UN currency (virtual payment cards) issued by central bank or other issuer for mobile and wearable devices

• US 10,521,776 B2
• Filed: 11/30/2018
• Issued: 12/31/2019
• 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:
  US16/205,283
• Publication Number:
  US 20190102756A1
• Time in Patent Office: 396 Days
• CPC Class Codes: G06K 19/06028 using bar codes
• CPC Class Codes: G06K 19/06037 multi-dimensional coding
• CPC Class Codes: G06K 19/06103 the marking being embedded in a human recognizable image, e.g. a company logo with an embedded two-dimensional code
• CPC Class Codes: G06K 7/1413 1D bar codes
• CPC Class Codes: G06K 7/1417 2D bar codes
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/202 Interconnection or interaction of plural electronic cash registers [ECR] or to host computer, e.g. network details, transfer of information from host to ECR or from ECR to ECR
• CPC Class Codes: G06Q 20/321 using wearable devices
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/3276 using a pictured code, e.g. barcode or QR-code, being read by the M-device
• CPC Class Codes: G06Q 20/3278 RFID or NFC payments by means of M-devices
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• 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 2209/80 Wireless network architectures or network communication protocols for wireless network security H04W12/00
• CPC Class Codes: H04L 9/0894 Escrow, recovery or storing of secret information, e.g. secret key escrow or cryptographic key storage
• CPC Class Codes: H04L 9/30 Public key, i.e. encryption algorithm being computationally infeasible to invert or user's encryption keys not requiring secrecy
• 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 9/3297 involving time stamps, e.g. generation of time stamps
• 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 digital currency transfers 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 transfer request, wherein the transfer request includes a transfer amount in digital currency and user identification data associated with the user;

in response to the transfer request, retrieve, from a storage unit, payment data of the user associated with the identification data;

based on the retrieving and the transfer amount, generate an optical code encoding the payment data and the transfer amount;

provide the optical code on a screen of the mobile and wearable device, wherein, on scanning of the optical code, a transfer receiving request is created;

receive a transfer receiving request to perform a payment transaction associated with the user, the transfer receiving request including at least the payment data, the transfer amount, and recipient identification data associated with a recipient;

based on the transfer receiving request, access a user account maintained by a currency issuance unit;

transfer the transfer amount in the digital currency to a recipient account associated with the recipient identification data;

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

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

provide the digital currency to the user account; and

a storage unit operable to store at least the user identification information, the payment data of the user, the digital currency, the recipient identification data, wherein the processor, the mobile and wearable device, the currency issuance unit, and the storage unit are remotely located from each other and are in operable connection over the data network;

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 and is provided on the mobile and wearable device via one or more of the following;

a web browser, a graphical user interface, a projector, 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 digital currency provided to the user account by the currency issuance unit includes the emulated digital currency, wherein the digital currency is valid on the user account for a predetermined amount of time for the transferring of the transfer amount in the digital currency to the recipient account, 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 issuance unit 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 issuance unit;

wherein the BAE client provides multi-level security by providing limited use keys, tokenization, device biometric recognition, and dynamic risk analysis, wherein the limited use keys are derived from a master domain key shared by the issuance unit, 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 biometric recognition is based on fingerprints profiles or face 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 digital currency includes a universal (UN) electronically issued digital currency used in one or more of the following;

a plurality of countries, a plurality of geographic regions, and one or more currency unions;

wherein the UN digital currency is an official digital currency of a group of 206 countries and one or more territories of the Earth, wherein the group is known as a UN zone or a UN area, wherein the group is associated with the largest most traded digital currency market;

wherein the UN digital currency facilitates electronic funds transfers throughout the world using one or more of UN-branded credit cards, gift cards, and debit cards, UN issues cards, extending credits and setting rates and fees for customers; and

wherein the UN digital currency provides financial institutions with UN-branded payment products to be used to offer credits, debits, prepaid and cash-access programs to the customers, and wherein the processor sets a validity period for the digital currency, as selected by the user.

