Digital currency (virtual payment cards) issued by central bank for mobile and wearable devices

• US 10,147,076 B2
• Filed: 02/01/2018
• Issued: 12/04/2018
• Est. Priority Date: 10/01/2002
• Status: Expired due to Term

• Current Assignee: Andrew H.B. Zhou, Tiger T.G. Zhou, Zhou Tian Xing
• Original Assignee: Andrew H.B. Zhou, Tiger T.G. Zhou, Zhou Tian Xing
• Inventors: Zhou, Andrew H B, Zhou, Tiger T G, Xing, Zhou Tian
• Primary Examiner(s): Walsh, Daniel I
• Application Number:
  US15/885,970
• Publication Number:
  US 20180158036A1
• Time in Patent Office: 306 Days
• CPC Class Codes: G06F 1/1626 with a single-body enclosure integrating a flat display, e.g. Personal Digital Assistants [PDAs]
• CPC Class Codes: G06F 1/163 Wearable computers, e.g. on a belt
• CPC Class Codes: G06Q 20/0655 e-cash managed centrally
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/321 using wearable devices
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/3274 using a pictured code, e.g. barcode or QR-code, being displayed on the M-device
• CPC Class Codes: G06Q 20/3278 RFID or NFC payments by means of M-devices
• CPC Class Codes: G06Q 20/351 Virtual cards
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/4014 Identity check for transactions
• CPC Class Codes: G06Q 20/4015 using location information
• CPC Class Codes: G09C 5/00 Ciphering apparatus or methods not provided for in the preceding groups, e.g. involving the concealment or deformation of graphic data such as designs, written or printed messages
• CPC Class Codes: H04L 2209/56 Financial cryptography, e.g. electronic payment or e-cash
• CPC Class Codes: H04L 67/104 Peer-to-peer [P2P] networks
• CPC Class Codes: H04L 9/0637 Modes of operation, e.g. cipher block chaining [CBC], electronic codebook [ECB] or Galois/counter mode [GCM]
• CPC Class Codes: H04L 9/0861 Generation of secret information including derivation or calculation of cryptographic keys or passwords
• CPC Class Codes: H04L 9/088 Usage controlling of secret information, e.g. techniques for restricting cryptographic keys to pre-authorized uses, different access levels, validity of crypto-period, different key- or password length, or different strong and weak cryptographic algorithms network architectures or network communication protocols for using time-dependent keys in a packet data network H04L63/068
• CPC Class Codes: H04L 9/14 : using a plurality of keys or algorithms
• CPC Class Codes: H04L 9/3239 : involving non-keyed hash functions, e.g. modification detection codes [MDCs], MD5, SHA or RIPEMD
• CPC Class Codes: H04L 9/50 : using hash chains, e.g. blockchains or hash trees

Abstract

Provided is a method for digital currency transfers via a mobile and wearable device. The method may include receiving a transfer request with a transfer amount in digital currency and user identification data associated with the user, retrieving payment data of the user associated with the identification data, generating an optical code encoding the payment data and the transfer amount. The method may continue with providing the optical code on a screen of the mobile and wearable device. On scanning of the optical code, a transfer receiving request is created. The method may continue with receiving a transfer receiving request to perform a payment transaction associated with the user, accessing a user account maintained by a currency issuance unit, and transferring the transfer amount in the digital currency from the user account to a recipient account associated with the recipient identification data.

Claims

1. A system for transferring single use or multiple use digital currency via a mobile and wearable device, the system comprising:

a processor configured to;

receive over a data network, from the mobile and wearable device of a user, a currency issuance request for issuing a digital currency, wherein the digital currency includes a Z currency (ZCU), wherein the ZCU is a virtual currency, which is issued and controlled by developers of the virtual currency, and used and accepted among members of a virtual community;

wherein the transactions in the ZCU consisting of at least one input and at least one output, wherein the at least one output is associated with a ZCU transfer and includes a destination address and an amount in the ZCU of the ZCU transfer, and the at least one input refers to an unspent output in the CBFC to prevent double spending;

wherein using of multiple inputs corresponds to using of multiple ZCUs in a cash transaction, wherein a sum of inputs exceeds a total of payments;

wherein an unaccounted input is handled as a transaction fee;

wherein paying the transaction fee is optional;

