US 2022/0020024 A1Published application

Cryptocurrency-based payment backing account device of a cryptocurrency payment system

AssigneeFlexa Network Inc.

InventorsTyler Robert Spalding, Trevor Filter, Zachary Kilgore, David S. McGregor, Christopher M. Pick

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Abstract

A method includes receiving, by a cryptocurrency-based payment backing account device of a cryptocurrency payment system, a lock instruction from a network computing device to lock an amount of system cryptocurrency based on real-time payment information regarding a cryptocurrency-based payment from a source computing device to a destination computing device. The method further includes determining, by the cryptocurrency-based payment backing account device, a cryptocurrency-based payment backing account associated with the real-time payment information and locking the amount of system cryptocurrency. The method further includes when the release instruction from the network computing device is received, releasing the amount of the system cryptocurrency and when the consume instruction from the network computing device is received, transferring the amount of the system cryptocurrency to an account associated with the network computing device to cover the cryptocurrency-based payment.

Claims20

Dependent claims

A method comprises:

receiving, by a cryptocurrency-based payment backing account device of a cryptocurrency payment system, a lock instruction from a network computing device of the cryptocurrency payment system to lock an amount of system cryptocurrency based on real-time payment information regarding a cryptocurrency-based payment from a source computing device of a plurality of source computing devices of the cryptocurrency payment system to a destination computing device of a plurality of destination computing devices of the cryptocurrency payment system, wherein the cryptocurrency-based payment backing account device stores system cryptocurrency in one or more cryptocurrency-based payment backing accounts to back cryptocurrency-based payments of the cryptocurrency payment system;
determining, by the cryptocurrency-based payment backing account device, a cryptocurrency-based payment backing account of the one or more cryptocurrency-based payment backing accounts associated with the real-time payment information;
locking, by the cryptocurrency-based payment backing account device, the amount of system cryptocurrency stored in the cryptocurrency-based payment backing account;
when a release instruction from the network computing device is received:
releasing, by the cryptocurrency-based payment backing account device, the amount of the system cryptocurrency to the cryptocurrency-based payment backing account;
and
when a consume instruction from the network computing device is received:
transferring, by the cryptocurrency-based payment backing account device, the amount of the system cryptocurrency from the cryptocurrency-based payment backing account to an account associated with the network computing device to cover the cryptocurrency-based payment.

5 more elements

A cryptocurrency-based payment backing account device of a cryptocurrency payment system comprises:

an interface;
memory;
and
a processing module operably coupled to the memory and the interface, wherein the processing module is operable to:
receive a lock instruction from a network computing device of the cryptocurrency payment system to lock an amount of system cryptocurrency based on real-time payment information regarding a cryptocurrency-based payment from a source computing device of a plurality of source computing devices of the cryptocurrency payment system to a destination computing device of a plurality of destination computing devices of the cryptocurrency payment system, wherein the cryptocurrency-based payment backing account device stores system cryptocurrency in one or more cryptocurrency-based payment backing accounts to back cryptocurrency-based payments of the cryptocurrency payment system;
determine a cryptocurrency-based payment backing account of the one or more cryptocurrency-based payment backing accounts associated with the real-time payment information;
lock the amount of system cryptocurrency stored in the cryptocurrency-based payment backing account;
when a release instruction from the network computing device is received:
release the amount of the locked system cryptocurrency to the cryptocurrency-based payment backing account;
and
when a consume instruction from the network computing device is received:
transfer the amount of the locked system cryptocurrency from the cryptocurrency-based payment backing account to an account associated with the network computing device to cover the cryptocurrency-based payment.

9 more elements

Dependencies are inferred from the claim text.

Facts

Application: 17/449,567Filed 30 Sep 2021
Priority: 6 May 2020
Published: 20 Jan 2022
Term ends: Not estimatedThe source records don’t support an estimate.

Classification8 codes

G06Q 20/065
Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme: using e-cash
G06Q 20/4014
Transaction verification: identity check for transactions
G06Q 20/0655
Using e-cash: e-cash managed centrally
G06Q 20/108
Specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems: remote banking, e.g. home banking