Forge Global, Inc. (20240212047). GLOBAL LIQUIDITY AND SETTLEMENT SYSTEM simplified abstract
Contents
GLOBAL LIQUIDITY AND SETTLEMENT SYSTEM
Organization Name
Inventor(s)
Greg Brogger of San Francisco CA (US)
GLOBAL LIQUIDITY AND SETTLEMENT SYSTEM - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240212047 titled 'GLOBAL LIQUIDITY AND SETTLEMENT SYSTEM
Simplified Explanation:
The patent application describes a computer-implemented method for conducting digital currency escrow swaps on a network of nodes.
- Placing transfer orders through an intermediate node
- Sending signed transfer order transactions with digital wallets to an escrow swap node
- Performing a transfer-in order finishing operation by transferring digital currency to the escrow swap node
- Transferring digital securities to the escrow swap node for each sell order
- Sending digital securities from the escrow swap node
- Sending digital currency to the transfer-out node for each transfer-out order
Key Features and Innovation:
- Utilizes a network of nodes for digital currency escrow swaps
- Involves transfer orders through an intermediate node
- Uses digital wallets for signed transfer order transactions
- Facilitates transfer of digital currency and securities securely
- Automates the process of transferring digital assets
Potential Applications:
- Cryptocurrency trading platforms
- Online marketplaces
- Financial institutions
- Peer-to-peer transactions
- Cross-border payments
Problems Solved:
- Secure transfer of digital assets
- Streamlined escrow swap process
- Reduction of transactional risks
- Efficient management of digital wallets
- Facilitation of peer-to-peer transactions
Benefits:
- Enhanced security in digital asset transfers
- Simplified escrow swap process
- Minimized transactional risks
- Improved efficiency in managing digital wallets
- Facilitated peer-to-peer transactions
Commercial Applications:
Title: Digital Currency Escrow Swap Method for Secure Transactions
This technology can be applied in cryptocurrency exchanges, online marketplaces, and financial institutions to streamline digital asset transfers and enhance security in transactions. The market implications include increased trust in peer-to-peer transactions, reduced transactional risks, and improved efficiency in managing digital wallets.
Questions about Digital Currency Escrow Swap Method for Secure Transactions:
1. How does the use of an escrow swap node enhance the security of digital asset transfers? 2. What are the potential risks associated with using an intermediate node in the transfer process?
Original Abstract Submitted
a computer-implemented method for performing a digital currency escrow swap on a network of nodes is disclosed. the method includes placing transfer orders through an intermediate node and sending signed transfer order transactions with digital wallets to an escrow swap node. the method further includes performing a transfer-in order finishing operation by requesting a transfer of digital currency to the escrow swap node and receiving the digital currency via the transfer-in node. for each sell order, digital securities are transferred to the escrow swap node via the transfer-out node. the digital securities are sent from the escrow swap node. for each transfer-out order, the digital currency is sent to the transfer-out node. the method includes an analogous operation to finish a transfer-out order.
