METHOD AND SYSTEM FOR FACILITATING COMMERCIAL TRANSACTIONS USING AUTOMATIC VIRTUAL CURRENCY

• US 20090012875A1
• Filed: 07/07/2008
• Published: 01/08/2009
• Est. Priority Date: 07/05/2007
• Status: Abandoned Application

• Current Assignee: Goozex, Inc. (Bay Acquisition Corp.)
• Original Assignee: Goozex, Inc. (Bay Acquisition Corp.)
• Inventors: Dugan, Jonathan, ZANINI, Valerio
• Application Number:
  US12/168,421
• Publication Number:
  US 20090012875A1
• Time in Patent Office: Days
• US Class Current: 705/26
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Provided are methods and systems for facilitating commercial transactions, such as sales, trades, or barters, using a virtual currency value. A data repository containing a list of available items is created and updated. A virtual value is assigned to each item in the data repository. Upon a match between an offer and a request for an item, the virtual value of the item is deducted from the buyer'"'"'s account, and is added to the seller'"'"'s account.

Claims

1. A method for facilitating online commercial transactions, the method comprising:

creating a data repository containing a list of items;

assigning a virtual value to each item;

receiving an input of an offer for a first item from a seller having a virtual value account;

receiving an input of a request for a second item from a buyer having a virtual value account; and

upon a match between the offer for the first item and the request for the second item, establishing a connection between the seller and the buyer,

wherein the seller'"'"'s virtual value account is incremented by the virtual value of the item, and the buyer'"'"'s virtual value account is decreased by the virtual value of the item.

2. The method of claim 1, further comprising:

prioritizing the offer and the request.

3. The method of claim 2, wherein the prioritizing is provided based on a timestamp of the offer and a timestamp of the request.

4. The method of claim 1, the assigning of the virtual value to each item further comprising:

determining factors in an N-set for each item;

assigning a weight and a range for each factor;

calculating a numerical value for each item based on the assigned weights and ranges; and

assigning the calculated numerical value as the virtual value of each item.

5. The method of claim 1, wherein creating the data repository includes updating the data repository.