Electronic currency, electronic wallet therefor and electronic payment systems employing them

• US 8,712,918 B2
• Filed: 05/04/2012
• Issued: 04/29/2014
• Est. Priority Date: 08/26/1999
• Status: Expired due to Fees

• Current Assignee: Moneycat LTD
• Original Assignee: Moneycat LTD
• Inventors: Luzzatto, Kfir
• Primary Examiner(s): Huang, Tsan-Yu J
• Application Number:
  US13/464,451
• Publication Number:
  US 20120284181A1
• Time in Patent Office: 725 Days
• Field of Search: 705/69, 902/1, 902/2, 902/7, 902/24, 902/41
• US Class Current: 705/69
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/3672 initialising or reloading thereof
• 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 20/383 Anonymous user system
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]

Abstract

Electronic currency consists of data in a form suitable to be stored in a user'"'"'s data storage medium, comprising information on the data value, identification of each specific set of data or data point, and authentication information suitable to verify that said data has been generated by a specific Currency Issuing Authority (CIA). A method and a system for effecting currency transactions between two users over the Internet or other communication network are also described.

Claims

1. A method for effecting currency transactions between a first user and a second user over a network, the method comprising the following steps:

A) a Currency Issuing Authority trusted server (CIAS) receives payment instructions from said first user to transfer a first monetary sum to said second user, wherein the CIAS is programmed to receive payment instructions from said first user only over a network connection between said first user and a Currency Issuing Authority (CIA);

B) the CIAS accesses electronic currency in a first active electronic currency area located in a first data storage area, said electronic currency having been provided by said CIA;

C) the CIAS manipulates the electronic currency located in said first active electronic currency area to withdraw a second monetary sum therefrom by

(i) deleting electronic currency that equals the second monetary sum and/or

(ii) generating a record containing information on the amount withdrawn that equals the second monetary sum and/or

(iii) generating a record containing information on the amount of electronic currency remaining in said first active electronic currency area after withdrawing the second monetary sum; and

D) the CIAS creates new electronic currency corresponding to a third monetary sum.

2. The method according to claim 1, further comprising the step of:

E) the CIAS transmits the new electronic currency to a second data storage area associated with the second user.

3. The method according to claim 1, wherein the new electronic currency is used to create a record of the third monetary sum to be paid to the second user.

4. The method according to claim 1, wherein the new electronic currency is used to calculate the balance in a second data storage area associated with the second user.

5. The method according to claim 1, wherein the second monetary sum withdrawn from the first active electronic currency area is the first monetary sum and a commission;

and the third monetary sum is equal to the first monetary sum.

6. The method according to claim 1, wherein the first monetary sum and the second monetary sum are equal;

and the third monetary sum is the first monetary sum minus a commission.

7. The method according to claim 1, wherein the CIA provides the first data storage area.

8. The method according to claim 2, wherein the CIAS transmits the new electronic currency to the second data storage area, wherein the second data storage area is provided by the CIA.

17. The method according to claim 1, wherein the first monetary sum, the second monetary sum and the third monetary sum are equal.

18. The method according to claim 2, wherein the second or third monetary sum includes a commission.

19. The method according to claim 2, wherein the CIAS transmits the new electronic currency to the second data storage area, wherein the second data storage area is provided by the CIA.

23. The method according to claim 1, wherein

(a) the second monetary sum withdrawn from the first active electronic currency is the first monetary sum and a commission, and the third monetary sum is equal to the first monetary sum;

(b) the first monetary sum and the second monetary sum are equal, and the third monetary sum is the first monetary sum minus a commission, or

(c) the first monetary sum, the second monetary sum and the third monetary sum are equal.

9. A system for effecting currency transactions between users over a network, comprising:

A) a Currency Issuing Authority (CIA) trusted server (CIAS);

B) a first active electronic currency area associated with a first user provided in a first storage medium, said first active electronic currency area having electronic currency and being accessible to the CIAS;

C) a communication line programmed to receive from the first user, only over a network connection between said first user and the CIA, payment instructions to issue a first monetary sum to a second user;

D) data transfer and manipulation apparatus programmed to;

i) access said first user'"'"'s one or more electronic currency in said first active electronic currency area;

ii) withdraw a second monetary sum from said first active electronic currency area by

(a) deleting said first user'"'"'s electronic currency in the first active electronic currency area that equals the second monetary sum and/or

(b) generating a record containing information on the amount withdrawn that equals the second monetary sum as spent and/or

(c) generating a record containing information on the amount of electronic currency remaining in said first active electronic currency area after withdrawing the second monetary sum; and

iii) create new electronic currency corresponding to a third monetary sum.

10. The system according to claim 9, further comprising a second active electronic currency area associated with the second user provided in a second storage medium.

11. The system according to claim 9, wherein the data transfer and manipulation apparatus is programmed to utilize the new electronic currency to create a record of the third monetary sum to be paid to the second user.

12. The system according to claim 9, wherein the data transfer and manipulation apparatus is programmed to utilize the new electronic currency to calculate the balance in a second data storage area associated with the second user.

13. The system according to claim 9, wherein the data transfer and manipulation apparatus is programmed to include a commission with the first monetary sum to calculate the second monetary sum withdrawn from the first active electronic currency area so the third monetary sum is equal to the first monetary sum.

14. The system according to claim 9, wherein the data transfer and manipulation apparatus is programmed to deduct a commission from the second monetary sum, which is equal to the first monetary sum, to calculate the third monetary sum to be paid to the second user.

15. The system according to claim 9, further comprising a second storage medium provided by the CIA.

16. The system according to claim 15 wherein the second storage medium contains a second data storage area.

20. The system according to claim 10, wherein the first and second storage mediums are the same type of storage mediums.

21. The system according to claim 10, wherein the first and second storage mediums are different storage mediums.

22. The system according to claim 10, wherein the first monetary sum, the second monetary sum and the third monetary sum are equal.