Peer-to-Peer Digital Asset Transfer API Without Intermediaries
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Solution Overview
Problem
Existing digital asset transfer systems involving intermediaries are costly, time-consuming, and risky due to cybersecurity threats, especially for institutional users who need to transfer multiple assets frequently, and they incur additional fees and delays.
Innovation Solution
A software application with an API that enables direct peer-to-peer transfers by interfacing with multiple peers' protocols, eliminating the need for intermediaries and allowing automated, secure, and efficient asset distribution across multiple accounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If an intermediary is used to transfer digital assets between peers, then the transfer success rate increases and bulk transfers are assisted, but transfer fees increase and transaction time doubles
Solution Approach 1:
The patent extracts and eliminates the intermediary from the digital asset transfer system, enabling direct peer-to-peer transfers. The software application on the user's computer directly interfaces with multiple peers' protocols, removing the middleman that previously caused delays and additional fees while maintaining transfer reliability through automated monitoring and protocol compliance.
Solution Approach 2:
The system enables self-service transfers where the user's software application autonomously manages the transfer process between peers. The application automatically interfaces with peer protocols, monitors transfers, and completes transactions without requiring intermediary assistance, thereby eliminating the time loss and fees associated with intermediary services.
2Ease of operation
If an intermediary is used to transfer digital assets, then transfer assistance is provided, but cybersecurity risk increases due to key sharing requirements
Solution Approach 1:
The patent removes the intermediary from the transfer ecosystem, eliminating the security vulnerability of key sharing. The user's software application directly communicates with peer protocols, ensuring that private keys never leave the user's secure storage. This extraction of the intermediary completely eliminates the cybersecurity risk while maintaining operational ease through automated protocol management.
Solution Approach 2:
The patent replaces the traditional intermediary with a software intermediary that operates locally on the user's computer. This local software application acts as a mediator between the user's keys and peer protocols, providing assistance without requiring key sharing. The software handles protocol complexity and transfer coordination while keeping keys secure on the user's device.
3Adaptability or versatility
If manual transfers are conducted between peers with different protocols, then flexibility is maintained, but complexity and time consumption increase significantly
Solution Approach 1:
The patent creates a universal software application that can interface with multiple different peer protocols simultaneously. The application incorporates programming for various peer protocols, enabling it to adaptively communicate with different peers regardless of their specific protocol requirements. This multi-functionality maintains protocol flexibility while eliminating the need for users to manually handle protocol differences.
Solution Approach 2:
The software application autonomously manages protocol compatibility and transfer complexity. It automatically selects and adapts to the appropriate peer protocols, handles authentication, and monitors transfers without requiring user intervention. This self-service approach maintains versatility across different protocols while reducing perceived complexity for the user.
4Reliability
If intermediaries are used for digital asset transfers, then transfer reliability improves, but service cost increases due to transfer fees
Solution Approach 1:
The patent extracts the intermediary from the transfer process, eliminating the source of transfer fees. Direct peer-to-peer transfers through the user's software application remove the middleman that charges fees, thereby eliminating this energy loss while maintaining transfer reliability through automated protocol management and monitoring.
Data Source
AI summary
A system for a user to transfer digital assets between peers includes a plurality of peers having servers for computing data. The system further includes a software application having an Application Programming Interface for installation on a user computer, which is adapted to initiate and monitor transfers of data between the peers' using protocols. The system is characterized in that the Application Programming Interface is programmed with protocols of the plurality of peers so that a user does not require an intermediary to affect the transfer of the digital asset between the peers.