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System, method and program product for generating and utilizing stable value digital assets

  • US 10,540,640 B1
  • Filed: 05/09/2019
  • Issued: 01/21/2020
  • Est. Priority Date: 03/05/2018
  • Status: Active Grant
First Claim
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1. A method of obtaining stable value digital asset tokens comprising the steps of:

  • (a) providing a first designated key pair comprising a first designated public key and a corresponding first designated private key, wherein the first designated private key also corresponds to a first designated public address associated with an underlying digital asset;

    wherein the underlying digital asset is maintained on a distributed public transaction ledger maintained in the form of a blockchain by a plurality of geographically distributed computer systems in a peer-to-peer network in the form of a blockchain network, andwherein the first designated private key is stored on a first computer system which is connected via the Internet to the blockchain network;

    (b) providing a second designated key pair comprising a second designated public key and a corresponding second designated private key, wherein the second designated private key also corresponds to a second designated public address associated with the underlying digital asset; and

    wherein the second designated private key is stored on a second computer system which is physically separated from the first computer system and is not operatively or physically connected to the blockchain network;

    (c) providing first smart contract instructions for a stable value digital asset token associated with a first contract address associated with the underlying digital asset, wherein the smart contract instructions are saved as part of the blockchain for the underlying digital asset and include;

    (1) token creation instructions including instructions to create tokens;

    (2) token transfer instructions including instructions to transfer tokens;

    (3) token destruction instructions including instructions to destroy tokens;

    (4) authorization instructions associated with the first designated key pair; and

    (5) authorization instructions associated with the second designated key pair,(d) receiving, by a digital asset token issuer system, a request to obtain a first sum of stable value digital asset tokens in exchange for a second sum of fiat,wherein the first sum corresponds to the second sum based on a fixed ratio of stable value digital asset token to fiat, andwherein the request comes from a first requesting user with an associated first requester key pair, comprising a first requester public key and a corresponding first requester private key, wherein the first requester private key also corresponds to a first requester public address associated with the underlying digital asset;

    (e) confirming, by the digital asset token issuer system, receipt of the second sum of fiat;

    (f) transferring the first sum of stable value digital asset tokens to the first requester public address using the following steps;

    (1) sending a second request, from the digital asset token issuer system to the first computer system, to obtain the first sum of stable value digital asset tokens and transfer said first sum to the first requester public address;

    (2) generating, by the first computer system, first instructions addressed from the first designated public address to the first contract address including a message to obtain the first sum of stable value digital asset tokens and to assign the obtained first sum to the first requester public address;

    (3) digitally signing, by the first computer system, the first instructions using the first designated private key to generate first digitally signed instructions;

    (4) sending, from the first computer system to the plurality of geographically distributed computer systems, the first digitally signed instructions;

    wherein the first digitally signed instructions are executed by the plurality of geographically distributed computer systems in accordance with the first contract instructions; and

    (g) confirming, by the digital asset token issuer system, that the first sum of stable value digital asset tokens has been obtained and transferred to the first requester public address based on reference to the blockchain.

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