Coinbase, Inc. (20240265376). Omnibus Address Generation and Autoconversion of Cryptocurrency simplified abstract
Contents
Omnibus Address Generation and Autoconversion of Cryptocurrency
Organization Name
Inventor(s)
Dustin Kinsey of Poulsbo WA (US)
Jason Li of Jersey City NJ (US)
Omnibus Address Generation and Autoconversion of Cryptocurrency - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240265376 titled 'Omnibus Address Generation and Autoconversion of Cryptocurrency
The abstract of the patent application discusses a computing platform that can prefetch pay-to addresses associated with an omnibus account before receiving a purchase request. When a client requests a purchase from a merchant, the platform associates the client and the merchant with one of the prefetched pay-to addresses. The platform then monitors the pay-to address for receipt of a predefined amount of cryptocurrency associated with the purchase. Upon detecting the receipt of the cryptocurrency, the platform transfers funds from the omnibus account to the merchant's account.
- Prefetching pay-to addresses associated with an omnibus account before receiving a purchase request
- Associating clients and merchants with prefetched pay-to addresses
- Monitoring pay-to addresses for receipt of cryptocurrency associated with purchases
- Transferring funds from the omnibus account to the merchant's account upon detecting receipt of the cryptocurrency
- Streamlining the payment process for purchases made using cryptocurrency
Potential Applications: - Streamlining cryptocurrency payments for online purchases - Enhancing security and efficiency in payment processing systems
Problems Solved: - Simplifying the process of making purchases with cryptocurrency - Improving the speed and accuracy of fund transfers between accounts
Benefits: - Faster and more secure transactions - Reduced risk of errors in payment processing - Enhanced user experience for clients and merchants
Commercial Applications: - E-commerce platforms - Cryptocurrency payment processors - Financial institutions offering cryptocurrency services
Questions about the technology: 1. How does the platform ensure the security of funds during the transfer process? 2. What measures are in place to prevent unauthorized access to the prefetched pay-to addresses?
Frequently Updated Research: - Stay informed about advancements in cryptocurrency payment processing technologies and security measures.
Original Abstract Submitted
aspects of the disclosure relate to event processing. a computing platform may prefetch, prior to receipt of a purchase request, a plurality of pay to addresses (associated with an omnibus account, used to route funds from the omnibus account to a merchant account, and not associated with a particular merchant account when prefetched). the computing platform may receive, from a client, a request to make a purchase from a merchant, and may associate the client and the merchant with one of the prefetched pay to addresses/notify the client of the prefetched pay to address. the computing platform may monitor the prefetched pay to address for receipt of a predefined amount of cryptocurrency associated with the purchase. upon detecting receipt of the predefined amount of cryptocurrency, the computing platform may transfer funds corresponding to the purchase from the omnibus account to an account for the merchant.
