunities in smart projects - Automated yield generation for cryptocurrency holders
- Problems Solved:
- Facilitates secure and transparent cryptocurrency pledging - Provides a mechanism for generating yield on cryptocurrency investments - Enables users to participate in smart projects with defined terms and conditions
- Benefits:
- Increased transparency and security through blockchain technology - Opportunity for cryptocurrency holders to earn yield on their assets - Efficient and automated process for participating in smart projects
- Commercial Applications:
Smart contract platforms for DeFi projects, cryptocurrency investment platforms, blockchain-based financial services
- Prior Art:
Readers can explore prior art related to smart contracts, blockchain-based finance, and cryptocurrency pledging methods.
- Frequently Updated Research:
Stay informed about the latest developments in smart contract technology, blockchain innovations, and cryptocurrency investment strategies.
Questions about smart contracts and cryptocurrency pledging: 1. How do smart contracts enhance the security of cryptocurrency transactions? 2. What are the potential risks associated with pledging cryptocurrency to smart projects?
Original Abstract Submitted
in one embodiment, a computer-implemented method includes receiving, via a user interface, a selection of a smart project to join, wherein the smart project is controlled via a smart contract deployed on a blockchain. the method includes receiving an amount of cryptocurrency to pledge to the smart project for a set period of time based on the smart contract, transmitting, from a first digital wallet, the amount of cryptocurrency to an address associated with the smart project at a first block on the blockchain, receiving, based on the amount of cryptocurrency, an annual percentage yield, and transmitting, based on the smart contract, the annual percentage yield to a second block associated with a smart collateral digital wallet on the blockchain. the method includes determining when a trigger condition occurs, and responsive to the trigger condition occurring, returning the cryptocurrency to the first digital wallet.
