Cryptocurrency Deposit Verification via Exchange Environment

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Solution Overview

Problem

Existing cryptocurrency trading systems lack effective mechanisms to prevent erroneous deposits due to difficulties in verifying recipient wallet addresses and coin types, leading to potential errors in transactions.

Innovation Solution

A method and apparatus that utilize a trading environment verification system to input transaction request information, including a target coin and wallet address, with features such as alias management, automatic address input, and watermark display to ensure accurate input, and process transactions in a verified manner, performing primary and additional remittances based on authorization.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Ease of operation

If manual input of wallet address and coin type is used, then ease of operation is improved, but reliability deteriorates due to potential input errors

Engineering Contradiction:

Improveease of inputVSAvoidaccuracy of transaction information

Core Design Contradiction:

Ease of operationVSReliability

Solution Approach 1:

The system performs preliminary verification of the wallet address and coin type against the target exchange's trading environment before processing the transaction. This includes checking whether the wallet address format is valid for the specified coin type and whether the coin type is actually tradable on the target exchange, thereby preventing errors before they occur.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system provides feedback to the user about the verification results of the wallet address and coin type. If the information is incorrect or incompatible with the target exchange, the system notifies the user and prevents the transaction from being processed, allowing the user to correct the input errors.

Inventive Principle:

Principle #23Feedback

2Reliability

If verification of wallet address and coin type against target exchange environment is implemented, then reliability is improved, but device complexity increases

Engineering Contradiction:

Improveaccuracy of transaction informationVSAvoidcomplexity of verification system

Core Design Contradiction:

ReliabilityVSDevice complexity

Solution Approach 1:

The system introduces an intermediary verification module that acts as a mediator between the user's transaction request and the target exchange's trading environment. This module automatically retrieves and compares the wallet address and coin type information against the exchange's supported formats and tradable assets, simplifying the overall system architecture while maintaining high reliability.

Inventive Principle:

Principle #24Intermediary (Mediator)

3Reliability

If multiple verification steps are added, then reliability is improved, but loss of time increases

Engineering Contradiction:

Improveaccuracy of transaction informationVSAvoidtransaction processing time

Core Design Contradiction:

ReliabilityVSLoss of time

Solution Approach 1:

The verification processes are executed preliminarily and automatically as part of the transaction initiation flow, before the user commits to the transaction. This allows the verification to be performed in the background without requiring additional user time or interaction, thereby maintaining reliability while minimizing perceived time loss.

Inventive Principle:

Principle #10Preliminary action

Data Source

PatentUS12112326B2Method, computer device, and non-transitory computer-readable recording medium to avoid misdeposit of virtual currency

Publication Date: 2024.10.08 LY CORP

AI summary

A method, a computer device, and a non-transitory computer-readable recording medium for preventing an erroneous deposit of cryptocurrency are provided. A method of preventing an erroneous deposit of cryptocurrency includes providing an interface for inputting transaction request information including a target coin and a wallet address; verifying at least one of the target coin and the wallet address using a trading environment of a target exchange corresponding to the transaction request information; and processing a transaction according to the transaction request information based on a verification result.