Coinbase, Inc. (20240257084). SELF-EXECUTING PROGRAM FOR OUTBOUND MESSAGES simplified abstract
Contents
SELF-EXECUTING PROGRAM FOR OUTBOUND MESSAGES
Organization Name
Inventor(s)
Peter Jihoon Kim of Austin TX (US)
Brock Miller of New York NY (US)
Kai Luo of Los Angeles CA (US)
Jiangchuan He of Redmond WA (US)
Vignesh Muralidharan of Seattle WA (US)
Rajeev Vishaka of Austin TX (US)
SELF-EXECUTING PROGRAM FOR OUTBOUND MESSAGES - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240257084 titled 'SELF-EXECUTING PROGRAM FOR OUTBOUND MESSAGES
Simplified Explanation:
The abstract describes a system where a custodial token platform uses a single smart contract to send messages to multiple external addresses on a blockchain. The platform selects withdrawal requests based on certain criteria and fulfills them by transferring crypto tokens to the external addresses through batch messages.
- The custodial token platform implements a single smart contract for outbound messages.
- A self-executing program is deployed to a blockchain data store to batch messages to multiple external addresses.
- Withdrawal requests are selected based on criteria and fulfilled through batch messages.
- Messages are broadcasted to the blockchain data store, causing a transfer of crypto tokens to external addresses.
Key Features and Innovation:
- Efficient processing of withdrawal requests through batch messages.
- Automation of token transfers to external addresses.
- Secure handling of crypto tokens on a blockchain platform.
- Streamlined communication between the custodial token platform and external addresses.
Potential Applications:
- Cryptocurrency exchanges
- Digital asset management platforms
- Cross-border payment systems
Problems Solved:
- Streamlining withdrawal request processing
- Enhancing security in token transfers
- Improving communication efficiency
Benefits:
- Faster processing of withdrawal requests
- Reduced manual intervention
- Enhanced security in token transfers
Commercial Applications:
The technology can be used in cryptocurrency exchanges to automate withdrawal processes, in digital asset management platforms to streamline token transfers, and in cross-border payment systems to enhance efficiency and security.
Questions about Custodial Token Platform Technology: 1. How does the custodial token platform ensure the security of crypto token transfers? 2. What criteria does the platform use to select withdrawal requests for fulfillment?
Original Abstract Submitted
a custodial token platform may implement a single smart contract for outbound messages. the custodial token platform may deploy, to a blockchain distributed data store, a self-executing program that batches messages from the self-executing program to multiple addresses of the blockchain distributed data store that are external to a custodial token platform associated with the self-executing program. the custodial token platform may select, from the multiple withdrawal requests and based on selection criteria, a set of withdrawal requests to fulfill via a batch message from the self-executing program. the custodial token platform may broadcast, to the blockchain distributed data store, a message that calls the self-executing program. the message includes an indication of a set of external addresses associated with the set of withdrawal requests, and the message causes a transfer of a set of crypto tokens from the self-executing program to the external addresses via the batch message.
