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Cash-equivalent device for digital currencies

A technology of digital currency and equipment, applied in the field of cryptocurrency, which can solve problems such as high transaction costs and unsuitability for daily use

Inactive Publication Date: 2020-08-04
J 斯多加诺夫斯基
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

High transaction costs show that Bitcoin is only suitable for processing large transactions, not for everyday use

Method used

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  • Cash-equivalent device for digital currencies
  • Cash-equivalent device for digital currencies
  • Cash-equivalent device for digital currencies

Examples

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Embodiment Construction

[0025] The following descriptions of embodiments of the invention are merely exemplary in nature and are in no way intended to limit the scope of the invention, its application or uses, as they may, of course, vary. The present invention is described with respect to non-limiting definitions and terms contained herein. These definitions and terms are not intended to limit the scope or practice of the invention, but are given for illustrative and descriptive purposes only. Devices of the present invention are generally disclosed herein with respect to electronic devices used as cryptocurrency cash for point-of-sale or service transaction commerce, but this is not meant to be limiting of the invention.

[0026] The present invention can be used as an electronic device that securely holds a designated cryptocurrency value and, upon physical handover from a first user to a second user, transfers title to that value in cash currency, while eliminating the need for the first user to ...

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Abstract

An electronic device is provided that acts as cryptocurrency cash for point of sale or service transactional commerce. The electronic device is implemented using a microcontroller that can be manufactured inexpensively and physically handed over from one person to another just like cash. The device can hold cryptocurrency value without allowing the current holder to empty the assigned value of thedevice and hand the device over to an unsuspecting recipient of a transaction as untampered. This allows for digital cryptocurrency transactions that are instantaneous and which do not incur transaction costs. Cryptographically sound protocols are provided for the manufacturing and issuing of forms of the electronic device, verification of its untampered cryptographic keys and value and finally overtly removing the value to discard and / or reuse the electronic device. A method is provided which facilitates verification whether the electronic is genuine, untampered, and funded with cryptocurrency value.

Description

[0001] Cross References to Related Applications [0002] This application claims priority to US Provisional Patent Application Serial No. 62 / 558,312, filed September 13, 2017, which is incorporated herein by reference. [0003] field of invention [0004] The present invention relates generally to cryptocurrencies, encrypted hardware devices, cryptographic protocols utilizing digital signature algorithms, and more particularly to electronic devices for use as encrypted cash at point of sale or service transaction commerce. Background technique [0005] A cryptocurrency is a digital or virtual currency that uses cryptography for security. Cryptography involves creating written or generated codes to keep information private. Cryptography converts data into a format that cannot be read by unauthorized users, allowing data transmission without allowing unauthorized entities to corrupt the data by decoding it back into a readable format. [0006] A common algorithm used in crypt...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q20/10G06Q20/16
CPCG06Q20/065G06Q20/322G06Q20/367G06Q20/0658G06Q20/3415G06Q20/3278G06Q20/3829G06Q20/3674
Inventor J·斯多加诺夫斯基
Owner J 斯多加诺夫斯基