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Electronic-monetary system

  • US 5,963,648 A
  • Filed: 12/19/1997
  • Issued: 10/05/1999
  • Est. Priority Date: 04/28/1994
  • Status: Expired due to Term
First Claim
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1. A method for a first subscriber to exchange an electronic representation of a first foreign currency stored in a first transaction module for an electronic representation of a second foreign currency stored in a second transaction module, comprising the steps of:

  • (a) establishing a cryptographically secure session between said first transaction module and said second transaction module;

    (b) said subscriber selecting, by way of said first transaction module, a first amount of said first foreign currency to be sold;

    (c) checking if said first transaction module has sufficient funds;

    (d) said first transaction module sending said first amount to said second transaction module, via said cryptographically secure session;

    (e) said second transaction module prompting its owner to select an exchange rate or a second amount of said second currency;

    (f) checking if said second transaction module has sufficient funds;

    (g) said second transaction module sending a message indicative of said second amount or said exchange rate to said first transaction module, via said cryptographically secure session;

    (h) said first subscriber confirming said second amount or said exchange rate;

    (i) said first transaction module sending said electronic representation of first foreign currency to said second transaction module, in said first amount, via said cryptographically secure session;

    (j) said second transaction module sending said electronic representation of said second foreign currency to said first transaction module, in said second amount, via said cryptographically secure session; and

    (k) committing said first transaction module to transferring said first foreign currency to said second transaction module and said second transaction module to receiving said first foreign currency from said first transaction module, and committing said second transaction module to transferring said second foreign currency to said first transaction module and said first transaction module to receiving said second foreign currency from said second transaction module, in an order which is not predictable.

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