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 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) Universal Code LUNcode), wherein the 3D UNcode includes a round global circle and squares arranged in a round circle grid on a white background, the 3D UNcode being readable by an imaging device, wherein the 3D UNcode 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. The system of claim 1,

wherein transaction in the UN digital currency worldwide are processed through a Universal Pay (UNPAY) Net system at one or more secure facilities as UNPAY currency;

wherein UN data centers are secured against natural disasters, crime, and terrorism, operate independently of each other and from external utilities, handle up to 35,000 simultaneous transactions and up to 100 billion computations every second, wherein every transaction is checked past 500 variables including 100 fraud-detection parameters including a location and spending habits of the customers and a merchant location;

wherein the UN digital currency is associated with signed copies of sales drafts included in each customer monthly billing statement for verification purposes, wherein the UN digital currency is associated with a summary statement showing a posting date, a purchase date, a reference number, a merchant name, and a dollar amount of each purchase, wherein the UN digital currency is associated with a calculation of a finance charge on an unpaid balance shown on a prior month statement, wherein the UN digital currency is associated with an average daily balance resulting in increased revenue for issuers by calculating a number of days each purchase was included on a prior month statement, in which transactions from previous and current billing cycles were used in the calculation;

wherein the UNPAY currency has a set of rules that govern a participation of financial institutions in a payment system associated with UNPAY currency, wherein acquiring banks are responsible for ensuring that merchants comply with the rules;

wherein the rules associated with the UNPAY currency address how a device holder or the cardholder is to be identified for security, how transactions are denied by a bank and how banks cooperate for fraud prevention, and how to keep identification and fraud protection standard and non-discriminatory, wherein the rules govern what creates an enforceable proof of authorization by the device holder or the cardholder;

wherein the rules associated with the UNPAY currency prohibit merchants from imposing a minimum or maximum purchase amount in order to accept, by a user of a mobile or wearable device, from charging device holders, a fee for using UN virtual card payments, wherein a discount for users of the UNPAY currency is permitted under the rules;

wherein the rules associated with the UNPAY currency permit merchants to ask for a photo identification (ID), wherein when the UN virtual card is signed, a merchant does not deny a transaction if a UN virtual cardholder refuses to show the photo ID;

wherein the rules include addition of exceptions for non-signed purchases by telephone or on the Internet, and an additional security system for purchases on the Internet is enforced.

9. The system of claim 8, wherein the UNPAY currency is associated with a contactless payment technology enabling device holders to wave a wearable device in front of contactless payment terminals without the need to physically swipe or insert a virtual card into a point-of-sale device, using RFID technology, wherein the UNPAY currency is associated with a chip-only and a PIN-only debit card;

wherein the UNPAY currency is associated with a mobile payment application or a wearable device application enabling payments via smartphones using a QR code and machine readable codes;

wherein the UNPAY currency is associated with an UNPAY checkout system including an online or offline payment system for removing the need to share card details with retailers, wherein the UNPAY checkout system enables users to enter all user personal details and card information upfront, use a single username and password to make purchases from online or offline retailers, wherein the UNPAY checkout system works with credit cards, debit cards, and prepaid cards;

wherein the rules associated with the UNPAY currency stipulate a user signature requirement to be optional for all Europay, MasterCard and VISA (EMV) contact or contactless chip-enabled merchants leading to a faster in-store purchase experience of the customers.