wherein the user chooses one or more priority transactions based on fee amounts associated with the one or more priority transactions, the one or more priority transactions being processed before other transactions;

wherein a fee amount associated with the transaction is based on a number of inputs used to create the transaction and a storage size of the transaction, wherein the currency issuance request includes a payment amount and a first merchant identification data associated with a merchant;

in response to the currency issuance request, prompt the user to enter a user authentication information;

receive over the data network, from the user, the user authentication information;

based on the user authentication information, accessing a user account maintained by a currency issuer, wherein the user account includes at least a payment data associated with the user;

receive over the data network, from the merchant, a transaction request to perform a payment transaction associated with the user, the transaction request including at least a second merchant identification data and data associated with the digital currency;

match the first merchant identification data and the second merchant identification data;

upon determining a match of the first merchant identification data and the second merchant identification data, authorize the payment transaction by transferring the payment amount from the digital currency to a merchant account associated with the merchant, the merchant account being retrieved from the second merchant identification data, wherein the processor is operable to transfer the payment amount in response to a merchant device reading an optical code encoding the digital currency data displayed on the mobile and wearable device of the user and to transmit digital currency data from the mobile and wearable device to a merchant device using a near field communication, wherein the optical code is a three-dimensional (3D) zcode representing the ZCU, wherein the 3D zcode includes a round global circle and squares arranged in a round circle grid on a white background, the 3D zcode being readable by an imaging device, wherein the 3D zcode is a machine-readable optical label encoding information in horizontal, vertical, and 3D components of the round global circle and squares arranged in a round circle grid;

based on the transferring, determine that the payment transaction associated with the user is completed; and

based on the determining that the payment transaction is completed, deactivate the digital currency;

a currency issuance unit connected over the data network to and remotely located from the processor, merchant, and the mobile and wearable device operable to;

based on the payment data associated with the user and the first merchant identification data, generate the digital currency, the digital currency having a deposit amount, the deposit amount being at least equal to the payment amount requested by the user in the currency issuance request; and

provide the digital currency to the mobile and wearable device; and

a storage unit operable to store at least the user authentication information, the digital currency, the first merchant identification data, and the second merchant identification data, wherein the processor, the mobile and wearable device, the currency issuance unit, and the storage unit are remotely located with each other and in operable connection over the data network;

wherein the virtual payment currency is associated with a joint operation with banks and top retailers;

wherein the mobile and wearable device is associated with a cloud-based application running on the mobile and wearable device, wherein the cloud-based application resides in a cloud network is provided on the mobile and wearable device via one or more of the following;

a web browser, a projector, and a hologram, an augmented reality (AR) device;

a virtual reality (VR) device;

wherein the cloud-based application is provided for purchasing in one or more applications stores, the one or more applications stores being associated with an operating system running on the mobile and wearable device, the operating system including one of the following;

Microsoft Windows, Linux, Android, Blackberry, iOS, and Windows Phone;

wherein the cloud-based application is provided free of charge or at a predetermined price;

wherein the cloud-based application includes at least a bank account emulation (BAE) client, the BAE client is configured to provide emulation of a bank account to combine with cloud computing and provide an emulated digital currency, wherein the bank account is emulated based on metadata associated with the user, a phone number associated with the user, and data associated with a point-of-sale (POS) terminal of the merchant, wherein the BAE client is configured to provide a virtual representation of an emulated bank account;

wherein the operating system associated with the mobile and wearable device is configured to run the BAE client, provide two communication paths for NFC commands from the POS terminal based on an application identifier (AID) associated with the BAE client;

wherein the operating system is configured to use the AID to route the NFC commands to the cloud-based application managing the emulation of the bank account;

wherein when the user presents the emulated digital currency for transaction, an NFC command is routed to the BAE client for verification of the NFC commands by the cloud-based application managing the emulation of the bank account;

wherein the cloud-based application is configured to connect to a backend associated with the currency issuer to complete the transaction;

wherein the cloud-based application is associated with a trusted tokenization node, the trusted tokenization node being a shared resource used to generate and de-tokenize tokens representing data associated with the digital currency at the backend associated with the issuer; and

