US2017372278A1PendingUtilityA1
Payment system for carrying out electronic settlements using blockchain technology
Est. expiryJun 28, 2036(~9.9 yrs left)· nominal 20-yr term from priority
Inventors:Vladimir Nikolayevich FrolovDamir Nasibullovich GaynanovAleksey Petrovich RomanchukAnatoliy Anatolievich Vatolin
G06Q 20/36G06Q 20/065G06Q 40/04H04L 9/50G06Q 20/363G06Q 20/02G06Q 20/0655G06Q 20/381G06Q 2220/00G06Q 20/3678
49
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Claims
Abstract
Disclosed herein is a payment system based on use of a blockchain-based electronic currency substantiated by a reserve of assets, as well are methods for issuance and circulation of the aforementioned electronic currency and methods for maintaining a reserve of assets that substantiate the aforementioned electronic currency in the disclosed payment system. In one exemplary aspect, the system comprises a management module, executable by a computer processor, configured to create and manage one or more wallets of electronic currency for a system operator and a plurality of clients, execute electronic currency payment transactions by transferring electronic currency between one or more wallets of the system operator and/or a plurality of clients and recording information about the executed transactions in a private blockchain-based settlement network, manage information about the reserve of assets substantiating the electronic currency and control in real-time purchase or sale of assets on an external market in an amount required to fully substantiate the issued electronic currency at each moment of time; and an issuance center, executable by a computer processor, configured to receive in real-time information from the management module concerning an amount of the reserve of assets substantiating the electronic currency, perform centralized generation and controlled issuance of the electronic currency into circulation, wherein the generation of all the electronic currency is performed in a single block by creating this block in a blockchain using a mining operation that generates a maximum possible amount of the electronic currency, and wherein the generated electronic currency is issued into circulation in an amount equal to or less than the amount of the reserve of assets substantiating it, when the amount of the reserve of assets reaches a threshold amount, calculate, by the computer processor, in real-time, an amount of assets to be sold or purchased on the external market in order to fully substantiate the issued electronic currency based on a set of mathematical functions that account for distributions of moments of time of receiving from the clients orders for purchasing or selling of electronic currency using a fiat currency and size of the received orders, and transmit to the management module an order to purchase or sell the calculated amount of assets, on the external market, to maintain a sufficient amount of reserve to fully substantiate the electronic currency at each moment of time.
Claims
exact text as granted — not AI-modified1 . A computer-implemented method for generation and issuance of a blockchain-based electronic currency in a payment system of its circulation, the method comprising:
generating the electronic currency, by a computer of an issuance center, by creating a first block in a blockchain using a mining operation that generates a maximum possible amount of the electronic currency for the system; creating a pre-issuance wallet by the computer of the issuance center; transferring, by the computer of the issuance center, all of the generated electronic currency to the pre-issuance wallet; copying, by the computer of the issuance center, the blockchain into a settlement network, that operates in at least one data center; creating, by the computer of the issuance center, an issuance wallet within the issuance center; checking, by the computer of the issuance center, whether at least a portion of the generated electronic currency is substantiated by tangible or intangible assets contained in a reserve of an operator of the system; performing, by the computer of the issuance center, primary issuance of a substantiated portion of electronic currency by transferring a portion of the generated electronic currency, from the pre-issuance wallet to the issuance wallet within the issuance center, wherein the amount of the transferred portion of the electronic currency corresponds to the amount of the tangible or intangible assets contained in the reserve; making the issued electronic currency available for purchase by the clients of the system and further circulation; and in response to a payment from a client, transferring a portion of the electronic currency from the issuance wallet of the operator to a client wallet, wherein the issuance wallet and the respective client wallet are communicatively linked by the settlement network.
2 . The method of claim 1 , wherein the blockchain is a private blockchain.
3 . The method of claim 1 , wherein the electronic currency is generated by the issuance center using a proof-of-work algorithm.
4 . The method of claim 1 , wherein the settlement network comprises a geographically distributed network, that operates in at least two communicatively linked nodes, placed in different data centers, wherein all the nodes operating the settlement network are controlled by the operator of the system.
5 . The method of claim 4 , wherein the settlement network is configured such that at least two nodes are available to facilitate transactions with the electronic currency at all times.
6 . The method of claim 1 , wherein the unit of counting of the electronic currency is accepted as equivalent to 1 unit of counting of the substantiating tangible or intangible assets.
7 . The method of claim 6 , wherein the amount of the issued electronic currency transferred from the pre-issuance wallet to the issuance wallet is equal to or less than the amount of the substantiating assets.
8 . The method of claim 1 , wherein the mining operation may only be performed by the issuance center and the maximum amount of the electronic currency possible for the payment system is generated prior to transferring of any of the electronic currency from the issuance wallet to the one or more client wallets.
9 . The method of claim 1 , wherein the issuance center is further configured to:
transmit an order to purchase an amount of assets, by the operator of the payment system to an external exchange, prior to the issuance of any of the electronic currency to the one or more client wallets by the issuance center, wherein the maximum amount of the electronic currency possible for the payment system is a maximum amount that can be substantiated by the purchased amount of assets.
