Crypto Payment Offer Flow for Multi-Currency Checkout
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Solution Overview
Problem
Cryptocurrencies face challenges in widespread adoption due to high transaction costs, latency, and the diversity of cryptocurrency types requiring different software, hindering their use as a viable alternative to traditional payment methods.
Innovation Solution
A system and method that utilizes a server platform and software development kit (SDK) to facilitate payments using cryptographic currency by querying blockchain networks for balances, applying exchange rates, and generating crypto-payment offers, allowing for seamless conversion between cryptocurrencies and traditional currencies.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If cryptocurrencies are used for payments, then payment processing can be decentralized, but transaction costs become high and processing latency increases
Solution Approach 1:
The patent introduces a server platform as an intermediary between the payment terminal and the blockchain network. The server queries blockchain networks for balances, applies exchange rates, and generates payment offers, thereby mediating the transaction process to reduce latency and complexity for end users while maintaining decentralized payment processing capabilities
2Adaptability or versatility
If multiple cryptocurrency types are supported, then payment versatility improves, but device complexity increases due to requiring different software for each
Solution Approach 1:
The patent implements a universal server platform that can query and process multiple types of cryptocurrencies through a single interface. The server maintains balances and exchange rates for various cryptocurrency types and generates unified payment offers, eliminating the need for users to install and manage different software for each cryptocurrency while maintaining support for multiple types
3Measurement precision
If manual input of cryptocurrency amounts is required, then payment precision can be maintained, but user-friendliness deteriorates
Solution Approach 1:
The patent implements self-service functionality where the server platform automatically queries blockchain networks for balances, applies current exchange rates, calculates the required cryptocurrency amounts, and generates payment offers without requiring manual user input. This maintains measurement precision through automated calculations while significantly improving user-friendliness by eliminating complex manual entry requirements
Data Source
AI summary
A system for processing payments using cryptographic currency, comprising: a software development kit operably coupled with at least one crypto-wallet having at least one crypto-address; wherein, said SDK is configured to transmit a user ID and at least one crypto-address to a payment terminal and a server platform; a payment terminal configured to transmit to a server platform an invoice message comprising a payment amount in a first currency and the crypto-address or user ID; a server platform configured to query an at least one blockchain network for balance of an at least one cryptocurrency type in said at least one crypto-wallet, and establish a value of said at least one balance in the first currency by applying at least one available exchange rate with said at least one cryptocurrency type; said server platform responding to said invoice message by sending a crypto-payment offer message to said SDK, comprising at least one payment amount in said at least one cryptocurrency type.