wherein the BAE client provides multi-level security by providing limited use keys, tokenization, device fingerprinting, and dynamic risk analysis, wherein the limited use keys are derived from a master domain key shared by the issuer, wherein a use of the limited use keys is associated with time to live of the limited use keys and a number of transactions to be performed using the limited use keys, wherein the device fingerprints are profiles associated with the mobile and wearable device and are used to determine that transactions are initiated only by an authorized mobile and wearable device at recognized locations of the POS terminal wherein the system further comprises the processor further configured to;

receive a first input of a user, in response to the first input of the user, initiate one or more sensors to capture multimedia to obtain captured multimedia;

receive, a second input of the user, wherein the first input of the user includes a touch engagement of the user with a display of a mobile and wearable device and the second input of the user includes a touch release of the user from the display of the mobile and wearable device;

analyze data associated with the first input of the user and the second input of the user, wherein the analyzing includes determining time between the first input of the user and the second input of the user;

based on the analysis, selectively select, a multimedia capture mode or a payment transaction mode, wherein the multimedia capture mode comprises the user using the mobile and wearable device to capture multimedia content, wherein the selection of the multimedia capture mode and the transaction mode is determined by comparison of the time between the first input and the second input with a predetermined time, wherein only a multimedia storing mode or a transaction mode is selected at a single time, and wherein the multimedia capture mode is associated with a plurality of types of multimedia, wherein each of the plurality of types of multimedia being captured are determined by the time between the first input and second input in the multimedia capture mode;

based on the analysis, selectively select one of multimedia storing modes or a payment transaction mode, wherein each of the multimedia storing modes is associated with at least one of a plurality of types of the multimedia;

in response to the selection of the multimedia capture storing modes, process the captured multimedia to obtain a type of the multimedia captured in the multimedia capture mode;

storing, by the processor, the type of the multimedia captured and the captured multimedia to a database to obtain a stored type of the multimedia;

in response to the selection of the payment transaction mode, receive transaction data, wherein the transaction data comprises at least a payment amount and a recipient;

based on the transaction data, user payment data, and recipient payment data, perform a payment transaction, wherein the user payment data and the recipient payment data are stored in the database;

wherein the mobile and wearable devices include at least one of a handheld computing device, a smartphone, a tablet computer, a personal digital assistant, an e-textile item, an activity tracker, a smartwatch, smartglasses, a Global Positioning System (GPS) watch, a mixed reality device, a computer-mediated reality device, a clothing technology device, and a wearable device, the wearable device having a band adapted to secure the wearable device on a human body, the human body including a wrist, an arm, a neck, a head, a leg, a waist, an ear, a finger, and any other part of the human body, wherein the band is adapted to secure the wearable device under, within or on clothing, and wherein the band includes a rechargeable battery configured to power the wearable device;

the system further comprising the use of a digital currency, the system further comprising the processor configured to;

receive a transfer request, wherein the transfer request is authorized upon receiving authorization data from a sender having a sender account from which funds are transferred from, the authorization data comprising a password, personal identification number (PIN) code, and biometric data comprising a face of the sender; and

based on the receiving, authorize the sender to provide the transfer request when the authorization data providing for the transfer request matches previously registered corresponding authorization data;

wherein the transfer is associated with an amount represented in tokens of the digital currency stored on the mobile and wearable device of the sender, the transfer request including at least the sender account, a recipient account, and the amount; and

based on the transfer request, the processor, prior to transferring, is operable to encrypt the digital currency by assigning a unique key to the transferring and signing the digital currency using a cryptographic signature the amount from the sender account to the recipient account wherein the tokens stored on the mobile and wearable device of the sender are printed with a face of the sender, and upon transfer from the mobile and wearable device of the sender to a mobile and wearable device of the recipient, the tokens are converted by replacing the senders face with the recipient face, wherein the digital currency is not a currency of any national government but is operable to be exchanged by the mobile device into a user defined national currency, and the system is configured to use the digital currency using public-key cryptography based on generating a public key and a private key;

wherein the mobile or wearable device functions as a virtual wallet and stores information necessary to perform transaction in the digital currency, the information including a collection of at least one public key and at least one private key;

wherein the virtual wallet being a software wallet connecting to a network and providing for spending the digital currency, the software wallet includes;

a full client and a lightweight client;

wherein the full client verifies the transactions directly on a local copy of the CBFC or a pruned subset of the network associated with the digital currency network to eliminate necessity for trust as in case of external parties, checks validity of blocks of the digital currency, preventing the blocks from transacting on a chain that breaks or alters network rules;

wherein a lightweight client consults the full client to send and receive the transactions without requiring a local copy of the CBFC, the lightweight client being suitable for use on low-power, low-bandwidth devices, the lightweight client following longest CBFC and not ensuring validity;

wherein the software wallet includes an online wallet storing the information with a provider of the online wallet;

wherein the software wallet includes a physical wallet storing the information offline, the storing offline including printing on metal and printing on paper.

