SYSTEM AND METHOD FOR RENDERING VIRTUAL CURRENCY RELATED SERVICES

• US 20190325406A1
• Filed: 06/17/2019
• Published: 10/24/2019
• Est. Priority Date: 05/19/2014
• Status: Active Application

• Current Assignee: Ox Labs Inc.
• Original Assignee: Ox Labs Inc.
• Inventors: Melika, George, Thobhani, Akbar
• Application Number:
  US16/442,784
• Publication Number:
  US 20190325406A1
• Time in Patent Office: Days
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/0658 e-cash managed locally
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile devices
• CPC Class Codes: G06Q 20/3267 In-app payments
• CPC Class Codes: G06Q 20/36 using electronic wallets or electronic money safes
• CPC Class Codes: G06Q 20/3678 e-cash details, e.g. blinded, divisible or detecting double spending
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/3829 involving key management
• CPC Class Codes: G06Q 20/384 using social networks
• CPC Class Codes: G06Q 2220/00 Business processing using cryptography
• CPC Class Codes: G06Q 50/01 Social networking
• CPC Class Codes: H04L 2209/56 Financial cryptography, e.g. electronic payment or e-cash
• CPC Class Codes: H04L 63/08 for authentication of entities cryptographic mechanisms or cryptographic arrangements for entity authentication H04L9/32
• CPC Class Codes: H04L 63/126 the source of the received data
• CPC Class Codes: H04L 9/3247 involving digital signatures
• CPC Class Codes: H04L 9/40 Network security protocols
• CPC Class Codes: H04L 9/50 using hash chains, e.g. blockchains or hash trees

Abstract

Technique introduced here relates to virtual currency related services, and more specifically, to tools for providing crypto or other digital currency (e.g. bitcoin) related services, including bitcoin DNS service, sending bitcoins over social media communication networks, a bitcoin trading platform and secure storage services for bitcoin.

Claims

1. A system for providing out-of-band verification for threshold transfers of cryptocurrency, comprising:

a security database, the security database communicatively connected to a cryptocurrency exchange and storing records, the security database controlling access to at least a first private key associated with a digital wallet and the records including an association between a device ID and the private key;

a concealable device, including;

a casing;

a button or switch, the button or switch mounted on the casing;

a memory storing the device ID; and

a transmitter, the transmitter communicatively connected with the memory and the security database; and

wherein the concealable device is configured to transmit the device ID to the security database upon actuation of the button or switch via the transmitter, and the security database is configured to provide the private key to the cryptocurrency exchange upon receipt of the device ID.

2. The system of claim 1, wherein the concealable device further comprises:

a scrambler, the scrambler configured to delete the device ID from the memory when an attempt is made to extract the device ID from the concealable device in a manner other than actuating the button or switch and transmitting to the security database.

3. The system of claim 1, wherein the transmitter is communicatively connected to the security database through the Internet.

4. The system of claim 1, wherein the transmitter is communicatively connected to the security database through a virtual private network.

5. The system of claim 1, wherein the security database requires at least two verification signatures to access the security database, the at least two verification signatures comprising a first key and a second key, where the first key and second key are not associated with the digital wallet.

6. The system of claim 5, wherein the security database is configured to act as an intermediary between the first user and second user and the digital wallet.

7. The system of claim 5, wherein the security database is configured to receive a threshold request to enable a threshold transaction of cryptocurrency out of the digital wallet, receive the first key and the second key at the security database, and verify the first key and the second key to enable the threshold transaction.

8. The system of claim 5, wherein the security database is configured to receive a request to enable a low transaction of cryptocurrency out of the digital wallet that is below a threshold, receive the first key, and verify the first key to enable the low transaction.

9. The system of claim 5, wherein the security database is configured to request an out-of-band verification after verifying the first key and the second key.

10. The system of claim 9, wherein the out-of-band verification comprises the actuation of the button or switch of the concealable device.

11. The system of claim 10, wherein the security database is configured to receive a high threshold request to enable a high threshold transaction of cryptocurrency out of the digital wallet and require satisfaction of a condition.

12. The system of claim 11, wherein the condition is a second out-of-band verification.

13. A system for providing out-of-band verification for threshold transfers of cryptocurrency, comprising:

a security database, the security database communicatively connected to a cryptocurrency exchange and storing records, the security database controlling access to at least a first public-private key pair associated with a digital wallet and the records including an association between a device ID and the public-private key pair;

wherein the security database requires at least two verification signatures to access the security database, the at least two verification signatures comprising a first key and a second key, where the first key and second key are not associated with the digital wallet;

wherein the security database is configured to receive a threshold request to enable a threshold transaction of cryptocurrency out of the digital wallet, receive the first key and the second key at the security database, and verify the first key and the second key to enable the threshold transaction;

wherein the security database is configured to request an out-of-band verification after verifying the first key and the second key;

a concealable device, including;

a casing;

a button or switch, the button or switch mounted on the casing;

a memory storing the device ID; and

a transmitter, the transmitter communicatively connected with the memory and the security database;

wherein the concealable device is configured to transmit the device ID to the security database upon actuation of the button or switch via the transmitter, and the security database is configured to provide the public-private key pair to the cryptocurrency exchange upon receipt of the device ID; and

wherein the out-of-band verification comprises the actuation of the button or switch of the concealable device.

14. The system of claim 13, wherein the concealable device further comprises:

a scrambler, the scrambler configured to delete the device ID from the memory when an attempt is made to extract the device ID from the concealable device in a manner other than actuating the button or switch and transmitting to the security database.

15. The system of claim 13, wherein the transmitter is communicatively connected to the security database through the Internet.

16. The system of claim 13, wherein the transmitter is communicatively connected to the security database through a virtual private network.

17. The system of claim 13, wherein the security database is configured to act as an intermediary between the first user and second user and the digital wallet.

18. The system of claim 13, wherein the security database is configured to receive a request to enable a low transaction of cryptocurrency out of the digital wallet that is below a threshold, receive the first key, and verify the first key to enable the low transaction.

19. The system of claim 13, wherein the security database is configured to receive a high threshold request to enable a high threshold transaction of cryptocurrency out of the digital wallet and require satisfaction of a condition.

20. The system of claim 19, wherein the condition is a second out-of-band verification.

21. The system of claim 20, wherein the second out-of-band verification is a voice call, text message, security code, gesture control, or email.