10 . The method of claim 1 , wherein the issuance center is further configured to:
transmit an order to purchase or sell an amount of assets, by the operator of the payment system to an external exchange, after the transfer of the one or more portions of the electronic currency to the one or more client wallets, wherein the purchased or sold amount of assets is added to or subtracted from the reserve of assets controlled by the operator of the payment system; and wherein the reserve of assets, after accounting for the purchased or sold amount of gold, fully substantiates the electronic currency available in the settlement network at the time that the order is transmitted.
11 . The method of claim 1 , wherein the settlement network is configured to allow transfer of the electronic currency between the one or more client wallets by the settlement network in a unit that corresponds to a value of gold.
12 . A non-transitory, computer-readable medium storing computer-executable instructions for issuing and managing electronic currency substantiated by a reserve of assets, by an issuance center executable by a computer processor, including instructions for:
generating the electronic currency by creating a block in a blockchain using a single mining operation that generates a maximum possible amount of the electronic currency for the system; creating a pre-issuance wallet by the computer of the issuance center; transferring all of the generated electronic currency to the pre-issuance wallet; copying the blockchain into a settlement network that operates in at least one data center; creating an issuance wallet within the issuance center; checking whether at least a portion of the generated electronic currency is substantiated by tangible or intangible assets contained in a reserve of an operator of the system; performing primary issuance of a substantiated portion of electronic currency by transferring a portion of the generated electronic currency, from the pre-issuance wallet to the issuance wallet within the issuance center, wherein the amount of the transferred portion of the electronic currency corresponds to the amount of the tangible or intangible assets contained in the reserve; and making the issued electronic currency available for purchase by the clients of the system and further circulation.
13 . The non-transitory computer-readable medium of claim 12 , wherein the blockchain is a private blockchain.
14 . The non-transitory computer-readable medium of claim 12 , wherein the electronic currency is generated by the issuance center using a proof-of-work algorithm.
15 . The non-transitory computer-readable medium of claim 12 , wherein the settlement network comprises a geographically distributed network, that operates in at least two communicatively linked nodes, placed in different data centers, wherein all the nodes operating the settlement network are controlled by the operator of the system.
16 . The non-transitory computer-readable medium of claim 15 , wherein the settlement network is configured such that at least two nodes are available to facilitate transactions with the electronic currency at all times.
17 . The non-transitory computer-readable medium of claim 12 , wherein the unit of counting of the electronic currency is accepted as equivalent to 1 unit of counting of the substantiating tangible or intangible assets.
18 . The non-transitory computer-readable medium of claim 17 , wherein the amount of the issued electronic currency transferred from the pre-issuance wallet to the issuance wallet is equal to or less than the amount of the substantiating assets.
19 . The non-transitory computer-readable medium of claim 12 , wherein the issuance center is further configured to:
transmit an order to purchase an amount of assets, by the operator of the payment system to an external exchange, prior to the issuance of any of the electronic currency to the one or more client wallets by the issuance center, wherein the maximum amount of the electronic currency possible for the payment system is a maximum amount that can be substantiated by the purchased amount of assets.
20 . The non-transitory computer-readable medium of claim 12 , wherein the issuance center is further configured to:
transmit an order to purchase or sell an amount of assets, by the operator of the payment system to an external exchange, after the transfer of the one or more portions of the electronic currency to the one or more client wallets, wherein the purchased or sold amount of assets is added to or subtracted from the reserve of assets controlled by the operator of the payment system; and wherein the reserve of assets, after accounting for the purchased or sold amount of gold, fully substantiates the electronic currency available in the settlement network at the time that the order is transmitted.
21 . The non-transitory computer-readable medium of claim 12 , wherein the settlement network is configured to allow transfer of the electronic currency between the one or more client wallets by the settlement network in a unit that corresponds to a value of gold.
22 . A computer-implemented method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency circulating in a payment system, comprising:
continuously monitoring, by a processor, a sufficiency of the reserve based on a stream of orders for purchasing or selling the electronic currency; when the amount of the tangible or intangible assets in the reserve reaches a threshold amount, calculating, by the processor, an amount of a portion of the tangible or intangible assets to be sold at or purchased from an external market in order to fully substantiate the electronic currency; and initiating, by the processor, purchasing or selling of the portion of the tangible or intangible assets in the reserve, from or to an external market, to maintain a sufficient amount of reserve to fully substantiate the electronic currency; wherein the amount of the tangible or intangible assets to be sold at or purchased from the external market at given time t, G* sell (t) and G* buy (t), respectively, are calculated based upon the following formulas:
G* buy ( t )=α· G′ buy ( t )+(1−α) G″ buy ( t ),
and
G* sell ( t )=α· G′ sell ( t )+(1−α) G″ sell ( t );
where α∈[0,1];
wherein the following variables are defined:
“G* buy (t)” is the amount of the tangible or intangible assets to be purchased from the external market;
“G* sell (t)” is the amount of the tangible or intangible assets to be sold at the external market;
“G′ buy (t)”=|a(t)|·of buy (t)+G buy (t)·(1−of buy (t))·G buy ;
“G′ sell (t)”=a(t)·of sell (t)+G sell (t)·(1−of sell (t))·G sell ;
“G″ buy (t)”=G buy (t)·(|a(t)|·(1−of buy (t))−g(t)−g pir (t)+G min +G buy )+of buy (t)·|a(t)|;
“G″ sell (t)”=G sell (t)·(a(t)·(1−of sell (t))+g(t)+g pir (t)−G max +G sell )+of sell (t)·a(t);
“a(t)” is the amount of the order incoming at the moment of time t; if a(t)>0, the client sells gold-linked electronic currency, if a(t)<0 purchases it.
