Cryptocurrency Gaming Award System with Dynamic Fiat Conversion
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Solution Overview
Problem
Gaming machines lack innovative ways to provide awards that incorporate cryptocurrency, limiting player engagement and revenue opportunities for operators, as existing systems rely on traditional fiat currencies with fixed values.
Innovation Solution
Implementing a system that allows gaming establishments to purchase and allocate cryptocurrency awards, which can fluctuate in value based on market conditions, enabling cryptocurrency-denominated wins and jackpots that can be redeemed at various locations, including online casinos, using a decentralized distributed management architecture.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If gaming machines use traditional fiat currencies with fixed values, then the system is simple and stable, but player engagement and revenue opportunities are limited
Solution Approach 1:
The patent introduces dynamic cryptocurrency awards that fluctuate in value based on market conditions, replacing static fiat currency awards. The system dynamically converts between fiat and cryptocurrency, allowing award values to change over time based on cryptocurrency price movements, thereby increasing adaptability and revenue opportunities while managing complexity through automated conversion processes
Solution Approach 2:
The patent employs a currency conversion system as an intermediary mechanism that automatically converts between fiat currency and cryptocurrency. This intermediary handles the complexity of cryptocurrency management, allowing the gaming machine to offer versatile cryptocurrency-based awards while the conversion system manages the underlying complexity of cryptocurrency valuation and transaction processing
2Ease of operation
If gaming machines allocate cryptocurrency awards, then player experience is enhanced through volatility and new themes, but currency management complexity increases
Solution Approach 1:
The system implements self-service mechanisms where the cryptocurrency management system automatically handles currency allocation, conversion, and tracking without requiring manual intervention. The gaming machine autonomously manages cryptocurrency awards by converting fiat to cryptocurrency as needed, tracking cryptocurrency amounts allocated, and handling redemptions, thereby enhancing player experience while the automated system manages the complexity of currency operations
3Adaptability or versatility
If the system purchases and holds cryptocurrency for awards, then cryptocurrency-denominated wins can be provided, but currency value fluctuation creates accounting complexity
Solution Approach 1:
The patent implements a feedback mechanism where the system continuously monitors cryptocurrency values and automatically adjusts accounting records and award conversions. The system tracks the value of cryptocurrency holdings, compares them against fiat equivalents, and automatically performs conversions or adjustments to maintain accurate accounting, thereby providing versatile currency options while the feedback-driven automation manages accounting complexity
Data Source
AI summary
Provided are systems, devices and methods for awarding a cryptocurrency responsive to a win on a wagering game. Operations include causing a first currency amount of a first currency to be purchased using a second currency that is different from the first currency, the first currency comprising a cryptocurrency that is maintained using a decentralized distributed management architecture. Operations include recording a second currency amount that corresponds to the first currency amount that was purchased using the second currency and allocating a first portion of the first currency amount to a gaming machine that is caused to generate a wagering game. Operations include determining a remaining amount of the first currency after the first portion of the first currency amount has been allocated and comparing the remaining amount of the first currency to a first currency threshold.