4 ms·

Copy-and-pasted the abstract: "Expedited virtual currency transactions are provided by identifying a first user primary wallet associated with a virtual currenc

Copy-and-pasted the abstract: "Expedited virtual currency transactions are provided by identifying a first user primary wallet associated with a virtual currency and including a first user primary wallet private key. First user secondary wallets are created that each include a respective first user secondary wallet private key, and a respective virtual currency transaction is performed using the first user primary wallet private key to transfer predefined amounts of the virtual currency from the first user primary wallet to each of the first user secondary wallets such that first user secondary wallets are provided with different predefined amounts of the virtual currency. Subsequently, an instruction is received to transfer a payment amount to a second user, and the second user is allocated a subset of the first user secondary wallet private keys included in respective first user secondary wallets that are associated with predefined amounts of the virtual currency that equal the payment amount." It sounds like a way of PayPal holding in escrow. This doesn't solve transaction speed except for example repeat transactions (known amount long beforehand). You need a new wallet per every transaction, also?

eximius 9y ago
It sounds like they say 'create 100 accounts with 1 coin in it', then when you want to send, say, 23 coins, you give the recipient the private keys to 23 of those accounts. Which 1) only works if you trust the sender or 2) immediately transfer the funds out in which case you're still rate limited by the root chain.
- Rodyland 9y ago
  > or 2) immediately transfer the funds out in which case you're still rate limited by the root chain. That's in there. > 12. The method of claim 11, further comprising: performing, by the first user device, a respective virtual currency transaction using each of the plurality of decrypted third user secondary wallet private keys to transfer the association of predefined amounts of the virtual currency associated with respective third user secondary wallets to the first user primary wallet. So I'm not sure how this is supposed to "expedite" anything.
  - eximius 9y ago
    It isn't completely irredeemable in a different context. Such as if the network supported expedited operations for things. Imagine if Ethereum had a built-in or special smart contract that was a wallet contract. It has an owner that is just some address (another contract or desktop wallet). If Ethereum expedited changing ownership (where ownership changes are signed messages of the current owner so there is no trust involved), then the idea works. Edit: wait, no, that shouldn't be much faster, if at all. Still need to get it in a block and, IIRC, Ethereum is account based so this is basically how transfers already work, just using arithmetic...
bitcoinpriorart 9y ago
AFAIU, Ripple handles escrow without transaction fees for multiple transactions (2016 "SusPay"); and maintains the transaction history within the distributed ledger: https://ripple.com/build/escrow/ https://ripple.com/build/escrow/ I included links to Bitcoin BIP32 Hierarchical Deterministic Wallets (2012) and a description in another thread here. Is this HD Wallets with different terminology? Are they talking about transferring wallets keys instead of balances? If so, do they update the AML information with the exchange? You should never share your private key(s).
redcap 9y ago
Rather than the abstract, the legality of a patent is based primarily on the claims. That's what you should be looking at to see if there's prior art. Here's claim 1: 1. A virtual currency transaction system, comprising: a non-transitory memory; and one or more hardware processors coupled to the non-transitory memory and configured to read instructions from the non-transitory memory to cause the system to perform operations comprising: identifying a first user primary wallet that is associated with a virtual currency and that includes a first user primary wallet private key; creating a plurality of first user secondary wallets that each include a respective first user secondary wallet private key; performing a respective virtual currency transaction using the first user primary wallet private key to transfer an association of predefined amounts of the virtual currency from the first user primary wallet to each of the plurality of first user secondary wallets such that at least two of the plurality of first user secondary wallets are associated with different predefined amounts of the virtual currency; receiving, subsequent to associating the predefined amounts of the virtual currency with each of the plurality of first user secondary wallets, an instruction to transfer a payment amount to a second user; and allocating a subset of the first user secondary wallet private keys to the second user, wherein the subset of the first user secondary wallet private keys are included in respective first user secondary wallets that are associated with predefined amounts of the virtual currency that equal the payment amount.

eximius 9y ago

It sounds like they say 'create 100 accounts with 1 coin in it', then when you want to send, say, 23 coins, you give the recipient the private keys to 23 of those accounts. Which 1) only works if you trust the sender or 2) immediately transfer the funds out in which case you're still rate limited by the root chain.

Rodyland 9y ago
> or 2) immediately transfer the funds out in which case you're still rate limited by the root chain. That's in there. > 12. The method of claim 11, further comprising: performing, by the first user device, a respective virtual currency transaction using each of the plurality of decrypted third user secondary wallet private keys to transfer the association of predefined amounts of the virtual currency associated with respective third user secondary wallets to the first user primary wallet. So I'm not sure how this is supposed to "expedite" anything.
- eximius 9y ago
  It isn't completely irredeemable in a different context. Such as if the network supported expedited operations for things. Imagine if Ethereum had a built-in or special smart contract that was a wallet contract. It has an owner that is just some address (another contract or desktop wallet). If Ethereum expedited changing ownership (where ownership changes are signed messages of the current owner so there is no trust involved), then the idea works. Edit: wait, no, that shouldn't be much faster, if at all. Still need to get it in a block and, IIRC, Ethereum is account based so this is basically how transfers already work, just using arithmetic...

bitcoinpriorart 9y ago

AFAIU, Ripple handles escrow without transaction fees for multiple transactions (2016 "SusPay"); and maintains the transaction history within the distributed ledger: https://ripple.com/build/escrow/ https://ripple.com/build/escrow/ I included links to Bitcoin BIP32 Hierarchical Deterministic Wallets (2012) and a description in another thread here. Is this HD Wallets with different terminology? Are they talking about transferring wallets keys instead of balances? If so, do they update the AML information with the exchange? You should never share your private key(s).

redcap 9y ago

Rather than the abstract, the legality of a patent is based primarily on the claims. That's what you should be looking at to see if there's prior art. Here's claim 1: 1. A virtual currency transaction system, comprising: a non-transitory memory; and one or more hardware processors coupled to the non-transitory memory and configured to read instructions from the non-transitory memory to cause the system to perform operations comprising: identifying a first user primary wallet that is associated with a virtual currency and that includes a first user primary wallet private key; creating a plurality of first user secondary wallets that each include a respective first user secondary wallet private key; performing a respective virtual currency transaction using the first user primary wallet private key to transfer an association of predefined amounts of the virtual currency from the first user primary wallet to each of the plurality of first user secondary wallets such that at least two of the plurality of first user secondary wallets are associated with different predefined amounts of the virtual currency; receiving, subsequent to associating the predefined amounts of the virtual currency with each of the plurality of first user secondary wallets, an instruction to transfer a payment amount to a second user; and allocating a subset of the first user secondary wallet private keys to the second user, wherein the subset of the first user secondary wallet private keys are included in respective first user secondary wallets that are associated with predefined amounts of the virtual currency that equal the payment amount.