2. The system of claim 1, wherein the processor is further operable to:

integrate the optical code in a virtual payment card, wherein the virtual payment card is displayed on the mobile and wearable device to be read by a device associated with the recipient.

3. The system of claim 1, wherein the processor is further operable to:

set a validity period for the digital currency, the validity period being pre-selected by the user and stored in the user account, wherein the digital currency is deactivated upon expiration of the validity period.

4. The system of claim 1, wherein the processor is further operable to:

based on the transferring of the transfer amount in the digital currency to the recipient account, determine that the payment transaction associated with the user is completed; and

based on the determining that the payment transaction is completed, deactivate the digital currency.

5. The system of claim 1, wherein the payment data includes data associated with one or more of the following:

a credit card, a debit card, a retail card, a charge card, a bank saving account, a bank checking account, an insurance account, a stored-value card, a cryptocurrency account, and a digital mobile currency.

6. The system of claim 1, wherein the currency issuance unit is selected from one or more of the following:

a bank, Federal Reserve Bank, a central bank of 206 countries, a credit card company, an insurance company, a credit union, a store, a public transaction database, a distributed ledger, and a third-party organization.

7. The system of claim 1, wherein the user authentication information includes one or more of the following:

a name of the user, an address of the user, a guarantor name, a social security number of the user, a phone number of the user, an identification number of the user, a bank account of the user, an insurance account number of the user, an email address of the user, and a photograph of the user.

8. The system of claim 1, wherein at least one transaction associated with the transferring of the transfer amount in the digital currency is recorded in a distributed world global digital currency ledger, wherein the distributed world global digital currency ledger is programmed to trigger the at least one transaction automatically using a peer-to-peer network, a distributed timestamping server, and a code block file chain database including a transaction database for using the digital currency.

9. A method for transferring single use digital currency via a mobile and wearable device, the method comprising:

receiving over a data network, by a processor, from the mobile and wearable device of a user, a currency issuance request for issuing a digital currency, wherein the digital currency includes a Z currency (ZCU), wherein the ZCU is a virtual currency, which is issued and controlled by developers of the virtual currency, and used and accepted among members of a virtual community;

wherein the transactions in the ZCU consisting of at least one input and at least one output, wherein the at least one output is associated with a ZCU transfer and includes a destination address and an amount in the ZCU of the ZCU transfer, and the at least one input refers to an unspent output in the CBFC to prevent double spending;

wherein using of multiple inputs corresponds to using of multiple ZCUs in a cash transaction, wherein a sum of inputs exceeds a total of payments;

wherein an unaccounted input is handled as a transaction fee;

wherein paying the transaction fee is optional;

wherein the user chooses one or more priority transactions based on fee amounts associated with the one or more priority transactions, the one or more priority transactions being processed before other transactions;

wherein a fee amount associated with the transaction is based on a number of inputs used to create the transaction and a storage size of the transaction, wherein the currency issuance request includes a payment amount and a first merchant identification data associated with a merchant;

in response to the currency issuance request, prompting, by the processor, the user to enter a user authentication information;

receiving over the data network, by the processor, from the user, the user authentication information;

based on the user authentication information, accessing, by the processor, a user account maintained by a currency issuer, wherein the user account includes at least a payment data associated with the user;

based on the payment data associated with the user and the first merchant identification data, generating, by a currency issuance unit connected over the data network to and remotely located from the processor, merchant, and the mobile and wearable device, the digital currency, the digital currency having a deposit amount, the deposit amount being at least equal to the payment amount requested by the user in the currency issuance request;

providing, by the currency issuance unit, the digital currency to the mobile and wearable device;

receiving over the data network, by the processor, from the merchant, a transaction request to perform a payment transaction associated with the user, the transaction request including at least a second merchant identification data and data associated with the digital currency;

matching, by the processor, the first merchant identification data and the second merchant identification data;

