Distributed cryptographic tokens with downstream administrative control
AssigneePolymath Inc.
InventorsChris Housser, Trevor Koverko, Pablo Ruiz, Adam Dossa
Life of this patent
Estimating the term…
Abstract
Disclosed is a platform That enables centralized control over updates to a distributed cryptocurrency network through inclusion of an administrative user to a set of tokens that operate on a base cryptocurrency network but include rule sets that are separate from those of the base cryptocurrency. A plurality of customized token types are generated by a platform provider for respective administrative users. The platform provider may provide software updates that are implemented at the sole discretion of the respective administrative users.
Claims21
A method comprising:
- in response to input by a first user, generating a smart contract that executes on a virtual machine of a distributed consensus network, the smart contract includes a plurality of cryptographic tokens that are tradable across the distributed consensus network;
- distributing at least one cryptographic token of the plurality of cryptographic tokens to the possession of at least one receiving user that is not the first user;
- restricting, by the smart contract, transfers of the plurality of cryptographic tokens based on a specified criterion in the smart contract, the specified criterion is independent from cryptographic signatory requirements, wherein transfers are cryptographically prevented from executing while the specified criterion is unsatisfied;
- communicating, to the first user, available updates to the smart contract that modify the specified criterion;
- and
- in response to receiving a cryptographically signed authorization by the first user, implementing the updates to the smart contract that impose new conditions on transfers of cryptographic tokens that are not in possession of the first user, the new conditions associated with the receiving user of the cryptographic token, wherein authorization from any other user is not required to implement the updates.
A system comprising:
- a memory including a smart contract that executes on a virtual machine of a distributed consensus network, the smart contract includes a plurality of cryptographic tokens that are traded across the distributed consensus network and distributed to at least one receiving user, wherein the smart contract restricts transfers of the plurality of cryptographic tokens based on a specified criterion, the specified criterion is independent from cryptographic signatory requirements, wherein the secondary transfer is cryptographically prevented from executing while the specified criterion is unsatisfied;
- and
- a web server that includes software updates for the smart contract that modify the specified criterion, wherein updates are applied to the smart contract in response to cryptographically signed authorization by a first user, wherein updates of the smart contract impose new conditions on transfers of cryptographic tokens that are not in possession of the first user, the new conditions associated with the receiving user of the cryptographic token.
A non-transitory computer-readable storage medium comprising computer instructions when executed by a processor, cause a computer system to perform those steps of:
- implementing a cryptographic token exchange platform that is represented by an immutable chain of transactions generated through a distributed consensus network, wherein a receiving user in a transaction of a first type of cryptographic tokens is moderated by a first set of executable conditions;
- in response to instructions by an administrative user, distributing a plurality of the first type of cryptographic tokens to a set of receiving users;
- and
- subsequent to said distributing, modifying, by software updates authorized by the administrative user, a number or a type of conditions of the first set of executable conditions, wherein updates of the first set of executable conditions affect transfers of cryptographic tokens that are not in possession of the administrative user.
Dependencies are inferred from the claim text.