Account free possession and transfer of electronic money

• US 20130179337A1
• Filed: 01/09/2012
• Published: 07/11/2013
• Est. Priority Date: 01/09/2012
• Status: Abandoned Application

• Current Assignee: Walter Ochynski
• Original Assignee: Walter Ochynski
• Inventors: Ochynski, Walter
• Application Number:
  US13/346,068
• Publication Number:
  US 20130179337A1
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

The account free possession and transfer of electronic money. Payment with E-Money is a settlement free process. Ownership and transfer occurs by means of name (identification number or URL) of the electronic bill and secure password. A person who knows the name and the password owns the money. Upon change of ownership the password has to be changed. The password change occurs on the server and the rest of the process in the individual wallet application or is processed manually by the user of E-Money.

Claims

1. A system capable of representing electronic money using unique, identifiable, and potentially variable parameters, where knowledge of said parameters indicates ownership of the electronic money.

2. The system described in claim 1 wherein said parameters are comprised of a name, which can also be expressed as a URL, and a password.

3. The system described in claim 1 wherein said electronic money is stored on a secure server that the owner of said electronic money can connect to through a secure internet connection.

4. The system described in claim 1 and claim 2 wherein a means for changing said password enables the ownership of the electronic money to change.

5. The system described in claim 1 wherein a trustworthy issuer guarantees the redemption of said electronic money.

8. The system described in claim 1 and claim 6 where said electronic money is made up of said electronic bills (E-Bills) which will be issued in various denominations and will be stored on said secure server connected to the internet through https protocol.

9. The system described in claim 1 and claim 6 where ownership of said E-Bills is determined by knowledge of the E-Bill'"'"'s name and password.

10. A system in accordance with claim 1 and claim 6 where said electronic money is substituted by other financial asset, for example, stock, bond, debenture, gold, etc.

11. A system in accordance with claim 1 and claim 6 where said electronic money is substituted by any valuable commodity.

12. A system in accordance with claim 1 and claim 6 where said electronic money is any valid currency and not only US Dollar.

13. A system in accordance with claim 1 and claim 6 where said electronic money bears interest and when interest is due new E-Bills will be created, which names are derived from the E-Bill being a principle and the password is the same as the password of the said principle E-Bill at the interest due date.

14. A system in accordance with claim 1 and claim 6 where new E-Bills will be automatically created in exchange for E-Bills of higher denomination to facilitate desired payments

15. A system in accordance with claim 1 and claim 6 where payment is executed not only to one but many recipients.

16. A system in accordance with claim 1 and claim 6 with additional security measures to restrict potential new owners of E-Bills to defined payees.

6. An application (Wallet) which provides means for keeping records of electronic bills and means for facilitating receipt and transfer of said electronic bills.

7. The application described in claim 6, whereby said application may be located on several mediums including but not limited to said server or decentrally on a user'"'"'s PC, tablet or smart phone.