Blockchain Wallet Aggregator for Cross-Chain Interoperability
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Solution Overview
Problem
Current methods for adding cryptocurrency transactions to non-host blockchains are costly and complex, requiring users to register on multiple blockchains or use exchange houses, which incur additional expenses and complexity.
Innovation Solution
A system and method for managing transactional interoperability between multiple blockchains, utilizing a server arrangement coupled with a distributed file storage system, where user transactions are deferred on a non-host blockchain, metadata is stored, and smart contracts on both host and non-host blockchains facilitate transaction execution and wallet updates, enabling seamless transaction execution across chains.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If users register on multiple blockchains to execute transactions, then transaction interoperability is achieved, but system complexity and registration overhead increase
Solution Approach 1:
The patent introduces a wallet aggregator as an intermediary layer between users and multiple blockchains. This aggregator manages transactions across different blockchains without requiring users to register on each blockchain individually. The aggregator handles the complexity of multi-chain interactions while providing a unified interface to users, thus achieving transaction interoperability without increasing user-facing system complexity.
Solution Approach 2:
The wallet aggregator is designed with multi-functional capabilities to handle transactions across multiple different blockchain networks. It can aggregate transactions from various blockchains, manage different cryptocurrency types, and provide unified transaction processing. This universal design allows a single system to perform multiple blockchain operations that would otherwise require separate registration and management on each blockchain.
2Adaptability or versatility
If users use exchange houses to convert cryptocurrencies between blockchains, then transaction interoperability is achieved, but additional conversion expenses are incurred
Solution Approach 1:
The patent extracts the intermediary conversion function from traditional exchange houses and implements it directly within the wallet aggregator system. By taking out the conversion process from external third-party exchanges and integrating it into the user's wallet management system, the patent eliminates the need for users to access external exchange platforms, thereby removing associated conversion fees and intermediary margins.
Solution Approach 2:
The wallet aggregator enables users to perform cryptocurrency conversions and transactions across different blockchains through self-service functionality. The system automatically handles the conversion process between different cryptocurrencies and blockchains without requiring users to engage external exchange houses. This self-service capability allows users to execute cross-chain transactions directly, eliminating intermediary conversion expenses.
3Adaptability or versatility
If wallet aggregators are used to manage multiple cryptocurrencies, then transaction interoperability is achieved, but service charges and investment redundancy increase
Solution Approach 1:
The patent segments the wallet aggregator functionality into distinct modules that handle different aspects of multi-chain transaction management. By dividing the system into separate functional components (transaction routing, conversion management, blockchain interaction layers), the system achieves complex interoperability capabilities while maintaining operational simplicity through modular design. Users interact with a unified interface that abstracts the underlying complexity of managing multiple cryptocurrencies across different blockchains.
Data Source
AI summary
Disclosed is system and method for managing transactional interoperability amongst plurality of blockchains, the plurality of blockchains comprising a non-host blockchain and a host blockchain. The server arrangement is configured to append a first transaction to the non-host blockchain, first transaction comprising metadata pertaining to the user transaction, append a second transaction to the host blockchain, the second transaction comprising the first hash address, wherein second transaction triggers an initial smart contract of the host blockchain to store an operational information response at a second hash address in the distributed file storage system; append a third transaction to non-host blockchain, the third transaction comprising the second hash address, append a fourth transaction in the host blockchain, fourth transaction comprising third hash address, wherein the fourth transaction triggers initial smart contract of the host blockchain to update user wallet account based on output generated from the execution of user transaction.