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Electronic coin stick with potential for future added value

  • US 6,341,273 B1
  • Filed: 04/29/1998
  • Issued: 01/22/2002
  • Est. Priority Date: 03/26/1997
  • Status: Expired due to Term
First Claim
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1. A method of operating a digital payment transaction system comprising:

  • a) at a first party, generating a secret number;

    b) storing at the first party the secret number;

    c) generating at the first party a first hash chain of values which are derived from the secret number by successive operations of a hash function;

    d) communicating to a second party a digitally encoded value from the chain of hash values subsequent to the first value;

    e) generating at the second party a second hash chain of values which are derived from the value communicated by the first party in step (d);

    f) communicating digitally encoded values from said second hash chain to a third party in payment; and

    g) subsequently communicating to the second party from the first party a monetary value represented by a value in said hash chain which precedes the value originally communicated in step (d).

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