“of buy (t)”=1, if a(t)<0 and (g(t)+a(t))<Δ, otherwise of buy (t)=0;
“of sell (t)”=1, if a(t)>0 and (c(t)−e·a(t))<e·Δ, otherwise of sell (t)=0;
“G buy (t)”=1, if g(t)+(1−of buy (t))·a(t)+g pir (t))<G min , otherwise G buy (t)=0;
“G sell (t)”=1, if (g(t)+(1−of sell (t))·a(t)+g pir (t))>G max , otherwise G sell (t)=0;
“G(t)” is a total amount of all tangible or intangible assets in the reserve at the moment of time t;
“g(t)” is an amount of a portion of G(t) owned by an operator of the reserve of tangible or intangible assets and comprising the operator's free assets reserve at the moment of time t;
“g pir (t)” is the amount of assets in transit (product in road) expected to arrive to the operator's reserves; it is not at the moment of time t at the operator's disposal due to the length T b of the operation of purchasing assets in the external market;
“G min ” is a threshold minimum amount of g(t), necessary to fully substantiate the electronic currency, which triggers the purchase of the portion of the tangible or intangible assets for the reserve at the external market;
“G max ” is a threshold maximum amount of g(t), sufficient to fully substantiate the electronic currency, which triggers the sale of the portion of the tangible or intangible assets from the reserve at the external market;
“Δ” is a fixed purchased/sold amount of the tangible or intangible assets which can be purchased or sold at the external market with a low commission;
“e” is the cost of a given unit of the tangible or intangible assets; and
“c(t)” is an amount of fiat currency in an account controlled by the operator of the reserve at a given moment of time t, comprising the operator's free fiat currency reserve.
23 . The method of claim 22 , wherein the variables G* buy (t) and G* sell (t) are rounded to a value of Ĝ* buy (t) and Ĝ* sell (t), respectively, which are each divisible by the fixed purchased/sold amount of the tangible or intangible asset (Δ), based on the following formulas:
G
^
buy
*
(
t
k
)
=
{
⌈
G
buy
*
(
t
k
)
Δ
⌉
·
Δ
,
if
k
=
1
;
⌈
G
buy
*
(
t
k
)
Δ
⌉
·
Δ
,
if
∑
i
=
1
k
-
1
δ
buy
(
t
i
)
+
⌈
G
buy
*
(
t
k
)
Δ
⌉
·
Δ
-
G
buy
*
(
t
k
)
<
Δ
,
k
≥
2
;
⌈
G
buy
*
(
t
k
)
Δ
⌉
·
Δ
,
if
∑
i
=
1
k
-
1
δ
buy
(
t
i
)
+
⌈
G
buy
*
(
t
k
)
Δ
⌉
·
Δ
-
G
buy
*
(
t
k
)
≥
Δ
,
k
≥
2
;
and
G
^
sell
*
(
t
k
)
=
{
⌈
G
sell
*
(
t
k
)
Δ
⌉
·
Δ
,
if
k
=
1
;
⌈
G
sell
*
(
t
k
)
Δ
⌉
·
Δ
,
if
∑
i
=
1
k
-
1
δ
sell
(
t
i
)
+
⌈
G
sell
*
(
t
k
)
Δ
⌉
·
Δ
-
G
sell
*
(
t
k
)
<
Δ
,
k
≥
2
;
⌈
G
sell
*
(
t
k
)
Δ
⌉
·
Δ
,
if
∑
i
=
1
k
-
1
δ
sell
(
t
i
)
+
⌈
G
sell
*
(
t
k
)
Δ
⌉
·
Δ
-
G
sell
*
(
t
k
)
≥
Δ
,
k
≥
2
;
where the following variables are defined:
“(t k )” a given k-th moment of time in a series of moments t 1 , t 2 , . . . ;
“δ buy (t k )”=Ĝ* buy (t k )−G* buy (t k ); and
“δ sell (t k )”=Ĝ* sell (t k )−G* sell (t k ).