upon determining a match of the first merchant identification data and the second merchant identification data, authorizing, by the processor, the payment transaction by transferring the payment amount from the to a merchant account associated with the merchant, the merchant account being retrieved from the second merchant identification data, wherein the processor is operable to transfer the payment amount in response to a merchant device reading an optical code encoding the digital currency data displayed on the mobile and wearable device of the user and to transmit digital currency data from the mobile and wearable device to a merchant device using a near field communication wherein the optical code is a three-dimensional (3D) zcode representing the ZCU, wherein the 3D zcode includes a round global circle and squares arranged in a round circle grid on a white background, the 3D zcode being readable by an imaging device, wherein the 3D zcode is a machine-readable optical label encoding information in horizontal, vertical, and 3D components of the round global circle and squares arranged in a round circle grid;

based on the transferring, determining, by the processor, that the payment transaction associated with the user is completed; and

based on the determining that the payment transaction is completed, deactivating, by the processor, the digital currency;

wherein the processor, the mobile and wearable device, the currency issuance unit, and the storage unit are remotely located with each other and in operable connection over the data network;

wherein the digital currency is associated with a joint operation with banks and top retailers;

wherein the mobile and wearable device is associated with a cloud-based application running on the mobile and wearable device, wherein the cloud-based application resides in a cloud network is provided on the mobile and wearable device via one or more of the following;

a web browser, a projector, and a hologram, an augmented reality (AR) device;

a virtual reality (VR) device;

wherein the cloud-based application is provided for purchasing in one or more applications stores, the one or more applications stores being associated with an operating system running on the mobile and wearable device, the operating system including one of the following;

Microsoft Windows, Linux, Android, Blackberry, iOS, and Windows Phone;

wherein the cloud-based application is provided free of charge or at a predetermined price;

wherein the cloud-based application includes at least a bank account emulation (BAE) client, the BAE client is configured to provide emulation of a bank account to combine with cloud computing and provide an emulated digital currency, wherein the bank account is emulated based on metadata associated with the user, a phone number associated with the user, and data associated with a point-of-sale (POS) terminal of the merchant, wherein the BAE client is configured to provide a virtual representation of an emulated bank account;

wherein the operating system associated with the mobile and wearable device is configured to run the BAE client, provide two communication paths for NFC commands from the POS terminal based on an application identifier (AID) associated with the BAE client;

wherein the operating system is configured to use the AID to route the NFC commands to the cloud-based application managing the emulation of the bank account;

wherein when the user presents the emulated digital currency for transaction, an NFC command is routed to the BAE client for verification of the NFC commands by the cloud-based application managing the emulation of the bank account;

wherein the cloud-based application is configured to connect to a backend associated with the currency issuer to complete the transaction;

wherein the cloud-based application is associated with a trusted tokenization node, the trusted tokenization node being a shared resource used to generate and de-tokenize tokens representing data associated with the digital currency at the backend associated with the issuer; and

wherein the BAE client provides multi-level security by providing limited use keys, tokenization, device fingerprinting, and dynamic risk analysis, wherein the limited use keys are derived from a master domain key shared by the issuer, wherein a use of the limited use keys is associated with time to live of the limited use keys and a number of transactions to be performed using the limited use keys, wherein the device fingerprints are profiles associated with the mobile and wearable device and are used to determine that transactions are initiated only by an authorized mobile and wearable device at recognized locations of the POS terminal the method further comprising receiving, by the processor, a first input of a user;

in response to the first input of the user, initiating one or more sensors to capture multimedia to obtain captured multimedia;

receiving, by the processor, a second input of the user, wherein the first input of the user includes a touch engagement of the user with a display of a mobile and wearable device and the second input of the user includes a touch release of the user from the display of the mobile and wearable device;

analyzing, by the processor, data associated with the first input of the user and the second input of the user, wherein the analyzing includes determining time between the first input of the user and the second input of the user, based on the analysis, selectively selecting, by the processor, a multimedia capture mode or a payment transaction mode, wherein the multimedia capture mode comprises the user using the mobile and wearable device to capture multimedia content, wherein the selection of the multimedia capture mode and the transaction mode is determined by comparison of the time between the first input and the second input with a predetermined time, wherein only a multimedia storing mode or a transaction mode is selected at a single time, and wherein the multimedia capture mode is associated with a plurality of types of multimedia, wherein each of the plurality of types of multimedia being captured are determined by the time between the first input and second input in the multimedia capture mode;

