Coinbase, Inc. (20240311810). WEB3 TRANSFER PROTOCOL simplified abstract
Contents
- 1 WEB3 TRANSFER PROTOCOL
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 WEB3 TRANSFER PROTOCOL - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Key Features and Innovation
- 1.6 Potential Applications
- 1.7 Problems Solved
- 1.8 Benefits
- 1.9 Commercial Applications
- 1.10 Prior Art
- 1.11 Frequently Updated Research
- 1.12 Questions about Blockchain Data Management Systems
- 1.13 Original Abstract Submitted
WEB3 TRANSFER PROTOCOL
Organization Name
Inventor(s)
Brian Cripe of San Francisco CA (US)
Chris Loeper of Lake Oswego OR (US)
Danyal Prout of Woodside CA (US)
WEB3 TRANSFER PROTOCOL - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240311810 titled 'WEB3 TRANSFER PROTOCOL
Simplified Explanation
The patent application describes methods, systems, and devices for data management using a blockchain distributed data store. It involves a self-executing program that verifies and transfers crypto tokens between sender and recipient addresses.
- The self-executing program receives a message with sender and recipient addresses and a specified amount of crypto tokens.
- It verifies the message's validity by checking the signature of the operator associated with the program.
- After verification, the program broadcasts messages to transfer the specified amount of tokens to the recipient address.
Key Features and Innovation
- Use of a self-executing program in a blockchain distributed data store for managing data transactions.
- Verification of message validity based on the operator's signature.
- Transfer of crypto tokens between addresses using broadcasted messages.
Potential Applications
This technology can be applied in:
- Financial transactions
- Supply chain management
- Smart contracts
Problems Solved
- Secure and efficient transfer of crypto tokens between addresses.
- Verification of message authenticity in data transactions.
Benefits
- Increased security in data transactions.
- Streamlined process for transferring crypto tokens.
- Reduced risk of fraud in financial transactions.
Commercial Applications
Blockchain Data Management System for Secure Financial Transactions This technology can be utilized by financial institutions, cryptocurrency exchanges, and other entities involved in secure data transactions.
Prior Art
Readers can explore prior art related to blockchain data management systems, self-executing programs, and crypto token transfers in distributed data stores.
Frequently Updated Research
Stay updated on the latest advancements in blockchain technology, data management systems, and secure financial transactions.
Questions about Blockchain Data Management Systems
How does the self-executing program verify the validity of messages?
The program verifies message validity by checking the signature of the operator associated with it.
What are the potential applications of this technology beyond financial transactions?
This technology can also be applied in supply chain management, smart contracts, and other data management systems.
Original Abstract Submitted
methods, systems, and devices for data management are described. a self-executing program of a blockchain distributed data store may receive a first message that includes indications of a sender address and a first amount of a first crypto token type to be received by a recipient address. the self-executing program may verify based at least in part on execution of the self-executing program, that the first message is validly signed by an operator associated with the self-executing program. the operator may be associated with a custodial token platform that verifies information and signs messages. the self-executing program may broadcast, after verifying that the first message is validly signed, one or more second messages that are configured to transfer the first amount of the first crypto token type to the recipient address.