24 . The method of claim 23 , wherein
prior to calculating the amount of the tangible or intangible assets to be sold at or purchased from the external market at given time t, G* sell (t) and G* buy (t), respectively, the optimal parameters G min , G buy , G max , G sell , α are defined to satisfy the following conditions:
K min =min{ K:P ( K )≦ P 0 }, and (i)
Ex min =min{ Ex ( K min ,Trend, G min ,G buy ,G max ,G sell ,α)}, (ii)
wherein: “K”—circulating capital used in (and making possible) operations of buying and selling of the portion of the tangible or intangible assets in the reserve;
P
(
K
,
Trend
,
G
min
,
G
buy
,
G
max
,
G
sell
,
α
)
=
∑
k
=
1
,
2
,
…
,
L
(
of
buy
(
t
k
)
+
of
sell
(
t
k
)
)
L
,
wherein
“P”—probability of executing orders offline, defined by parameters K, Trend, G min , G buy , G max , G sell , α;
“Trend”—a trend (i.e. the linear part of the speed) of changing of function
S ( T )=Σ k=1,2, . . . ,rnd(T) a ( t k ),
that is the sum taken on all the moments of the Poisson stream between the moments of time t 1 and T, the current moment of time taken as T;
“L” is index number of the moment of time rnd(T) in the sequence t 1 , t 2 , . . . ;
rnd(t) denotes the moment closest to t on the left (i.e. previous) in the stream of orders for purchasing/selling assets, and at the same time by the definition the following holds true:
rnd ( t k −T b )=0∀ t k ∈[t 1 ;t 1 +T b );
rnd ( t k −T s )=0∀ t k ∈[t 1 ;t 1 +T s );
“T b /T s ” is time required for purchasing/selling units of assets in the external market for/from the storage (respectively);
overall expenses including reputation losses E of (•), for the period of duration of T (including orders k=1, 2, . . . , L of the stream) and characterized by Trend are equal to:
Ex
(
K
,
Trend
,
G
min
,
G
buy
,
G
max
,
G
sell
,
α
)
==
∑
k
=
1
,
2
,
…
,
L
ComSt
·
(
G
^
buy
*
(
t
k
)
+
G
^
sell
*
(
t
k
)
)
--
∑
k
=
1
,
2
,
…
,
L
ComCl
·
a
(
t
k
)
++
∑
k
=
2
,
…
,
L
E
store
·
G
(
t
k
)
·
(
t
k
-
t
k
-
1
)
+
e
-
1
·
K
·
r
·
T
++
E
of
(
∑
k
=
1
,
2
,
…
,
L
(
of
buy
(
t
k
)
+
of
sell
(
t
k
)
)
L
)
.
wherein
“E store ”—the cost of storing one unit of assets for a unit of time;
“r”—the rate (calculated per a unit of time) at which the funds allotted to the capital K=g(t)+e −1 ·c(t) could be allocated;
“E of (P)”—reputation financial losses caused by the increased share P of offline operations;
“ComSt”—the commission fee which the operator is charged with for purchasing/selling a unit of assets in the storage (recalculated as for purchasing/selling one unit of assets);
“ComCl”—the commission fee which the client is charged with by the operator for the transaction of purchasing/selling the substantiated electronic currency (recalculated as for purchasing/selling one unit of assets, substantiating the corresponding amount of the electronic currency).
25 . The method of claim 24 , wherein
managing parameters K(M i ), G min (M i ), G buy (M i ), G max (M i ), G sell (M i ), α(M i ) are calculated for every variant M i ∈ , wherein
={M 1 , M 2 , . . . , M q } is a representative family of different variants of models of incoming streams of orders in the system,
as a result, a base is created containing optimal strategies of management for the system for the range of variants
{( M i ,K ( M i ), G min ( M i ), G buy ( M i ), G max ( M i ), G sell ( M i ),α( M i )): M i ∈ };
a program module continuously monitors the incoming stream of orders and classifies it for every significant period of time finding the closest equivalent in the database ; after identification of the class of the incoming stream, parameters K(M i ), G min (M i ), G buy (M i ), G max (M i ), G sell (M i ), α(M i ) of the closest equivalent of M i ∈ are used as the managing parameters of the system.