10. A method for digital currency transfers 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 transfer request, wherein the transfer request includes a transfer amount in digital currency and user identification data associated with the user;

in response to the transfer request, retrieving, from a storage unit, payment data of the user associated with the identification data;

based on the retrieving, generating an optical code encoding the payment data and the transfer amount;

providing the optical code on a screen of the mobile and wearable device, wherein, on scanning of the optical code, a transfer receiving request is created;

receiving a transfer receiving request to perform a transaction associated with the user, the transaction request including at least the payment data, the transfer amount, and recipient identification data associated with a recipient;

based on the transfer receiving request, accessing a user account maintained by a currency issuance unit;

transferring the transfer amount in the digital currency to a recipient account associated with the recipient 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 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 and is provided on the mobile and wearable device via one or more of the following;

a web browser, a graphical user interface, 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 digital currency provided to the user account by the currency issuance unit includes the emulated digital currency, wherein the digital currency is valid on the user account for a predetermined amount of time for the transferring of the transfer amount in the digital currency to the recipient account, 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 the 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 issuance unit 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 issuance unit;

wherein the BAE client provides multi-level security by providing limited use keys, tokenization, device biometric recognition, and dynamic risk analysis, wherein the limited use keys are derived from a master domain key shared by the issuance unit, 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 biometric recognition is based on fingerprints profiles or face 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 digital currency includes a universal (UN) electronically issued digital currency used in one or more of the following;

a plurality of countries, a plurality of geographic regions, and one or more currency unions;

wherein the UN digital currency is an official digital currency of a group of 206 countries and one or more territories of the Earth, wherein the group is known as a UN zone or a UN area, wherein the group is associated with the largest most traded digital currency market;

wherein the UN digital currency facilitates electronic funds transfers throughout the world using one or more of UN-branded credit cards, gift cards, and debit cards, UN issues cards, extending credits and setting rates and fees for customers; and

wherein the UN digital currency provides financial institutions with UN-branded payment products to be used to offer credits, debits, prepaid and cash-access programs to the customers, and setting, by the processor, the validity period for the digital currency, as selected by the user.

11. The method of claim 10, 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;

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) Universal Code (UNcode), wherein the 3D UNcode includes a round global circle and squares arranged in a round circle grid on a white background, the 3D UNcode being readable by an imaging device, wherein the 3D UNcode 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 UNcode 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 10, 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, 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.

13. The method of claim 10, 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, 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.

14. The method of claim 10, 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,

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.

15. The method of claim 10, 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.

16. The method of claim 10, 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;

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 (blockchain), the blockchain being a public transaction database, which functions as a distributed ledger with private key to perform peer-to-peer transactions;

wherein the blockchain 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 blockchain performed by a network of communicating nodes running software associated with the blockchain;

wherein the transactions in the digital currency are broadcast to a network associated with the blockchain 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 blockchain;

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 blockchain as unspent outputs of the transactions.

17. The method of claim 10, wherein the digital currency includes a Universal Pay (UNPAY) currency, wherein the UNPAY 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 UNPAY consisting of at least one input and at least one output, wherein the at least one output is associated with a UNPAY transfer and includes a destination address and an amount in the UNPAY of the UNPAY transfer, and the at least one input refers to an unspent output in the blockchain to prevent double spending;

wherein using of multiple inputs corresponds to using of multiple UNPAYs 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 UNPAY is associated with a UNPAY address of an owner of the UNPAY, wherein creating the UNPAY address is picking a random private key and computing the UNPAY 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 UNPAY 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 UNPAY 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 UNPAY associated with the private key becomes unusable;

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 UNPAY 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 UNcode.

18. The method of claim 17, 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 full client verifies the transactions directly on a local copy of the blockchain 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 blockchain, the lightweight client being suitable for use on low-power, low-bandwidth devices, the lightweight client following longest blockchain 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.

19. The method of claim 18, 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 blockchain 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;

wherein validity of the digital currency is provided by the blockchain, the blockchain 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 blockchain is an open, distributed ledger operable to record transactions between two parties in a manner resistant to modification of the transaction data;

wherein the blockchain 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 BLOCKCHAIN, the data associated with the one extra block becomes verifiable on completion of the generating.

20. The method of claim 19, wherein the digital currency uses time stamp schemes to avoid need for a trusted third party to timestamp transactions added to a ledger of the blockchain 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 blockchain.