Coinbase, Inc. (20240273522). ENABLING CRYPTOGRAPHIC TRANSFERS simplified abstract
Contents
ENABLING CRYPTOGRAPHIC TRANSFERS
Organization Name
Inventor(s)
Varun Varahabhotla of Bellevue WA (US)
Shiv Ansal of Cupertino CA (US)
Andrew Hang of Temple City CA (US)
Mansi Prakash of Oakland CA (US)
ENABLING CRYPTOGRAPHIC TRANSFERS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240273522 titled 'ENABLING CRYPTOGRAPHIC TRANSFERS
The abstract describes a system for performing cryptographic operations related to transferring non-fungible tokens (NFTs) on a blockchain.
- The system receives identifiers for blockchain operation requests, such as bids, to transfer control of an NFT from one blockchain address to another in exchange for payment.
- Visual indications of the operation requests are provided to a user device associated with a cryptography-based storage application.
- The system can receive approval commands from the user device and determine on-chain programs for transferring the NFT.
- Requests to transfer the NFT to the approved blockchain address are submitted to the on-chain program.
- Potential Applications:**
- Secure transfer of NFTs on blockchain platforms - Facilitating transactions involving NFTs and fungible tokens - Enhancing user control and security in blockchain operations
- Problems Solved:**
- Ensuring secure and transparent transfer of NFTs - Streamlining the process of exchanging NFTs for payment - Providing visual cues for user interaction with blockchain operations
- Benefits:**
- Increased security in NFT transactions - Simplified process for transferring NFTs between addresses - Enhanced user experience through visual feedback
- Commercial Applications:**
Potential commercial applications include NFT marketplaces, blockchain gaming platforms, and digital art platforms. This technology can streamline transactions involving NFTs and improve user trust and security in blockchain operations.
- Questions about Cryptographic Operations:**
1. How does the system ensure the security of NFT transfers on the blockchain? 2. What are the potential implications of this technology for the NFT market and blockchain industry as a whole?
Original Abstract Submitted
methods and systems are described herein for performing cryptographic operations. in particular, the system receives identifiers for blockchain operation requests (e.g., bids) for transferring control of a non-fungible token (nft) from a first blockchain address to a second blockchain address in exchange for payment (e.g., fungible tokens). the system provides visual indications of the blockchain operation requests to a first user device associated with a first cryptography-based storage application (e.g., an address associated with a cryptographic wallet of a user). the system may receive, from the first user device, a command to approve one of the blockchain operation requests and may determine an on-chain program (e.g., smart contract) for transferring the nft. the system may submit, to the on-chain program, a request to transfer the nft to the second blockchain address associated with the approved first blockchain operation request.