26 . A method of claim 23 , wherein monitoring, by a processor, a sufficiency of the reserve includes calculating with the help of a mathematical model the following parameters: g pir (t), g(t), g*(t), G(t), c pir (t), c(t), for moments t=t k , (k=1, 2, . . . ), which are calculated successively by the following formulas:
g
pir
(
t
k
+
1
)
=
g
pir
(
t
k
)
+
G
^
buy
*
(
t
k
)
-
of
buy
(
t
k
)
·
a
(
t
k
)
--
G
^
buy
*
(
rnd
(
t
k
-
T
b
)
)
+
of
buy
(
rnd
(
t
k
-
T
b
)
)
·
a
(
rnd
(
t
k
-
T
b
)
)
;
(
1
)
g
(
t
k
+
1
)
=
g
(
t
k
)
+
a
(
t
k
)
·
(
1
-
of
buy
(
t
k
)
-
of
sell
(
t
k
)
)
++
G
^
buy
*
(
rnd
(
t
k
-
T
b
)
)
-
of
buy
(
rnd
(
t
k
-
T
b
)
)
·
a
(
rnd
(
t
k
-
T
b
)
)
--
G
^
sell
*
(
t
k
)
+
of
sell
(
t
k
)
·
a
(
t
k
)
;
(
2
)
g
*
(
t
k
+
1
)
=
g
*
(
t
k
)
-
a
(
t
k
)
·
(
1
-
of
buy
(
t
k
)
-
of
sell
(
t
k
)
)
++
of
buy
(
rnd
(
t
k
-
T
b
)
)
·
a
(
rnd
(
t
k
-
T
b
)
)
--
of
sell
(
t
k
)
·
a
(
t
k
)
;
(
3
)
G
(
t
k
+
1
)
=
g
(
t
k
+
1
)
+
g
*
(
t
k
+
1
)
;
(
4
)
c
pir
(
t
k
+
1
)
=
c
pir
(
t
k
)
+
e
·
G
^
sell
*
(
t
k
)
-
e
·
of
sell
(
t
k
)
·
a
(
t
k
)
--
e
·
G
^
sell
*
(
rnd
(
t
k
-
T
s
)
)
+
e
·
of
sell
(
rnd
(
t
k
-
T
s
)
)
·
a
(
rnd
(
t
k
-
T
s
)
)
;
(
5
)
c
(
t
k
+
1
)
=
c
(
t
k
)
-
e
·
a
(
t
k
)
·
(
1
-
of
buy
(
t
k
)
-
of
sell
(
t
k
)
)
--
e
·
G
^
buy
*
(
t
k
)
+
e
·
of
buy
(
t
k
)
a
(
t
k
)
++
e
·
G
^
sell
*
(
rnd
(
t
k
-
T
s
)
)
-
e
·
of
sell
(
rnd
(
t
k
-
T
s
)
)
·
a
(
rnd
(
t
k
-
T
s
)
)
;
(
6
)
wherein
rnd(t) denotes the moment closest to t on the left (i.e. previous) in the stream of orders for purchasing/selling assets, and at the same time by the definition the following holds true:
rnd ( t k −T b )=0∀ t k ∈[t 1 ;t 1 +T b );
rnd ( t k −T s )=0∀ t k ∈[t 1 ;t 1 +T s );
“T b /T s ” is time required for purchasing/selling units of assets in the external market for/from the storage (respectively).
27 . A computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency in a system wherein the electronic currency circulates together with a plurality of fiat currencies, comprising:
continuously monitoring, by a processor, a sufficiency of the reserve based on a stream of orders for purchasing or selling electronic currency for each of the plurality of fiat currencies; when the amount of the tangible or intangible assets in the reserve reaches a threshold amount, calculating, by the processor, for each of the plurality of fiat currencies an amount of a portion of the tangible or intangible assets to be sold at or purchased from an external market in order to fully substantiate the electronic currency; and initiating, by the processor, purchasing or selling of the portion of the tangible or intangible assets in the reserve, from or to an external market, to maintain a sufficient amount of the reserve to fully substantiate the electronic currency; wherein an amount of capital required to carry out the purchasing or selling of the portion of the tangible or intangible assets in the reserve (K), is calculated based upon the following formulas:
K
_
=
∑
i
=
1
N
(
K
i
-
(
G
min
i
-
G
min
l
_
)
)
==
∑
i
=
1
N
K
i
-
∑
i
=
1
N
(
G
min
i
-
G
min
l
_
)
=
K
-
∑
i
=
1
N
(
G
min
i
-
(
β
·
Δ
+
(
1
-
β
)
·
G
min
i
)
)
==
K
-
∑
i
=
1
N
β
(
G
min
i
-
Δ
)
;
wherein the following variables are defined:
“ K ”=the amount of capital required to carry out the purchasing or selling of the portion of the tangible or intangible assets in the reserve;
“K i ”=g i (t)+e −1 ·C i (t);
“C i (t)” is an amount of fiat currency C i in the operator's fiat currency reserve at a given moment of time t, C i , i∈[1; N], being one of several fiat currencies C 1 , C 2 , . . . , C N taking part in asset-linked electronic currency purchasing/selling operations;
“G min i ” is a threshold minimum amount of g i (t) which triggers the purchase of the portion of the tangible or intangible assets in the reserve at the external market;
“g i (t)” is an amount of a portion of G(t), owned by the operator and comprising free assets in the Operator's free assets reserve at the moment of time t;
“G(t)” is a total amount of all tangible or intangible assets in the operator's assets reserves at the moment of time t;
“ G min i ”=β·Δ+(1−β)·G min i =Σ i=1 N G min i =Σ i=1 N =(β·Δ+(1−β)−G min i );
“β”=∈[0, 1]; and
“Δ” is a fixed purchased/sold amount of the tangible or intangible asset which can be purchased or sold at the external market with a low commission.
