Systems and methods for creating and exchanging cryptographically verifiable utility tokens associated with an individual

A system for creating and exchanging cryptographically verifiable utility tokens associated with an issuing individual, the system including a memory for storing computer-readable program code and a processor for executing the computer-readable program code, the system comprising:

• an identity verifying component for verifying an identity of an issuing individual in respect of whom utility tokens are to be issued and an issuer account component for creating a token issuer account in respect of that issuing individual;
• a token creating component for, subsequent to verification of the issuing individual's identity, causing a fixed number of utility tokens to be created, each utility token being associated with the issuing individual and being cryptographically verifiable;
• a user registration component for receiving registration requests from a plurality of users and creating user accounts for each of the plurality of users, during a first phase:
• an offer receiving component for receiving, from each of a first group of users, value offers to purchase an unspecified number of utility tokens;
• a face value generating component for generating a face value per utility token that optimizes a number of tokens and a total value of the tokens to be sold to the first group of users;
• and
• the face value generating component for enabling users to be added to the first group of users and enabling the first group of users to each increase their value offer such that the generated face value per utility token increases;
• upon conclusion of the first phase, the face value generating component for generating a final face value per utility token and a payment transaction component for facilitating a payment transaction in which each user of the first group of users pays the final face value per utility token and receives a number of utility tokens based on that user's value offer, each purchased utility token being cryptographically linked to a user;
• and
• subsequent to the first phase:
• a dynamic value generating component for determining a dynamic face value of the utility tokens;
• the dynamic value generating component for enabling the issuing individual and any user holding utility tokens to offer to sell utility tokens to a purchasing user at the dynamic face value;
• the payment transaction component for facilitating a payment transaction in which the purchasing user pays the dynamic face value and receives the offered utility tokens which are then cryptographically linked to the purchasing user.

A computer program product for creating and exchanging cryptographically verifiable utility tokens associated with an issuing individual, comprising a computer-readable medium having stored computer-readable program code for performing the steps of:

• verifying an identity of an issuing individual in respect of whom utility tokens are to be issued and creating a token issuer account in respect of that issuing individual;
• subsequent to verification of the issuing individual's identity, causing a fixed number of utility tokens to be created, each utility token being associated with the issuing individual and being cryptographically verifiable;
• receiving registration requests from a plurality of users and creating user accounts for each of the plurality of users,
• during a first phase:
• receiving, from each of a first group of users, value offers to purchase an unspecified number of utility tokens;
• generating a face value per utility token that optimizes a number of tokens and a total value of the tokens to be sold to the first group of users;
• and
• enabling users to be added to the first group of users and enabling the first group of users to each increase their value offer such that the generated face value per utility token increases;
• upon conclusion of the first phase, generating a final face value per utility token and facilitating a payment transaction in which each user of the first group of users pays the final face value per utility token and receives a number of utility tokens based on that user's value offer, each purchased utility token being cryptographically linked to a user;
• and
• subsequent to the first phase:
• determining a dynamic face value of the utility tokens;
• enabling the issuing individual and any user holding utility tokens to offer to sell utility tokens to a purchasing user at the dynamic face value;
• facilitating a payment transaction in which the purchasing user pays the dynamic face value and receives the offered utility tokens which are then cryptographically linked to the purchasing user.