Mobile Cryptocurrency Transaction Signing via Intermediary Protocol
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Solution Overview
Problem
Cryptocurrencies are not widely used in traditional merchant transactions due to the need for dedicated devices and software, and users face difficulties in managing multiple cryptocurrencies and waiting for lengthy transaction confirmations.
Innovation Solution
A method involving a mobile application that initiates communication between users, transmits and signs cryptocurrency transactions, and generates a cryptogram for authorization, allowing for seamless cryptocurrency transactions without the need for merchants to manage multiple devices or processes, and reducing confirmation times.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If merchants use dedicated devices and specialized software for each cryptocurrency, then transaction compatibility with different cryptocurrencies is improved, but device complexity and ease of operation deteriorate
Solution Approach 1:
The patent implements a universal access device that can handle multiple cryptocurrency types through a single interface. The system uses a standardized communication protocol that allows the same hardware device to process transactions for different cryptocurrencies without requiring dedicated devices for each crypto type, thereby achieving multi-functionality.
Solution Approach 2:
The patent introduces an intermediary layer (the mobile application and access device communication protocol) that mediates between the user's cryptocurrency wallet and the merchant's payment system. This intermediary handles the complexity of different cryptocurrency protocols, allowing merchants to accept multiple cryptocurrencies without directly managing the complexity of each crypto type.
2Reliability
If users manually manage transactions including entering amounts and addresses, then transaction security is improved, but ease of operation and loss of time worsen
Solution Approach 1:
The patent implements self-service functionality where the system automatically performs tasks that would otherwise require manual user input. The mobile application automatically generates cryptocurrency addresses, calculates transaction amounts, and fills in transaction details based on the purchase amount, eliminating the need for users to manually enter this information while maintaining security through cryptographic signatures.
Solution Approach 2:
The patent performs preliminary actions by pre-generating cryptocurrency addresses and pre-calculating transaction amounts before the actual transaction occurs. The system prepares the transaction data in advance, validates it, and only then proceeds with the cryptographic signing and transmission, reducing the user's operational burden while maintaining security.
3Reliability
If users wait for transaction confirmations on the blockchain, then transaction reliability is improved, but loss of time worsens
Solution Approach 1:
The patent implements a feedback mechanism where the system continuously monitors the blockchain for transaction confirmations and provides real-time status updates to the user. The mobile application polls the blockchain network and notifies the user when the transaction has been confirmed, allowing the user to proceed with the purchase without manually waiting for the standard confirmation period.
4Adaptability or versatility
If merchants allow multiple cryptocurrency options, then adaptability is improved, but ease of operation and device complexity worsen
Solution Approach 1:
The patent creates a universal access device that can process multiple cryptocurrency types through a single interface. The system automatically detects and handles the appropriate cryptocurrency protocol based on the transaction requirements, eliminating the need for merchants to manually configure and manage separate processing systems for each cryptocurrency.
Data Source
AI summary
A method for conducting cryptocurrency transactions at an access device. The method includes initiating communication with an access device operated by a second user in a transaction between the first user and the second user, and then transmitting a request for transaction data to the access device. The method also includes receiving the transaction data comprising a transaction amount and a second cryptocurrency address from the access device from the access device, and signing, using a private cryptographic key, the first cryptocurrency address, the second cryptocurrency address, and the amount to create a signed cryptocurrency transaction. The method also includes transmitting the signed cryptocurrency transaction to a node of a blockchain network, and receiving a cryptocurrency transaction identifier from the node. The method also comprises generating a cryptogram using at least an access token on the mobile application and at least some of the transaction data.