US 10,650,375 B2Granted

Method of authenticating and exchanging virtual currency

OwnerSean H. Worthingtoninventor

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Abstract

A method of authenticating and exchanging virtual currency is used to permit secure ownership of virtual currency and manage financial transactions. The method is performed by a system that includes a user computing device and plurality of remote servers. The user computing device stores an unverified certificate which is used as currency. The plurality of remote servers is used to authenticate the unverified certificate and aid in transferring ownership of the unverified certificate. To do so, each remote server executes an authentication process for the unverified certificate and sends either a pass status or a fail status to the user computing device. The user computing device executes an assessment process for the unverified certificate based on the pass statuses and fail statuses received. Authentication information related to the unverified certificate is then updated on the user computing device and each remote server that returned the pass status.

A method of authenticating and exchanging virtual currency, the method comprises the steps of:

(A) providing a user computing device and a plurality of remote servers, wherein the user computing device stores an unverified certificate;
(B) sending the unverified certificate from the user computing device to each remote server;
(C) executing an authentication process for the unverified certificate with each remote server in order to designate each remote server with either a pass status or a fail status;
(D) sending the pass status or the fail status for each remote server to the user computing device;
(E) executing an assessment process for the unverified certificate with the user computing device, wherein the assessment process is cumulatively based on the pass status or the fail status of each remote server;
(F) updating authentication information related to the unverified certificate on the user computing device and on a plurality of confirmed servers, wherein each confirmed server is designated with the pass status and is from the plurality of remote server;
(G) providing a plurality of verified certificates, wherein each remote server separately stores the plurality of verified certificates;
(H) comparing the unverified certificate to each verified certificate on an arbitrary server during step (C) in order to find a matching certificate amongst the plurality of verified certificates on the arbitrary server;
(I) designating the pass status to the unverified certificate with the arbitrary server during step (C), if the matching certificate is identified amongst the plurality of verified certificates on the arbitrary server;
(J) designating the fail status to the unverified certificate with the arbitrary server during step (C), if the matching certificate is not identified amongst the plurality of verified certificates on the arbitrary server;
and
(K) executing steps (H) through (J) with each remote server as the arbitrary server.

9 more elements

Facts

Application

15/486,987Filed 13 Apr 2017 · us provisional application

Priority

23 Jun 2016

Published

US 2017/0372277 A128 Dec 2017

Granted

12 May 2020

Term ends

Not estimatedThe source records don’t support an estimate.

Classification5 codes

G06Q 20/3821
Insuring higher security of transaction: electronic credentials
G06Q 20/06
Payment circuits: private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
G06Q 20/38215
Electronic credentials: use of certificates or encrypted proofs of transaction rights
G06Q 20/405
Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check…:…

Abstract

Claims17