Blockchain Token Selection for Completing Person-to-Person Transfers
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Solution Overview
Problem
Users often face difficulties in completing peer-to-peer transactions when the requested currency is unavailable or undesirable for the recipient, leading to incomplete payments due to currency mismatches.
Innovation Solution
A blockchain-based system that allows users to select from multiple currency options, enabling on-chain or off-chain transactions to facilitate peer-to-peer payments by adjusting accounts in different currencies, displaying conversion rates, and supporting global currency availability based on location.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a blockchain-based peer-to-peer network is used for transactions, then transaction validation and recordation are improved, but currency mismatch issues cause payment failures
Solution Approach 1:
The system dynamically adjusts the set of available currency options based on real-time conditions, including geographic location, user preferences, and market availability. The interface adapts to show only relevant currency options for each user, making the system flexible and responsive to changing circumstances while maintaining reliable transaction completion.
2Adaptability or versatility
If multiple currency options are provided to users, then payment flexibility and user engagement are improved, but system complexity increases
Solution Approach 1:
The system applies different currency options and interfaces to different users based on their local conditions, such as geographic location, preferred currency, and available digital assets. Each user sees a customized set of currency options relevant to their situation, which simplifies the user experience while maintaining system versatility. The complexity is managed by personalizing the interface rather than presenting all possible options to everyone.
3Ease of operation
If currency conversion options are displayed with conversion rates, then user decision-making is improved, but information processing requirements increase
Solution Approach 1:
The system performs currency conversion calculations and displays conversion rates in advance, before the user makes their payment decision. By pre-computing and presenting the conversion information upfront, the system reduces the information processing burden on users during the decision-making process. Users can see the equivalent values and conversion rates without having to perform calculations or research during the transaction.
Data Source
AI summary
Methods, systems, and devices for person-to-person transfers are described. A user device may receive from a requestor, a request for transfer of a first amount of a first token to the requestor. A blockchain address application associated with the requestee, may display respective indications of one or more second tokens in the blockchain address application, where the one or more second tokens are different than the first token. The blockchain address application may receive user input including a selection of a second token of the one or more second tokens. The blockchain address application may transmit, after receiving the user input, a message that causes the requestee to transfer a second amount of the second token and the requestor to receive the first amount of the first token.