28 . A computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency in a payment system wherein the electronic currency circulates together with a plurality of fiat currencies, comprising:
continuously monitoring, by a processor, a sufficiency of the reserve based on a stream of orders for purchasing or selling electronic currency for each of the plurality of fiat currencies; when the amount of value of the tangible or intangible assets in the reserve reaches a threshold amount, calculating, by the processor, for each of the plurality of fiat currencies an amount of a portion of the tangible or intangible assets to be sold at or purchased from an external market in order to fully substantiate the electronic currency; and initiating, by the processor, purchasing or selling of the portion of the tangible or intangible assets in the reserve, from or to an external market, to maintain a sufficient amount of reserve to fully substantiate the electronic currency; wherein a minimum amount of the tangible or intangible assets in the reserve necessary to fully substantiate the electronic currency, ( G min i ), is calculated based upon the following formulas:
G
min
_
=
∑
i
=
1
N
G
min
l
_
=
∑
i
=
1
N
(
β
·
Δ
+
(
1
-
β
)
·
G
min
i
)
;
and if β>0 then
G min < G min ;
wherein the following variables are defined:
“G min i ” is a threshold minimum amount of g(t) which triggers the purchase of the portion of the tangible or intangible assets in the reserve at the external market;
“g(t)” is an amount of a portion of G(t), owned by the operator and comprising the operator's free assets reserve at the moment of time t;
“G(t)” is a total amount of all tangible or intangible assets in the operator's assets reserves at the moment of time t;
“β”=∈[0, 1]; and
“Δ” is a fixed purchased/sold amount of the tangible or intangible assets which can be purchased or sold at the external market with a low commission.
29 . A computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency, comprising:
continuously monitoring, by a processor, a sufficiency of the reserve based on a stream of orders for purchasing or selling the electronic currency; when the amount of the tangible or intangible assets in the reserve reaches a threshold amount, calculating, by the processor, an amount of a portion of the tangible or intangible assets to be sold at or purchased from an external market in order to fully substantiate the electronic currency; and initiating, by the processor, purchasing or selling of the portion of the tangible or intangible assets in the reserve, from or to an external market, to maintain a sufficient amount of reserve to fully substantiate the electronic currency; wherein the amount of the tangible or intangible assets to be sold at or purchased from the external market at given time t, represented by G′ sell (t) and G′ buy (t), respectively, are calculated based upon the following formulas:
G′ buy ( t )=| a ( t )|· of buy ( t )+ G buy ( t )·(1− of buy ( t ))· G buy ;
G′ sell ( t )= a ( t )· of sell ( t )+ G sell ( t )·(1− of sell ( t ))· G sell ;
wherein the following variables are defined: “a(t)” is the amount of incoming order to purchase or sell tangible or intangible assets, at a given time t; “of buy (t)”=1, if a(t)<0 and (g(t)+a(t))<Δ, otherwise of buy (t)=0; “of sell (t)”=1, if a(t)>0 and (c(t)−e·a(t))<e·Δ, otherwise of sell (t)=0; “G buy (t)”=1, if (g(t)+(1−of buy (t))·a(t)+g pir (t))<G min , otherwise G buy (t)=0; “G sell (t)”=1, if (g(t)+(1−of sell (t))·a(t)+g pir (t))>G max , otherwise G sell (t)=0; “G(t)” is a total amount of all tangible or intangible assets in the reserve at the moment of time t; “g(t)” is an amount of a portion of G (t) owned by an operator of the reserve of tangible or intangible assets and comprising the operator's free assets reserve at the moment of time t; “g pir (t)” is the amount of assets in transit (product in road) expected to arrive to the operator's reserves; it is not at the moment of time t at the operator's disposal due to the length T b of the operation of purchasing assets in the external market; “G min ” is a threshold minimum amount of g(t), necessary to fully substantiate the electronic currency, which triggers the purchase of the portion of the tangible or intangible assets for the reserve at the external market; “G max ” is a threshold maximum amount of g(t), sufficient to fully substantiate the electronic currency, which triggers the sale of the portion of the tangible or intangible assets from the reserve at the external market; “Δ” is a fixed purchased/sold amount of the tangible or intangible assets which can be purchased or sold at the external market with a low commission; “e” is the cost of a given unit of the tangible or intangible assets; and “c(t)” is an amount of fiat currency in an account controlled by the operator of the reserve at a given moment of time t, comprising the operator's free fiat currency reserve.
