Secure funding and payout of cryptographic currency from fiat currency purchases
AssigneeBrightstar Global Solutions Corporation
InventorsKenneth Irwin, JR., Brian Keith Cash, Michael Louis Polito
Life of this patent
Estimating the term…
Abstract
Systems and methods for enabling the secure use of cryptocurrencies (such as but not limited to Bitcoin, Ethereum, or Litecoin) in prize funds or gift cards that accept purchases or wagers in fiat currencies and payout in cryptocurrency. The prize funds can be associated with lotteries, charitable gaming, or casino environments with the inherent volatility of cryptocurrencies optionally mitigated and cryptocurrency payouts enabled for consumers or players without prior digital wallets as well as consumers or players with preexisting digital wallets.
Claims20
A method of operating a lottery system that accepts a wager in fiat currency and pays a prize in cryptocurrency, the method comprising:
- receiving, at a lottery central site server, via a network from a remote player computing device, an indication of a fiat currency wager made for a play of a lottery game;
- generating, by the lottery central site server, a digital lottery ticket for the play of the lottery game, the digital lottery ticket associated with the fiat currency wager, the digital lottery ticket associated with either a predetermined prize structure or a future drawing;
- determining, by the lottery central site server, that the digital lottery ticket is a winning digital lottery ticket;
- procuring, from a cryptocurrency source, an amount of cryptocurrency sufficient to fund a portion of a prize associated with the winning digital lottery ticket;
- storing the procured cryptocurrency in a funding wallet, wherein transactions associated with the funding wallet are recorded on a blockchain ledger;
- transmitting, to the remote player computing device, a redemption code that comprises a public cryptocurrency address and a corresponding private cryptocurrency key;
- and
- enabling the remote player computing device to activate a digital wallet using the public cryptocurrency address and the private cryptocurrency key, and enabling the prize to be transferred directly to the digital wallet.
A lottery system configured to accept a fiat currency wager and pay a prize in cryptocurrency, the lottery system comprising:
- a lottery central site server operable to communicate with a remote player computing device of a player via a network;
- a wager process module executable by the lottery central site server to receive an indication of the fiat currency wager via the network and generate an associated digital lottery entry;
- a win/lose determination process module executable by the lottery central site server to identify the digital lottery entry as a winning entry in accordance with lottery game rules;
- a cryptocurrency source process module executable by the lottery central site server to procure cryptocurrency using funds based on the fiat currency wager;
- a funding wallet process module executable by the lottery central site server to receive the procured cryptocurrency and record transactions related to a funding wallet on a blockchain ledger;
- and
- a redemption process module executable by the lottery central site server to determine the digital lottery ticket is a winning ticket, transmit a redemption code to the remote player computing device, and enable direct activation and funding of a digital wallet on the remote player computing device.
A computing platform in network communication with a remote player computing device, which:
- receives over the network a wager submitted in fiat currency from the remote player computing device of a player;
- generates a digital lottery entry linked to the wager;
- determines that the digital lottery entry is a winning digital lottery entry according to game rules;
- procures cryptocurrency using at least a portion of the received fiat funds;
- maintains the procured cryptocurrency in a funding wallet whose transactions are recorded on a blockchain ledger;
- and
- transmits a redemption code to the remote player computing device, thereby enabling the player to receive a cryptocurrency prize for the winning digital lottery entry directly into a player-controlled digital wallet.
Dependencies are inferred from the claim text.