Facilitating cryptocurrency-based transactions with time constraint

Patent metadata

Field	Value
Publication number	US-12373823-B2
Application number	US-202217832396-A
Country	US
Kind code	B2
Filing date	Jun 3, 2022
Priority date	Jun 3, 2022
Publication date	Jul 29, 2025
Grant date	Jul 29, 2025

Abstract

Methods and systems are presented for providing a framework for facilitating time-sensitive cryptocurrency transactions for users. When a request for processing a time-sensitive cryptocurrency transaction using funds from a cryptocurrency wallet is received from a user, a transaction system first verifies whether the cryptocurrency wallet has a balance to cover the cryptocurrency transaction. The transaction system also verifies the ownership of the cryptocurrency wallet based on an asynchronous method. The user generates verification data without any input from the transaction system, and based on a private key associated with the cryptocurrency wallet, a generator function, and a user-generated value. Without knowing the user-generated value, the transaction system verifies the ownership of the cryptocurrency wallet based on the verification data, and processes the transaction for the user.

First claim

What is claimed is:

1. A system, comprising:
a non-transitory memory; and
one or more hardware processors coupled with the non-transitory memory and configured to read instructions from the non-transitory memory to cause the system to perform operations comprising:
receiving, from a user device of a user, a transaction request for conducting an electronic transaction using a first digital wallet of the user, wherein the transaction request specifies a time constraint for completing the electronic transaction;
determining that the electronic transaction using the first digital wallet cannot be completed within the time constraint based on a number of blockchain transactions required for the electronic transaction;
detecting a network bandwidth condition between the system and the user device;
in response to determining that the network bandwidth condition is below a threshold, performing an asynchronous verification process, wherein the performing the asynchronous verification process comprises, without transmitting seed data for generating a digital signature to the user device, obtaining verification data from the user device, wherein the verification data is usable to verify an ownership of the first digital wallet, and wherein the verification data is calculated based on a private key associated with the first digital wallet, a generator function used to generate the private key, and a variable corresponding to at least one of a time or a counter;
calculating an output based on a public key associated with the first digital wallet, the generator function, and a first portion of the verification data;
verifying the ownership of the first digital wallet based on comparing the output against a second portion of the verification data;
in response to verifying the ownership of the first digital wallet, initiating a blockchain transaction, from the number of blockchain transactions, that transfers funds from the first digital wallet to a second digital wallet controlled or accessible by the system; and
without waiting for the blockchain transaction to complete, processing the transaction request within the time constraint.

2. The system of claim 1 , wherein the funds from the first digital wallet are associated with a first cryptocurrency, and wherein the transaction request is processed using a second cryptocurrency different from the first cryptocurrency.

3. The system of claim 1 , wherein the transaction request is processed using a fiat currency.

4. The system of claim 1 , wherein the operations further comprise:
transmitting, to the user device, a request to transfer the funds from the first digital wallet to the second digital wallet.

5. The system of claim 4 , wherein the initiating the blockchain transaction is performed further in response to receiving a confirmation of the request from the user device.

6. The system of claim 1 , wherein the processing the transaction request is performed before the initiating the blockchain transaction.

7. The system of claim 1 , wherein the verification data comprises a first value calculated based on the private key associated with the first digital wallet and a second value calculated based on one or more parameters associated with the generator function.

8. A method, comprising:
receiving, by one or more hardware processors from a user device of a user, a request for performing an electronic transaction using first funds from a first digital wallet of the user, wherein the request specifies a time constraint for completing the electronic transaction;
determining that a time duration for completing the electronic transaction using the first funds from the first digital wallet is longer than the time constraint;
detecting, by the one or more hardware processors, a network bandwidth associated with a blockchain network;
performing, by the one or more hardware processors, an asynchronous verification process for verifying an ownership of the first digital wallet based on the network bandwidth, wherein the performing the asynchronous verification process comprises (i) obtaining verification data from the user device, wherein the verification data is usable to verify the ownership of the first digital wallet, and wherein the verification data is calculated based on a private key associated with the first digital wallet, a function used to generate the private key, and an input value corresponding to a time or a counter, (ii) calculating an output based on a public key associated with the first digital wallet, the function, and a first portion of the verification data, and (iii) verifying the ownership of the first digital wallet based on comparing the output against a second portion of the verification data;
in response to verifying the ownership of the first digital wallet, initiating a blockchain transaction that transfers the first funds from the first digital wallet to a second digital wallet; and
without requiring a completion of the blockchain transaction, processing, by the one or more hardware processors, the electronic transaction for the user using second funds different from the first funds.

9. The method of claim 8 , wherein the verification data comprises a first verification value that is calculated based on the private key, a second verification value that is calculated based on the function, and a third verification value that is calculated based on the input value.

10. The method of claim 8 , wherein the verification data comprises a triplet including a first verification value, a second verification value, and a third verification value, wherein the calculating the output is further based on the first verification value and the second verification value, and wherein the verifying comprises:
comparing the output against the third verification value of the verification data.

11. The method of claim 10 , wherein the ownership of the first digital wallet is verified when the output value equals the first verification value.

12. The method of claim 8 , further comprising:
obtaining a confirmation that the blockchain transaction has been initiated.

13. The method of claim 12 , wherein the processing the electronic transaction is further responsive to the obtaining the confirmation.

14. The method of claim 12 , wherein the processing the electronic transaction is performed prior to the obtaining the confirmation.

15. A non-transitory machine-readable medium having stored thereon machine-readable instructions executable to cause a machine to perform operations comprising:
receiving, from a user device of a user, a transaction request for conducting an electronic transaction using a first digital wallet of the user, wherein the transaction request specifies a time constraint;
determining that the electronic transaction using the first digital wallet cannot be completed within the time constraint based on a number of blockchain transactions required for the electronic transaction;
detecting a network bandwidth condition between the machine and the user device;
performing an asynchronous verification process for verifying an ownership of the first digital wallet based on the network bandwidth condition, wherein the performing the asynchronous verification process comprises obtaining verification data from the user device, wherein the verification data is usable to verify the ownership of the first cryptocurrency wallet, and wherein the verification data is calculated based on a private key associated with the first cryptocurrency wallet, a function used to generate the private key, and a variable corresponding to at least one of a time or a counter;
c

Assignees

• Paypal Inc

Inventors

• Saad Muhammad
• Burgis Jakub
• Johnson Raoul

Classifications

• G06Q2220/00

  Business processing using cryptography · CPC title

• G06Q20/381

  Currency conversion · CPC title

• G06Q20/127

  Shopping or accessing services according to a time-limitation · CPC title

• G06Q20/3825

  Use of electronic signatures · CPC title

• G06Q20/24

  Credit schemes, i.e. "pay after" · CPC title