PayPal, Inc. (20240281797). ACCOUNT REBALANCING DAEMON FOR USE WITH SECURE DIGITAL ASSET CUSTODIANS simplified abstract
Contents
ACCOUNT REBALANCING DAEMON FOR USE WITH SECURE DIGITAL ASSET CUSTODIANS
Organization Name
Inventor(s)
Charles Gabriel Neale Dalton of San Jose CA (US)
ACCOUNT REBALANCING DAEMON FOR USE WITH SECURE DIGITAL ASSET CUSTODIANS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240281797 titled 'ACCOUNT REBALANCING DAEMON FOR USE WITH SECURE DIGITAL ASSET CUSTODIANS
Simplified Explanation: The patent application describes a system and method for an account rebalancing daemon for secure digital asset custodians. This daemon helps maintain a balance between digital wallets to reduce the risk of cryptocurrency theft.
- Secure digital asset custodians may use a service provider server to provide cryptocurrency functions and operations on an online platform.
- The service provider may have a digital wallet for storing cryptocurrencies, but these wallets are vulnerable to hacking and other computing exploits.
- An automated daemon application is used to detect balance data and execute operations to rebalance the digital wallets, reducing the risk of theft.
Key Features and Innovation:
- Account rebalancing daemon for secure digital asset custodians.
- Utilizes secure computing hardware and authorizations.
- Automatically detects balance data and rebalances digital wallets.
Potential Applications:
- Secure storage of cryptocurrencies.
- Risk reduction in digital asset custodians.
- Protection against hacking and computing exploits.
Problems Solved:
- Vulnerability of digital wallets to hacking.
- Risk of cryptocurrency theft.
- Lack of automated rebalancing solutions.
Benefits:
- Increased security for digital asset custodians.
- Reduced risk of cryptocurrency theft.
- Automated rebalancing for efficient management.
Commercial Applications: Secure Digital Asset Custodian Account Rebalancing System: Enhancing Security and Efficiency in Cryptocurrency Management
Questions about Secure Digital Asset Custodian Account Rebalancing System: 1. How does the account rebalancing daemon help reduce the risk of cryptocurrency theft? 2. What are the key features of the secure computing hardware used in this system?
Frequently Updated Research: Stay updated on the latest advancements in secure digital asset custodian technologies to enhance security and efficiency in cryptocurrency management.
Original Abstract Submitted
there are provided systems and methods for an account rebalancing daemon for use with secure digital asset custodians. a service provider server, such as an electronic transaction processor, may provide cryptocurrency functions and operations associated with use of an online digital platform that trades and secures cryptocurrencies. the service provider may have a digital wallet that allows for storage of cryptocurrency on the online platform. however, these digital wallets may be vulnerable to computing exploits that may obtain cryptocurrencies through computing attacks, hacking operations, and the like. thus, the service provider may provide for an automated daemon application or process that utilizes a secure digital wallet using secure computing hardware and authorizations to maintain a balance between the digital wallets to reduce risk. this daemon may automatically detect balance data and may execute operations to rebalance the digital wallets.