based on the analysis, selectively selecting, by the processor, one of multimedia storing modes or a payment transaction mode, wherein each of the multimedia storing modes is associated with at least one of a plurality of types of the multimedia;

in response to the selection of the multimedia capture storing modes, processing, by the processor, the captured multimedia to obtain a type of the multimedia captured in the multimedia capture mode;

storing, by the processor, the type of the multimedia captured and the captured multimedia to a database to obtain a stored type of the multimedia;

in response to the selection of the payment transaction mode, receiving, by the processor, transaction data, wherein the transaction data comprises at least a payment amount and a recipient;

based on the transaction data, user payment data, and recipient payment data, performing, by the processor, a payment transaction, wherein the user payment data and the recipient payment data are stored in the database;

wherein the mobile and wearable devices include at least one of a handheld computing device, a smartphone, a tablet computer, a personal digital assistant, an e-textile item, an activity tracker, a smartwatch, smartglasses, a Global Positioning System (GPS) watch, a mixed reality device, a computer-mediated reality device, a clothing technology device, and a wearable device, the wearable device having a band adapted to secure the wearable device on a human body, the human body including a wrist, an arm, a neck, a head, a leg, a waist, an ear, a finger, and any other part of the human body, wherein the band is adapted to secure the wearable device under, within or on clothing, and wherein the band includes a rechargeable battery configured to power the wearable device;

the method further comprising the use of a digital currency, the method further comprising;

receiving, by the processor, a transfer request, wherein the transfer request is authorized upon receiving authorization data from a sender having a sender account from which funds are transferred from, the authorization data comprising a password, personal identification number (PIN) code, and biometric data comprising a face of the sender; and

based on the receiving, authorizing the sender to provide the transfer request when the authorization data providing for the transfer request matches previously registered corresponding authorization data;

wherein the transfer is associated with an amount represented in tokens of the digital currency stored on the mobile and wearable device of the sender, the transfer request including at least the sender account, a recipient account, and the amount; and

based on the transfer request, by the processor, prior to transferring, encrypting the digital currency by assigning a unique key to the transferring and signing the digital currency using a cryptographic signature the amount from the sender account to the recipient account wherein the tokens stored on the mobile and wearable device of the sender are printed with a face of the sender, and upon transfer from the mobile and wearable device of the sender to a mobile and wearable device of the recipient, the tokens are converted by replacing the senders face with the recipient face, wherein the digital currency is not a currency of any national government but is operable to be exchanged by the mobile device into a user defined national currency, and wherein the digital currency uses public-key cryptography based on generating a public key and a private key;

wherein the mobile or wearable device functions as a virtual wallet and stores information necessary to perform transaction in the digital currency, the information including a collection of at least one public key and at least one private key;

wherein the virtual wallet being a software wallet connecting to a network and providing for spending the digital currency, the software wallet includes;

a full client and a lightweight client;

wherein the fill client verifies the transactions directly on a local copy of the CBFC or a pruned subset of the network associated with the digital currency network to eliminate necessity for trust as in case of external parties, checks validity of blocks of the digital currency, preventing the blocks from transacting on a chain that breaks or alters network rules;

wherein a lightweight client consults the full client to send and receive the transactions without requiring a local copy of the CBFC, the lightweight client being suitable for use on low-power, low-bandwidth devices, the lightweight client following longest CBFC and not ensuring validity;

wherein the software wallet includes an online wallet storing the information with a provider of the online wallet;

wherein the software wallet includes a physical wallet storing the information offline, the storing offline including printing on metal and printing on paper.

10. The method of claim 9, further comprising integrating the optical code in a virtual payment card, wherein the virtual payment card is displayed on the mobile and wearable device to be read by a device associated with the recipient.

11. The method of claim 9, wherein the optical code is selected from a group comprising:

a linear dimensional code, a two-dimensional code, a snap tag code, a Quick Response (QR) code, and a three-dimensional (3D) zcode, wherein the 3D zcode includes a round global circle and squares arranged in a round circle grid on a white background, the 3D zcode being readable by an imaging device, wherein the 3D zcode is a machine-readable optical label encoding information in horizontal, vertical, and 3D components of the round global circle and squares arranged in a round circle grid;

wherein the information is encoded using five standardized encoding modes including globeing, numeric, alphanumeric, byte/binary, and kanji to store data;

wherein the 3D zcode is used for product tracking, item identification, time tracking, document management, general marketing, payments, storing bank account information or credit card information, cryptographic currencies.

