Frontage Road Holdings, LLC (20240232826). Blockchain Cross-Chain Non-Fungible Token Exchange simplified abstract
Contents
- 1 Blockchain Cross-Chain Non-Fungible Token Exchange
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 Blockchain Cross-Chain Non-Fungible Token Exchange - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Commercial Applications
- 1.9 Questions about Cross-Chain NFT Exchange System
- 1.10 Original Abstract Submitted
Blockchain Cross-Chain Non-Fungible Token Exchange
Organization Name
Inventor(s)
Josh Williams of Sacramento CA (US)
Raymond A. Chiapuzio of Eugene OR (US)
Blockchain Cross-Chain Non-Fungible Token Exchange - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240232826 titled 'Blockchain Cross-Chain Non-Fungible Token Exchange
Simplified Explanation
The patent application describes a system and method for exchanging a nonfungible token (NFT) between two blockchains using cross-chain fungible token transfers. The first blockchain holds the NFT in an escrow digital wallet, which is then traded by a seller for a certain value. The buyer's balance of fungible tokens on the second blockchain is monitored, and when it matches the trade value, the NFT and tokens are transferred simultaneously to the respective digital wallets of the buyer and seller.
- The system facilitates the exchange of NFTs between different blockchains.
- It allows for the transfer of fungible tokens as payment for NFTs.
- The process is automated and ensures a secure transaction for both parties involved.
Potential Applications
This technology could be used in online marketplaces for trading digital assets, in gaming platforms for exchanging unique in-game items, and in art platforms for buying and selling digital art pieces.
Problems Solved
This technology addresses the challenge of exchanging NFTs between different blockchains securely and efficiently. It streamlines the process of transferring ownership of digital assets while ensuring the fair exchange of value.
Benefits
The system provides a seamless way to trade NFTs across different blockchains, increasing liquidity and accessibility for buyers and sellers. It also enhances security and transparency in transactions involving digital assets.
Commercial Applications
"Cross-Chain NFT Exchange System" could revolutionize the way digital assets are traded, opening up new opportunities for online marketplaces, gaming platforms, and art communities. It has the potential to streamline transactions, attract more users, and drive innovation in the digital asset space.
Questions about Cross-Chain NFT Exchange System
How does the system ensure the security of NFT transfers between blockchains?
The system uses advanced encryption and verification protocols to secure the transfer of NFTs and fungible tokens between blockchains, ensuring that transactions are tamper-proof and transparent.
What are the potential limitations of using cross-chain exchanges for NFTs?
While cross-chain exchanges offer increased flexibility and accessibility, they may face challenges related to interoperability, scalability, and regulatory compliance. It is essential to address these issues to ensure the widespread adoption of this technology.
Original Abstract Submitted
systems and methods exchange a nonfungible token (nft) via blockchain cross-chain fungible token transfers using first and second blockchains. the first blockchain holds the nft in a first escrow digital wallet. the nft is available for trade by a seller and is associated with a trade value. the first blockchain monitors a balance of fungible tokens, owned by a buyer, that are transferred from a second blockchain to a second escrow digital wallet of the first blockchain. in response to detecting that the balance monitored represents the trade value, the first blockchain transfers, simultaneously, (i) the nft from the first escrow digital wallet to a first digital wallet of the first blockchain, the first digital wallet owned by the buyer, and (ii) the balance of fungible tokens from the second escrow digital wallet to a second digital wallet of the second blockchain, the second digital wallet owned by the seller.
