Offchain Asset Transfer Triggered by Onchain Transaction Conditions
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Solution Overview
Problem
Existing systems lack effective methods for users to acquire offchain assets, such as Web2 domains, using the options available for onchain assets like Web3 domains or non-fungible tokens (NFTs), due to limited acquisition options and challenges in determining fair market value and market fluctuations.
Innovation Solution
A system that transfers offchain assets based on satisfying transfer conditions for corresponding onchain assets, leveraging loans and smart contracts to enable the acquisition of offchain assets using onchain assets as collateral, thereby facilitating fractional ownership and loans.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If users attempt to acquire offchain assets directly, then they face limited acquisition options and challenges in determining fair market value, but the patent enables acquisition by leveraging onchain asset transactions
Solution Approach 1:
The patent combines onchain and offchain asset systems by creating a linkage mechanism where transactions on the onchain asset automatically trigger corresponding transactions on the offchain asset. This merging allows users to leverage the liquidity and transaction options of onchain markets to acquire offchain assets, thereby expanding acquisition options while managing complexity through automated coordination.
Solution Approach 2:
The patent introduces an intermediary system that monitors onchain asset transactions and facilitates corresponding offchain asset transfers. This intermediary layer acts as a bridge between the onchain and offchain systems, enabling automated acquisition of offchain assets based on onchain transaction events without requiring direct integration between the two disparate systems.
2Manufacturing precision
If the system monitors onchain asset transactions to trigger offchain asset transfers, then transfer accuracy is improved, but monitoring and coordination complexity increases
Solution Approach 1:
The patent implements a self-service mechanism where the monitoring system automatically detects when transfer conditions are met based on onchain asset transactions and autonomously executes the corresponding offchain asset transfers. This self-service approach improves transfer accuracy by eliminating manual intervention while managing complexity through automated rule-based execution that requires minimal system configuration.
Solution Approach 2:
The patent establishes a feedback loop where the monitoring system continuously tracks onchain asset transaction states and uses this information to determine when offchain asset transfers should be executed. This feedback mechanism ensures accurate transfer condition satisfaction detection by systematically evaluating transaction data against predefined criteria and triggering transfers only when conditions are fully met.
Data Source
AI summary
According to a present invention embodiment, a system for transferring an offchain asset comprises one or more memories and at least one processor coupled to the one or more memories. The system receives a request to obtain the offchain asset for a user. A transaction is conducted for an onchain asset associated with the user and corresponding to the offchain asset. The system monitors for a set of conditions associated with the transaction for the onchain asset. The offchain asset is transferred to the user in response to occurrence of the set of conditions. Embodiments of the present invention further include a method and computer program product for transferring an offchain asset in substantially the same manner described above.