TBCASOFT, INC. (20240273115). METHODS AND SYSTEMS FOR SPLITTABLE, NON-FUNGIBLE TOKENS IN A MULTIPLE DISTRIBUTED LEDGER SYSTEM simplified abstract
Contents
METHODS AND SYSTEMS FOR SPLITTABLE, NON-FUNGIBLE TOKENS IN A MULTIPLE DISTRIBUTED LEDGER SYSTEM
Organization Name
Inventor(s)
Kaibin Huang of New Taipei City (TW)
Yuan-Shiang Chang of Taipei City (TW)
William Wu of Sunnyvale CA (US)
METHODS AND SYSTEMS FOR SPLITTABLE, NON-FUNGIBLE TOKENS IN A MULTIPLE DISTRIBUTED LEDGER SYSTEM - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240273115 titled 'METHODS AND SYSTEMS FOR SPLITTABLE, NON-FUNGIBLE TOKENS IN A MULTIPLE DISTRIBUTED LEDGER SYSTEM
Simplified Explanation: The patent application describes a method for creating splittable non-fungible tokens (NFTs) with cross-ledger ability in a multiple distributed ledger system. This method involves identifying a source NFT with specific information, locking or burning the source NFT in the source ledger, and then unlocking or minting a target NFT in the target ledger based on the source NFT information.
- Source NFT identified with splitting rule and genesis NFT identifier
- Source NFT locked or burned in the source ledger
- Target NFT unlocked or minted in the target ledger
- Target NFT contains source NFT information for splitting or merging in the target ledger
Key Features and Innovation:
- Creation of splittable NFTs with cross-ledger ability
- Locking and unlocking mechanism for NFTs in distributed ledger systems
- Integration of source NFT information in target NFT for splitting or merging
Potential Applications:
- Digital asset management
- Tokenization of physical assets
- Secure transfer of ownership in blockchain systems
Problems Solved:
- Ensures secure splitting and merging of NFTs across different ledgers
- Facilitates cross-ledger transactions for NFTs
- Enhances interoperability in distributed ledger systems
Benefits:
- Improved security for NFT transactions
- Simplified process for splitting and merging NFTs
- Enhanced flexibility in managing digital assets
Commercial Applications: The technology can be utilized in industries such as art, gaming, real estate, and finance for secure and efficient management of digital assets.
Prior Art: Readers can explore prior patents related to NFT interoperability and cross-ledger transactions in distributed ledger systems.
Frequently Updated Research: Stay updated on advancements in NFT technology, blockchain interoperability, and distributed ledger systems for potential improvements in the method described in the patent application.
Questions about NFT Cross-Ledger Ability: 1. How does the method ensure the security of NFT transactions across different ledgers? 2. What are the potential challenges in implementing this technology in real-world applications?
Original Abstract Submitted
the present invention relates to methods for splittable non-fungible tokens (nfts) with cross-ledger ability in a multiple distributed ledger system. the method comprises steps of: identifying from the source distributed ledger, a source nft having a source nft information comprising a splitting rule and a genesis nft identifier; locking or burning, by a locking transaction, the source nft in the source distributed ledger; and unlocking or minting, by a completing transaction, a target nft corresponding to the source nft in the target distributed ledger. the target nft may also comprises the source nft information to enable splitting or merging of the target nft in the target distributed ledger.
