Spare Change Saving System Using Digital Coin Verification
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Solution Overview
Problem
The inconvenience and high cost associated with storing and exchanging spare change, particularly foreign coins, due to the lack of efficient methods for collecting and converting them into usable currency, are significant issues, especially for travelers.
Innovation Solution
A system that allows users to insert spare change into a saving device, which generates deposit information and transmits it to a saving server, providing a saving code that enables users to save the change in a user account as cyber currency, which can be freely converted into desired currency types at any time and anywhere.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If spare change is stored in a wallet or pocket, then coins can be kept safe, but it causes inconvenience and risk of loss
Solution Approach 1:
The patent creates a digital copy (electronic record) of the physical coins through image capture and data processing. The imaging device captures images of inserted coins, extracts feature information, and stores this data electronically, replacing the need for physical storage while maintaining verification capability through the digital copy.
Solution Approach 2:
The patent replaces the mechanical system of physical coin storage (wallets, pockets) with an electronic information system. Instead of physically holding coins, the system uses digital image data, feature extraction, and electronic storage to represent and manage coin values, eliminating the need for physical containment.
2Adaptability or versatility
If foreign coins are exchanged through traditional bank methods, then currency conversion is possible, but high fees and limited availability make it expensive
Solution Approach 1:
The patent creates a universal coin recognition and valuation system that can identify and process coins from multiple countries and currencies. The feature extraction and database matching mechanisms are designed to handle diverse coin types, enabling the system to universally recognize foreign coins and provide exchange services without being limited to specific currencies or denominations.
Solution Approach 2:
The patent introduces an intermediary electronic system that mediates between physical foreign coins and currency exchange. Instead of direct bank exchange, the system acts as an intermediate platform that captures, verifies, and records coin information, then facilitates exchange through digital transactions, reducing the need for traditional high-fee bank channels.
3Quantity of substance
If coins are lost or stolen, then money issuance cost is wasted, but continuous issuance increases costs further
Solution Approach 1:
The patent implements a feedback mechanism through electronic tracking of coin insertion and withdrawal. The system records which coins are inserted, their identifiers, and transaction history, creating a feedback loop that monitors coin circulation. This allows the system to detect lost or stolen coins through abnormal patterns and take corrective actions to prevent further waste of issuance costs.
Data Source
AI summary
The present invention relates to a spare change saving system and a method therefor and, more particularly, to a spare change saving system for enabling a user to save, in an allocated user account of a saving server, spare change remaining after using money, wherein the saving server receives deposit information when the spare change is put into a saving device, the user receives, from the saving server, a saving code corresponding to the deposit information and can save spare change in the allocated user account using the saving code anytime and anywhere, and spare change remaining after using money is saved as cyber money and can be freely converted into the type of currency desired by the user and used in future.