30 . A computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency, comprising:
continuously monitoring, by a processor, a sufficiency of the reserve based on a stream of orders for purchasing or selling the electronic currency; when the amount of the tangible or intangible assets in the reserve reaches a threshold amount, calculating, by the processor, an amount of a portion of the tangible or intangible assets to be sold at or purchased from an external market in order to fully substantiate the electronic currency; and initiating, by the processor, purchasing or selling of the portion of the tangible or intangible assets in the reserve, from or to an external market, to maintain a sufficient amount of reserve to fully substantiate the electronic currency; wherein the amount of the tangible or intangible assets to be sold at or purchased from the external market at given time t, represented by G″ sell (t) and G″ buy (t), respectively, are calculated based upon the following formulas:
G″ buy ( t )= G buy ( t )·(| a ( t )|·(1− of buy ( t ))− g ( t )− g pir ( t )+ G min +G buy )++ of buy ( t )·| a ( t )|;
and
G″ sell ( t )= G sell ( t )·( a ( t )·(1− of sell ( t ))+ g ( t )+ g pir ( t )− G max +G sell )++ of sell ( t )· a ( t );
wherein the following variables are defined: “G buy (t)”=1, if (g(t)+(1−of buy (t))·a(t)+g pir (t))<G min , otherwise G buy (t)=0; “G sell (t)”=1, if (g(t)+(1−of sell (t))·a(t)+g pir (t))>G max , otherwise G sell (t)=0; “a(t)” is the amount of incoming order to purchase or sell tangible or intangible assets, at a given time t; “of buy (t)”=1, if a(t)<0 and (g(t)+a(t))<Δ, otherwise of buy (t)=0; “of sell (t)”=1, if a(t)>0 and (c(t)−e·a(t))<e·Δ, otherwise of sell (t)=0; “G(t)” is a total amount of all tangible or intangible assets in the reserve at the moment of time t; “g(t)” is an amount of a portion of G (t) owned by an operator of the reserve of tangible or intangible assets and comprising the operator's free assets reserve at the moment of time t; “g pir (t)” is the amount of assets in transit (product in road) expected to arrive to the operator's reserves; it is not at the moment of time t at the operator's disposal due to the length T b of the operation of purchasing assets in the external market; “G min ” is a threshold minimum amount of g(t), necessary to fully substantiate the electronic currency, which triggers the purchase of the portion of the tangible or intangible assets for the reserve at the external market; “G max ” is a threshold maximum amount of g(t), sufficient to fully substantiate the electronic currency, which triggers the sale of the portion of the tangible or intangible assets from the reserve at the external market; “Δ” is a fixed purchased/sold amount of the tangible or intangible assets which can be purchased or sold at the external market with a low commission; “e” is the cost of a given unit of the tangible or intangible assets; and “c(t)” is an amount of fiat currency in an account controlled by the operator of the reserve at a given moment of time t, comprising the operator's free fiat currency reserve.
31 . A computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency, the method comprising:
continuously monitoring, by a processor, a sufficiency of the reserve based on a stream of orders for purchasing or selling the electronic currency; when the amount of the tangible or intangible assets in the reserve reaches a threshold amount, calculating, by the processor, an amount of a portion of the tangible or intangible assets to be sold at or purchased from an external market in order to fully substantiate the electronic currency, wherein the calculating step is based upon a mathematical model that accounts for distributions of moments of time of receiving orders for purchasing or selling the electronic currency substantiated by tangible or intangible assets and the amount of purchase or sale of the orders; and initiating, by the processor, the purchasing or selling of the portion of the tangible or intangible assets in the reserve, to or from the external market, to maintain a sufficient amount of the reserve to fully substantiate the electronic currency.
32 . The computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 31 ,
wherein the distributions of moments of time of receiving orders for purchasing/selling the electronic currency are defined by Poisson streams and are combined in one where the order type is defined randomly, and the amount of the purchase or sale of electronic currency is defined by a logarithmically normal distribution, such that a positive amount value is assigned to orders for selling and a negative amount value for orders for purchasing.
33 . The computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 31 , wherein the calculation is based upon a mathematical model that accounts for at least a plurality of the following parameters:
a time required for purchasing or selling an asset in the reserve in the external market for or from the reserve; a cost of 1 unit of the asset being purchased or sold; a fixed purchased/sold amount (FPSA) of the asset, which could be purchased/sold in the external market, optionally accounting for a low commission fee; a cost of storing 1 unit of the asset for a unit of time; a rate, recalculated into a unit of time, at which the funds could be allocated; a commission fee which the operator for purchasing/selling a unit of the asset in the reserve is charged with, recalculated as for purchasing/selling 1 unit of the asset; and a commission fee which a client for the operation of purchasing/selling the asset-linked electronic currency is charged with by the operator, recalculated as for purchasing/selling 1 unit of the asset.
34 . The computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 31 , wherein the amount of tangible or intangible assets in the reserve is increased or decreased based on a level of demand for the substantiated electronic currency.
35 . The computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 31 , wherein the purchasing of the portion of the tangible assets or intangible assets is initiated upon a purchase of the electronic currency, by a client, resulting in an increase of the substantiating reserve; and
the selling of the portion of the tangible assets is initiated upon the selling of said electronic currency in a quantity equivalent to value of a certain amount of a substantiating asset, by a client, resulting in the sale of the portion of the tangible or intangible assets at a market price, wherein the client receives fiat currency from the sale at the market price.
