BitMint LeVeL Self-Referential Money Trading Platform
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing trade platforms lack mechanisms to enhance commercial activity by challenging strategic thinking and risk management while providing entertainment, and they do not effectively create scenarios where sellers can receive more than nominal value for their goods and buyers pay less than nominal value, without unfair losses for bidders.
Innovation Solution
The BitMint*Auction platform uses self-referential, term-limited digital bidding money (cherry coins) where buyers purchase these coins with real currency to bid on goods, with winners taking ownership and losing bidders forfeiting their coins, creating a competitive environment that incentivizes strategic bidding and maximizes seller revenue.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If traditional auction platforms are used, then buyers can purchase goods at market prices, but sellers cannot receive significantly more than nominal value and buyers cannot pay significantly less than nominal value
Solution Approach 1:
The patent introduces cherry coins as an intermediary bidding currency that mediates between buyers and sellers. Buyers purchase cherry coins with fiat currency and use them to bid on goods. The cherry coin system enables sellers to receive more than nominal value while allowing buyers to pay less than nominal value, resolving the contradiction by creating a layered trading mechanism with cherry coins as the intermediate layer between traditional fiat currency and goods exchange.
Solution Approach 2:
The patent changes the parameter of bidding currency from direct fiat currency to cherry coins with specific properties (term-limited, auction-specific). This parameter change enables the system to create scenarios where sellers receive enhanced value (through competitive bidding on cherry coins) while buyers pay reduced effective prices (through strategic bidding), thereby enhancing commercial activity without creating unfair losses.
2Productivity
If competitive bidding is introduced to enhance seller revenue, then sellers receive more than nominal value, but buyers face increased risk of losing their bids
Solution Approach 1:
The patent designs cherry coins as term-limited, disposable bidding currency that exists only for the duration of the auction. This creates a controlled risk environment where buyers can compete aggressively for goods without facing unlimited loss risk, as the cherry coins have inherent expiration. The disposable nature of cherry coins enables competitive bidding that increases seller revenue while limiting bidder exposure to the value of purchased cherry coins rather than unlimited fiat currency exposure.
3Adaptability or versatility
If self-referential money is used for bidding, then strategic thinking and risk management are enhanced, but the system requires complex digital money protocols
Solution Approach 1:
The patent uses cherry coins as an intermediary that simplifies the interface between complex self-referential money protocols and traditional auction participation. The BitMint*LeVeL technology handles the complex digital protocol operations in the background, while participants interact with a simplified cherry coin bidding interface. This intermediary approach enables enhanced strategic bidding capabilities through self-referential money properties without requiring participants to directly manage complex digital protocols.
4Productivity
If losing bidders forfeit their bidding money, then seller revenue is maximized, but buyers perceive unfair loss conditions
Solution Approach 1:
The patent frames cherry coins as disposable, term-limited bidding tokens that are purchased specifically for auction participation. This framing transforms the perception of forfeiture from unfair loss to acceptable risk of a purchased service. The term-limited nature of cherry coins creates a natural expiration that makes forfeiture acceptable to buyers, as they understand they are purchasing temporary bidding rights rather than permanently risking their fiat currency. This enables maximized transactional impact while reducing perceived unfairness.
Solution Approach 2:
The patent converts the potential harm of bidder forfeiture into benefit by designing cherry coins with inherent term limitations. The expiration built into cherry coins transforms what would be a harmful forfeiture into a natural lifecycle conclusion. Buyers accept cherry coin purchase as purchasing temporary bidding power with known expiration, making the forfeiture mechanism appear fair rather than exploitative, thereby enabling sellers to maximize revenue through competitive bidding.
Data Source
AI summary
Using the BitMint LeVeL digital money technology to mint self-referential money (“cherries”) to be offered to bidders for sale against US$ or other flat currency. Cherries is the only currency accepted for bidding on a presented slate of merchandise. Winning bidders walk away with the won merchandise, the sellers of the merchandise divide between them the proceeds used by the bidders to buy cherries. The cherries vanish when the game is over. This BitMint*Auction invention is a trading platform rich with incentives to do business.