12. The method of claim 9, further comprising setting, by the currency issuance unit, a validity period for the digital currency, the validity period being pre-selected by the user and stored in the user account, wherein the digital currency is deactivated upon expiration of the validity period.

13. The method of claim 9, further comprising:

based on the transferring of the payment amount in the digital currency to the recipient account, determining that the payment transaction associated with the user is completed;

upon determining that the payment transaction associated with the user is completed, checking, by the processor, whether a portion of the deposit amount is present on the digital currency;

transferring, by the processor, the portion of the payment amount from the digital currency to a currency associated with the user, the currency being determined based on the payment data.

14. The method of claim 9, wherein the payment data includes data associated with one or more of the following:

a credit card, a debit card, a retail card, a charge card, a bank saving account, a bank checking account, an insurance account, a stored-value card, a cryptocurrency account, and a digital mobile currency.

15. The method of claim 9, wherein the currency issuance unit is selected from one or more of the following:

a bank, Federal Reserve Bank, a credit card company, an insurance company, a credit union, a store, a public transaction database, a distributed ledger, and a third-party organization.

16. The method of claim 9, wherein the user authentication information includes one or more of the following:

a name of the user, an address of the user, a guarantor name, a social security number of the user, a phone number of the user, an identification number of the user, a bank account of the user, an insurance account number of the user, an email address of the user, and a photograph of the user.

17. The method of claim 9, further comprising:

receiving, by the processor, the user authentication information; and

storing the user authentication information in a memory associated with the mobile and wearable device.

18. The method of claim 9, wherein at least one transaction associated with the transferring of the transfer amount in the digital currency is recorded in a distributed world global digital currency ledger, wherein the distributed world global digital currency ledger is programmed to trigger the at least one transaction automatically using a peer-to-peer network, a distributed timestamping server, and a code block file chain database including a transaction database for using the digital currency.

19. The method of claim 9, wherein the digital currency is associated with an exchange rate between two digital currencies, the exchange rate being a rate at which one digital currency is exchanged for another digital currency;

wherein the exchange rate is determined in a foreign exchange market, the foreign exchange market being open to a plurality of types of buyers and sellers, and wherein a currency trading is continuous;

wherein the exchange rate includes a spot exchange rate associated with a current exchange rate;

wherein the exchange rate further includes a forward exchange rate including an exchange rate that quoted and traded on a current date for delivery and payment on a specific future date; and

wherein the exchange rate further includes a buying rate and a selling rate, wherein the buying rate is a rate at which a person buys foreign currency in exchange for the digital currency, and the selling rate is a rate at which the person sells the digital currency.

20. The method of claim 9, wherein the digital currency includes a virtual currency, a cryptocurrency, digital money, electronic money, electronic currency, and central bank issued digital base money, a money balance recorded electronically on a stored-value card, virtual payment card, or mobile and wearable devices, network money allowing transferring of value on computer networks, the computer networks including Internet;

wherein the digital currency is a type of currency available in a digital form and absent in a physical form, the digital currency having properties similar to physical currencies and allowing for instantaneous transactions, borderless transfer-of-ownership, buying physical goods and services;

wherein the digital currency is restricted for use in one or more communities, the one or more communities including an on-line game and a social network;

wherein the digital currency includes one of the group;

a centralized currency with money supply controlled by a central point of control and a decentralized currency with money supply coming from a plurality of sources in a global computer digital ledger.

21. The method of claim 9, wherein the digital currency is a digital asset designed as a decentralized cryptocurrency to work as a medium of exchange that uses cryptography to secure transactions performed in the digital currency, to control creation of additional units, and to verify transmitting of assets;

wherein the decentralized cryptocurrency, being a subset of digital currencies, alternative digital currencies, and virtual currencies, is controlled through a code block file chain (CBFC), the CBFC being a public transaction database, which functions as a distributed ledger with private key to perform peer-to-peer transactions.