36 . The computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 31 , further comprising forming free reserves by creating and maintaining reserve stocks both in assets used as a substantiation and in at least one traditional currency (fiat currency), stored on the operator's bank account.
37 . The computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 36 , wherein
the amount of assets in the free assets reserve corresponds to Δ-fixed purchased/sold amount (FPSA) of asset, which means the fixed amount of asset, which could be purchased/sold in the external market with low commission; the amount of fiat currency in the free fiat currency reserve corresponds to a market cost of FPSA of asset.
38 . The computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 36 , wherein
the total value of the free reserves is not less than a market cost of FPSA of assets.
39 . The computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 36 , wherein a majority of current purchases and sales of the electronic currency are carried out by the operator using the electronic currency in the operator's wallet and at least one fiat currency from the operator's free fiat currency reserve.
40 . The computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 36 wherein, if the electronic currency in the operator's wallet and the fiat currency in the operator's free fiat currency reserve are insufficient for carrying out an operation of purchasing or selling electronic currency, the given operation is transferred to an offline mode and carried out without participation of the operator's resources, wherein the offline mode includes the operator carrying out an operation of purchasing electronic currency substantiation in the external market, issuing the electronic currency for the purchased amount of substantiation, or an operation of selling substantiation in the external market, and the result of the operation carried out is transferred to the wallet of the purchaser or to the wallet or bank account of the seller of the electronic currency.
41 . The computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 36 , wherein the operator of the reserve of assets carries out operations of:
(i) purchasing substantiation of the electronic currency in the external market, issuing electronic currency for the purchased amount of substantiation, transferring that electronic currency to the operator's electronic currency wallet; and (ii) operations of selling substantiation in the external market and transferring a profit from the sale to the operator's fiat currency wallet or bank account; wherein the operations of purchasing or selling substantiation in the external market are initiated upon reaching the threshold amounts of substantiation of electronic currency, which are defined by a calculation, at the same time that the amounts of purchased/sold substantiation are defined by a calculation.
42 . The computer-based method for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 36 , wherein the amounts of purchased or sold tangible and intangible assets are rounded to a value divisible by a fixed purchased/sold amount of asset, and wherein the free assets reserve is maintained at a threshold amount not less than the fixed purchased/sold amount of asset, as measured based on a combination of the value of the tangible or intangible assets and one or more currency equivalents; wherein:
if there is a decrease of the amount of the tangible or intangible assets in the free assets reserve to a level lower than the threshold amount and a purchase order for the electronic currency is received, all purchasing operations are transferred to the offline mode; and if there is a decrease of the amount of the fiat currency in the free fiat currency reserve to a level lower than the threshold amount and an order to sell the electronic currency is received, all selling operations are transferred to the offline mode.
43 . A system for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency, the system comprising at least one processor configured to:
continuously monitor a sufficiency of the reserve based on a stream of orders for purchasing or selling the electronic currency; when the amount of value of the tangible or intangible assets in the reserve reaches a threshold amount, calculate, by the processor, an amount of a portion of the tangible or intangible assets to be sold at or purchased from an external market in order to fully substantiate the electronic currency, wherein the calculating step is based upon a mathematical model that accounts for distributions of moments of time of receiving orders for purchasing or selling electronic currency substantiated by tangible or intangible assets and the amount of purchase or sale of the orders; and initiate, by the processor, the purchasing or selling of the portion of the tangible or intangible assets in the reserve, to or from the external market, to maintain a sufficient amount of the reserve to fully substantiate the electronic currency.
44 . The system for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 43 , wherein the distributions of moments of time of receiving orders for purchasing/selling the electronic currency are defined by Poisson streams and are combined in one where the order type is defined randomly, and the amount of the purchase or sale of electronic currency is defined by a logarithmically normal distribution, such that a positive amount value is assigned to orders for selling and a negative amount value for orders for purchasing.
45 . The system for maintaining a reserve of tangible or intangible assets that substantiate an electronic currency of claim 43 , wherein the processor is configured to calculate the amount of a portion of the tangible or intangible assets to be sold at or purchased from an external market based upon a mathematical model that accounts for at least a plurality of the following parameters:
a time required for purchasing or selling an asset in the reserve in the external market for or from the reserve; a cost of 1 unit of the asset being purchased or sold; a fixed purchased/sold amount (FPSA) of the asset, which could be purchased/sold in the external market, optionally accounting for a low commission fee; a cost of storing 1 unit of the asset for a unit of time; a rate, recalculated into a unit of time, at which the funds could be allocated; a commission fee which the operator for purchasing/selling a unit of the asset in the reserve is charged with, recalculated as for purchasing/selling 1 unit of the asset; and a commission fee which a client for the operation of purchasing/selling the asset-linked electronic currency is charged with by the operator, recalculated as for purchasing/selling 1 unit of the asset.Join the waitlist — get patent alerts
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