SYSTEMS AND METHODS FOR TRANSFERRING DIGITAL ASSESTS USING A DE-CENTRALIZED EXCHANGE

• US 20160092988A1
• Filed: 09/24/2015
• Published: 03/31/2016
• Est. Priority Date: 09/30/2014
• Status: Abandoned Application

• Current Assignee: Raistone, Inc.
• Original Assignee: Raistone, Inc.
• Inventors: Letourneau, Denis
• Application Number:
  US14/864,631
• Publication Number:
  US 20160092988A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/363 with the personal data of a user
• CPC Class Codes: G06Q 20/3829 involving key management
• CPC Class Codes: G06Q 2220/00 Business processing using cryptography
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: H04L 9/50 using hash chains, e.g. blockchains or hash trees

Abstract

Systems and methods for transferring digital assets amongst a network of distributed users without the need to transfer the assets to an external party, such as an escrow agent, are provided. The transferring of assets may be in the form of electronic transactions between pluralities of currencies or assets. Temporary and localized escrow services may be created on a user terminal for safely overseeing the process of transferring digital assets. The trade instructions and execution orders for the transfer of assets may be validated over a de-centralized network of user terminals, such as the user terminals of traders. This type of network allows secure peer-to-peer electronic transactions to occur between distributed and anonymous users or participants, which are assumed to be trustless. In such networks, the transactions may be handled by cryptographic mathematical algorithms and which are known to be identical across all users or participants of the same network.

Claims

1. A computer implemented method for trading assets using a de-centralized escrow service, comprising executing on a processor the steps of:

receiving an electronic communication in a computer terminal with a memory module, a wallet manager module, an order module, an order matching module, a clearing module and a settlement module, the electronic communication is a trade order for a pair of assets requested by a first user;

installing a digital assets trading program on the user terminal;

verifying the user terminal is fitted with a first digital wallet and a second digital wallet corresponding to the pair of assets using the wallet manager module;

funding the first digital wallet on the computer terminal by securely transferring a first asset of the pair of assets to the first digital wallet and freezing an amount of the first asset to be traded for a second asset in the pair of assets;

establishing a communication link to a central processing server and submitting the trade order to the central processing server using the order module; and

receiving notification from the central processing server of a trade order match module using the order matching module.

2. The method of claim 1, further comprising executing on the processor the step of confirming matching information received in the notification from the central processing server, the matching information is selected from at least the type of asset, conversion rates and amounts of the pair of assets are within boundaries of the trade order using the trade order match module.

3. The method of claim 2, further comprising executing on the processor the step of generating a first set of cryptographic keys and a second set of cryptographic keys on the user terminal;

and wherein the first user controls the first set of cryptographic keys and the digital assets trading program installed on the user terminal controls the second set of cryptographic keys.

4. The method of claim 3, further comprising executing on the processor the step of verifying availability of the amount of the first asset to be traded.

5. The method of claim 4, further comprising executing on the processor the step of sending a first token having first token information to the second user using a de-centralized network of traders.

6. The method of claim 5, wherein the first token information includes de-centralized network of traders address of the first user, sending and receiving addresses of the first and second digital wallets of the first user, and a unique transaction identifier received from the central processing server.

7. The method of claim 6, further comprising executing on the processor the step of receiving a second token having second token information from the second user using the de-centralized network of traders.

8. The method of claim 7, wherein the second token information includes de-centralized network of traders address of the second user, sending and receiving addresses of digital wallets of the second user, and the unique transaction identifier received from the central processing server.

9. The method of claim 8, further comprising executing on the processor the step of verifying the unique transaction identifier received in the first token is the same as the unique transaction identifier in the second token.

10. The method of claim 9, further comprising executing on the processor the step of sending the amount of the first asset to the receiving address of a second user digital wallet of the second user.

11. The method of claim 10, further comprising executing on the processor the step of receiving the second asset in the receiving address of second digital wallet of the first user.

12. The method of claim 11, further comprising executing on the processor the step of unfreezing the first and second digital wallets.

13. The method of claim 10, further comprising executing on the processor the step of sending a copy of a signed transaction for the second asset to the central processing server for comparison to a copy of a signed transaction for the first asset from the second user.

14. The method of claim 13, further comprising executing on the processor the step of sending the second asset to the second user digital wallet after the central processing server confirms the validity of the copy of the signed transaction for second asset and the copy of the signed transaction for the first asset.

15. The method of claim 14, wherein the central processing server confirms the validity of the signed transactions by broadcasting the transaction on a first asset network and a second asset network.

16. The method of claim 15, wherein the receiving addresses of the second digital wallet of the first user is unfrozen.

17. A computer terminal for trading assets using a de-centralized escrow service, the terminal comprising:

a processing circuit;

a communications interface communicatively coupled to the processing circuit for transmitting and receiving information; and

a memory communicatively coupled to the processing circuit for storing information, wherein the processing circuit is configured to;

receive an electronic communication, the electronic communication is a trade order for a pair of assets requested by a first user;

install a digital assets trading program on the user terminal;

verify the user terminal is fitted with a first digital wallet and a second digital wallet corresponding to the pair of assets using a wallet manager module communicatively coupled to the processor;

fund the first digital wallet on the computer terminal by securely transferring a first asset of the pair of assets to the first digital wallet and freezing an amount of the first asset to be traded for a second asset in the pair of assets;

establish a communication link to a central processing server and submitting the trade order to the central processing server using an order module communicatively coupled to the processing circuit; and

receive notification from the central processing server of a trade order match module using the order matching module.

18. The computer terminal of claim 17, wherein the processor is further configured to confirm matching information received in the notification from the central processing server, the matching information is selected from at least the type of asset, conversion rates and amounts of the pair of assets are within boundaries of the trade order using the trade order match module.

19. The computer terminal of claim 18, wherein the processor is further configured to:

verify the availability of the amount of the first asset to be traded;

send a first token having first token information to the second user using a de-centralized network of traders, where the first token information includes de-centralized network of traders address of the first user, sending and receiving addresses of the first and second digital wallets of the first user, and a unique transaction identifier received from the central processing server;

receive a second token having second token information from the second user using the de-centralized network of trader, where the second token information includes de-centralized network of traders address of the second user, sending and receiving addresses of digital wallets of the second user, and the unique transaction identifier received from the central processing server; and

verify the unique transaction identifier received in the first token is the same as the unique transaction identifier in the second token.

20. The computer terminal of claim 17, wherein the processor is further configured to:

send the amount of the first asset to the receiving address of a second user digital wallet of the second user;

receive the second asset in the receiving address of second digital wallet of the first user; and

unfreezing the first and second digital wallets.