Cryptocurrency Gaming Account Mediator System
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Solution Overview
Problem
Current gaming systems lack efficient methods for players to utilize cryptocurrency for wagering and transactions, leading to limitations in fund transfer and management, particularly in reducing waste and enhancing player experience.
Innovation Solution
A system that enables cryptocurrency transfers between gaming establishment accounts and external accounts, allowing for the conversion of cryptocurrency to a base currency, and the establishment of lines of credit based on escrowed cryptocurrency, facilitating secure and efficient transactions without the need for physical currency or paper vouchers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If cryptocurrency transfers are implemented in gaming systems, then player experience and fund management efficiency are improved, but system complexity and security requirements increase
Solution Approach 1:
The patent introduces a gaming establishment account as an intermediary layer between external cryptocurrency accounts and the gaming system. This mediator account receives, holds, and manages cryptocurrency funds, simplifying the interaction between players and the gaming system while maintaining security and control.
Solution Approach 2:
The system replaces traditional mechanical fund transfer methods (physical currency, paper vouchers) with electronic cryptocurrency transfers. This substitution eliminates the need for physical handling and manual processing, significantly improving fund transfer efficiency and reducing operational complexity.
2Loss of time
If cryptocurrency is used for wagering, then transaction speed and convenience are improved, but volatility risk and fund security concerns arise
Solution Approach 1:
The system requires players to transfer cryptocurrency to their gaming establishment account in advance of wagering. This preliminary action allows the system to verify fund availability, convert cryptocurrency to stable values if needed, and establish security protocols before actual gaming transactions occur, reducing both time delays and security risks during gameplay.
Solution Approach 2:
The patent implements conversion mechanisms and reserve requirements that cushion against cryptocurrency volatility. By converting cryptocurrency to stable values or maintaining reserves in advance, the system protects against price fluctuations and ensures reliable fund management even when cryptocurrency values change.
3Loss of substance
If traditional fund transfer methods are used, then system simplicity is maintained, but waste from physical currency and paper vouchers increases
Solution Approach 1:
The system replaces physical currency and paper voucher systems with electronic cryptocurrency transfers. This substitution eliminates the need for physical handling, storage, and disposal of monetary instruments, completely eliminating waste from cash and paper while improving transaction efficiency.
Data Source
AI summary
A system that enables cryptocurrency funds to be transferred between a gaming establishment account associated with a player and an external cryptocurrency account.