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US 2019/0172024 A1Published application
System and Method For Decentralized Digital Currency Issuance, Secure Transfer and De-Issuance
OwnerJon Underwoodinventor
Life of this patent
Estimating the term…
Abstract
A system and method for decentralized digital currency issuance, secure transfer and de-issuance. The system delivers instant nonreversible delivery of digital currency (such as an eDollar), a cryptographically signed receipt or proxy for a dollar on deposit in a Financial Institution, Insurance Company, a Financial Services Company or under the purview or control an Investment Manager.
Claims20
A method for implementing a cryptocurrency transfer out of a digital wallet as part of a Dual Payment system, comprising:
- establishing, by a payment terminal of a merchant, a funding method by a consumer;
- sending the consumer a payment request;
- authorizing, by the consumer, the payment request;
- securing authorization of a good funds guarantee and receiving a currency payment from the consumer, and issuing digital currency to a cloud account of the consumer once the authorization is secured;
- completing the payment using the digital currency, wherein completing the payment further comprises sending the digital currency to a cloud account of the merchant and transferring the currency payment to a trust or bank account.
2 more elements
A system comprising:
- a memory operable to:
- establish, by a payment terminal of a merchant, a funding method by a consumer;
- send the consumer a payment request;
- authorize, by the consumer, the payment request;
- secure authorization of a good funds guarantee and receive a currency payment from the consumer, and issue digital currency to a cloud account of the consumer once the authorization is secured;
- complete the payment using the digital currency, wherein completing the payment further comprises sending the digital currency to a cloud account of the merchant and transferring the currency payment to a trust account.
3 more elements
A server comprising:
- a memory operable to:
- establish, by a payment terminal of a merchant, a funding method by a consumer;
- send the consumer a payment request;
- authorize, by the consumer, the payment request;
- secure authorization of a good funds guarantee and receive a currency payment from the consumer, and issue digital currency to a cloud account of the consumer once the authorization is secured;
- complete the payment using the digital currency, wherein completing the payment further comprises sending the digital currency to a cloud account of the merchant and transferring the currency payment to a trust account.
3 more elements
Dependencies are inferred from the claim text.