Method, apparatus, and computer-readable medium for generating a proxy token

A method executed by one or more computing devices of a proxy token platform on a computer network for generating a proxy token, the method comprising:

• receiving a proxy token initiation message from an entity on the computer network, the proxy token initiation message referencing an existing token stored on a distributed storage system;
• determining whether the entity controls a private key required to transfer the existing token to a different location on the distributed storage system;
• generating a platform signature based at least in part on a determination that the entity controls a private key required to transfer the existing token to a different location on the distributed storage system;
• and
• transmitting a proxy token generation message, the proxy token generation message comprising the platform signature, wherein the proxy token is generated based at least in part on the transmission of the proxy token generation message and the platform signature, and wherein the proxy token is linked in a memory to the existing token;
• wherein the platform is configured to verify validity of the proxy token based at least in part on one or more of:
• ownership of the existing token or a current linkage of the proxy token to the existing token.