Cryptocurrency Payment Support for Lowest Remittance Fees
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Solution Overview
Problem
Users face difficulty in selecting a cryptocurrency exchange that requires the lowest remittance fee for transactions due to the complexity of fees across multiple exchanges, making it challenging to optimize payment costs.
Innovation Solution
A system and method that acquires and analyzes exchange information and fee data to identify the exchange with the lowest remittance fee, facilitating easy selection and processing of cryptocurrency payments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of energy
If users manually check remittance fees across multiple exchanges to find the lowest fee option, then they can potentially minimize transaction costs, but the complexity of grasping all remittance fees makes it difficult to easily select the optimal exchange
Solution Approach 1:
The patent introduces a payment support apparatus that acts as an intermediary between users and multiple exchanges. This apparatus automatically compares remittance fees across different exchanges and presents the optimal option to users, eliminating the need for users to manually check each exchange's fee structure while still achieving minimal transaction costs
Solution Approach 2:
The system performs preliminary comparison of remittance fees across multiple exchanges before the user makes a payment decision. By pre-calculating and presenting the lowest fee option, the system eliminates the need for users to perform the complex task of checking multiple exchanges at the time of payment
2Loss of information
If the system provides detailed fee information from multiple exchanges, then users can make informed decisions, but the complexity of presenting and comparing fees across multiple exchanges increases
Solution Approach 1:
The patent extracts only the essential information needed for decision-making (the lowest remittance fee and the corresponding exchange) from the complex data set of multiple exchanges' fee structures. This extraction approach provides users with actionable information without overwhelming them with unnecessary details about each exchange's complete fee schedule
Solution Approach 2:
The system segments the complex task of comparing multiple exchanges into distinct functional components: fee data acquisition from multiple exchanges, automatic comparison logic, and presentation of the optimal option. This segmentation allows the system to handle complexity internally while presenting a simplified interface to users
Data Source
AI summary
An apparatus includes an acquisition processing circuit and an identification processing circuit. The acquisition processing circuit acquires first exchange information, second exchange information, and fee information, the first exchange information allowing identification of a first exchange where a first user has an account, among exchanges that deal with cryptocurrencies, the second exchange information allowing identification of, among the exchanges, second exchanges where a second user has accounts, the fee information including information about remittance fees that are required for cryptocurrency remittances among the exchanges. The identification processing circuit identifies, among the second exchanges, a second exchange that requires a lowest remittance fee for remittance with the first exchange, based on the first exchange information, the second exchange information, and the fee information.