22. The method of claim 9, wherein a CBFC is a global public ledger for 206 countries, the global public ledger recording transactions in the digital currency;

wherein the digital currency functions in absence of a trusted international central authority with maintenance of the CBFC performed by a network of communicating nodes running software associated with the CBFC;

wherein the transactions in the digital currency are broadcast to a network associated with the CBFC using one or more readily available software applications;

wherein a node of the network of communicating nodes validates the transactions, adds the transactions to a copy of the global public ledger associated with the node, and broadcast the additions to other nodes of the network of communicating nodes;

wherein the broadcasting of the additions is performed a plurality times per hour, wherein the additions form a block added to the CBFC;

wherein the broadcasting provides for determining a calendar time of spending one or more amounts in the digital currency and preventing double-spending in an environment without central oversight;

wherein the digital currency exists in the CBFC as unspent outputs of the transactions.

23. The method of claim 9, wherein the ZCU is associated with a ZCU address of an owner of the ZCU, wherein creating the ZCU address is picking a random private key and computing the ZCU address to be assigned to the owner;

wherein the computing is performed substantially less than during one second and a reverse computing of the private key of the ZCU address is mathematically unfeasible;

wherein a number of private keys hinders a probability of brute force computing of a key-pair being in use;

wherein spending the ZCU is permitted on digitally signing the transaction, the signature being verified by the private key associated with the owner;

wherein in case of losing the private key, the ZCU associated with the private key becomes unusable.

24. The method of claim 9, wherein the digital currency has a pseudonymous privacy with funds being tied to the digital currency address instead of a central bank or a real-world entity;

wherein the owner of the digital currency address is not explicitly identified;

wherein the transactions on the CBFC are public;

wherein the transactions are linked to individuals and companies through idioms of use;

wherein the transactions that spend the digital currency from multiple inputs indicate a common owner and corroborating public transaction data with known information on owners of certain addresses;

wherein exchange of the digital currency for traditional currencies is required by law to collect personal information;

wherein a new digital currency address is generated for each transaction to increase financial privacy;

wherein a hierarchical deterministic wallet generates pseudorandom rolling addresses for every transaction from a single seed, while only requiring a single passphrase to be remembered to recover private keys associated with the owner;

wherein a digital currency exchange proves assets, liabilities, and solvency without revealing addresses using zero-knowledge proofs.

25. The method of claim 24, wherein validity of the digital currency is provided by the CBFC, the CBFC being a continuously growing list of blocks linked and secured using cryptography;

wherein each of the blocks contains a hash pointer as a link to a previous block, a timestamp, and transaction data; and

data in each of the blocks cannot be altered retroactively without alteration of all subsequent blocks, which requires collusion of network majority;

wherein the CBFC is an open, distributed ledger operable to record transactions between two parties in a manner resistant to modification of the transaction data;

wherein the CBFC is managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks;

wherein block time is an average time for the network to generate one extra block in the CBFC, the data associated with the one extra block becomes verifiable on completion of the generating.

26. The method of claim 25, wherein the digital currency uses various time stamp schemes to avoid need for a trusted third party to timestamp transactions added to a ledger of the CBFC ledger;

wherein cryptocurrency network of the digital currency is secured and brought in distributed consensus through requesting users to show ownership of a certain amount of the digital currency or running hashing algorithms to validate electronic transactions;

wherein the cryptocurrency network is associated with at least one cryptocurrency account and at least banking account, the cryptocurrency network being configured to perform transaction between the at least banking account and the at least one cryptocurrency account, wherein services of cryptocurrency network are free;

wherein the services are provided on a subscription basis and subscribers are identified with one or more of the following;

an email address and a mobile phone number;

wherein a mobile or wearable cryptocurrency wallet stores public and private keys or one or more digital currency addresses used to receive and spend the digital currency;

wherein writing in a public ledger to spend the digital currency is performed a private key;

wherein a public key enables to send the digital currency to a wallet;

wherein the digital currency is pseudonymous, the digital currency being tied to one or more keys or digital currency addresses;

wherein the owner of the digital currency is not identifiable, while the transactions are publicly available in the CBFC.

27. The method of claim 26,

wherein the virtual currency is a digital representation of value which is accepted by natural or legal persons as a means of payment and suitable to be transferred, stored, and traded electronically;

wherein the user of the ZCU provides at least one image, the at least one image being depicted on the virtual payment card, the at least one image including a face of the user, an image of a public figure, an image of a movie character, and other images with optical code including 1D, 2D and 3D zcode.