Cryptocurrency Payment Server for Unregistered Recipients
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Solution Overview
Problem
Existing electronic payment methods for cryptocurrencies are cumbersome when transferring funds from one mobile device to another, especially when the recipient is not yet registered or does not have a wallet installed, as they require manual registration and installation processes.
Innovation Solution
A system where a server computer generates and stores destination addresses for unregistered recipients, allowing direct transfer via the blockchain network, and sends a link to install a wallet app, enabling seamless cryptocurrency transfers without requiring the sender to know the recipient's registration status.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If the recipient does not have a wallet installed, then the transfer process requires manual registration and installation steps, but this increases the complexity and time required for the payment process
Solution Approach 1:
The patent introduces a server computer as an intermediary that manages destination addresses for unregistered recipients. The server stores and provides destination addresses to senders, eliminating the need for recipients to manually install wallets before receiving payments. This intermediary system simplifies the transfer process while maintaining security through cryptographic address management.
Solution Approach 2:
The system performs preliminary actions by pre-generating and storing destination addresses on the server before actual payment transfers occur. This allows senders to initiate transfers to unregistered recipients immediately without waiting for wallet installation, as the destination address is already prepared and stored in advance.
2Reliability
If manual registration and wallet installation are required, then security can be maintained, but the latency and handling effort increase significantly
Solution Approach 1:
Destination addresses are pre-generated and stored on the server before payment transfers. This preliminary preparation eliminates the time delay that would otherwise occur during wallet installation and registration, while the cryptographic nature of address generation maintains security requirements.
Solution Approach 2:
The patent extracts the time-consuming wallet installation and registration steps from the payment transfer process. By separating address management (handled by the server) from wallet software installation (handled by the recipient's device), the system eliminates latency without compromising security, as the critical cryptographic functions remain intact.
3Measurement precision
If the sender needs to verify recipient registration status, then transfer accuracy can be ensured, but the handling effort and complexity increase
Solution Approach 1:
The server acts as an intermediary that automatically verifies recipient status and provides appropriate destination addresses. The sender simply inputs the recipient's identifier, and the server handles the verification and address provision, eliminating the need for manual verification while maintaining accuracy.
Solution Approach 2:
The system enables self-service operation where the sender initiates a transfer with minimal information, and the server automatically determines whether the recipient is registered or unregistered, providing the appropriate destination address without requiring sender intervention or verification effort.
Data Source
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AI summary
The invention relates to an electronic payment method for transferring a sum (X1) of a cryptocurrency from a first mobile radio (102), on which a wallet program (160) for implementing a client node of the cryptocurrency is installed, of a first subscriber (A) to a second mobile radio of a second subscriber (B) via the Internet (106), wherein the first mobile radio has an associated first telephone number and the second mobile radio has an associated second telephone number, and the first and second mobile radios each have a network interface (170, 174) to a digital cellular mobile radio network, wherein destination addresses that are used only once are used for transfers of the cryptocurrency, wherein a number of mining nodes (108) of the cryptocurrency that are designed for validating transfers are connected to the Internet, wherein the transfer is effected by means of a server computer (100) that is connected to the Internet and that forms a further client node of the cryptocurrency, wherein the server computer has access to a registration database (180) that stores telephone numbers of registered subscribers.