Virtual Currency Interoperability via Conversion Service
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Solution Overview
Problem
Existing virtual currency systems across different websites are not interoperable, limiting users' ability to transfer and convert virtual cash earned on one website to another, which hampers user engagement and advertising revenue.
Innovation Solution
A system that allows automatic conversion and transfer of virtual currency between websites, enabling users to earn and use virtual cash across associated websites, with optional manual conversion and refreshment of advertisements during the process to enhance user interaction and revenue.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If virtual currency systems are isolated to individual websites, then each website can maintain its own currency format and control, but users cannot transfer or convert virtual cash between websites, limiting user engagement and revenue
Solution Approach 1:
The patent introduces a central currency conversion service that acts as an intermediary between different virtual currency systems. This service receives virtual cash from one website, converts it to the appropriate format for another website, and transfers it automatically. The intermediary handles the complexity of different currency formats (e.g., points, coins, credits) and enables interoperability without requiring direct integration between each website pair.
Solution Approach 2:
The currency conversion service is designed to handle multiple virtual currency formats universally. It can accept various types of virtual cash (points, coins, credits, tokens) from different websites and convert them to appropriate formats for destination websites. This multi-functional approach allows a single service to support numerous websites with different currency systems, reducing the need for separate conversion mechanisms for each currency pair.
2Productivity
If automatic currency conversion is implemented between websites, then user engagement and revenue increase, but the system requires authentication and conversion processes that may introduce delays or complexity
Solution Approach 1:
The system performs preliminary actions by pre-establishing conversion rates and authentication protocols between websites. When a user initiates a transfer, the system already has the necessary conversion parameters ready, allowing for rapid processing. The authentication framework is pre-configured, enabling quick verification of user credentials and authorization without time-consuming on-the-fly authentication processes.
Solution Approach 2:
The currency conversion system operates continuously to maintain seamless user experience. Conversion processes are handled in real-time as users interact with websites, ensuring that virtual cash transfers occur without interruption to user activities. The system maintains continuous connectivity between websites and the conversion service, eliminating downtime or processing delays that would break the flow of user engagement.
3Quantity of substance
If advertisements are refreshed during currency conversion steps, then advertising revenue increases through frequent user interactions, but the conversion process becomes more complex and may affect user experience
Solution Approach 1:
The patent merges the advertisement refresh mechanism with the currency conversion process. Advertisements are automatically refreshed during the conversion steps without requiring separate actions from the user. The ad refresh is integrated into the conversion workflow, so that as the system processes the virtual cash transfer, it simultaneously displays new advertisements to the user. This combining approach increases advertising revenue opportunities while maintaining a smooth, uninterrupted user experience.
Data Source
AI summary
Virtual world website allows customizing characters by purchasing items for the characters using virtual cash. The virtual cash is in the first currency format. A user can also link to another website, for example a second website, which allows earning cash in a second currency format different than the first currency format. The second website allows converting virtual currency into the first currency format. Embodiments allow multiple different currency conversions.