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Method of electronic payments that prevents double-spending

  • US 5,839,119 A
  • Filed: 09/27/1996
  • Issued: 11/17/1998
  • Est. Priority Date: 09/27/1996
  • Status: Expired due to Fees
First Claim
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1. A method of generating electronic monetary tokens that supports payments between a buyer and a seller off-line of a financial services provider while preventing double spending, the method comprising:

  • a) generating a first multiplicity of electronic monetary tokens in response to a request from the buyer for use with the seller;

    b) splitting each electronic monetary token into two electronic token halves having a same serial number, each pair of electronic tokens halves having the same serial number recreating the electronic monetary token when combined together, each electronic token half having no monetary value;

    c) delivering a subset of the electronic token halves to the seller; and

    d) delivering another subset of the electronic token halves to the buyer.

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