Social Media Cryptocurrency Trading System and Method

Social Media Cryptocurrency Trading System and Method

Glossary

Term Definitions API (Application Programming Interface) A set of definitions and protocols that allow two software components to communicate with each other. Blockchain A distributed database that maintains a growing list of ordered records (called blocks). Cryptocurrency A digital or virtual currency that uses cryptography to secure its transactions and control the creation of additional units. Cryptocurrency Wallet Software or hardware used to store and manage cryptocurrency keys. Digital Signature A way of verifying the authenticity of a digital message or document using cryptography. Hash An algorithm that converts an input value of arbitrary length into an output value of fixed length. Private Key A key in a cryptocurrency wallet that is used to authorize spending. Public Key A key in a cryptocurrency wallet that is used to receive funds. Smart Contract A self-executing contract that is stored on a blockchain and automatically executed when certain conditions are met. Interactive computer-mediated technology for creating, sharing, and exchanging information between social media users. Transaction A transfer of value performed on a blockchain network. Short Answer Question

Please explain the difference and relationship between cryptocurrency private and public keys. Private keys are used to sign transactions and authorize spending, and public keys are used to receive funds. Private keys must be kept secret, while public keys can be shared publicly. The public key can be derived from the private key, but not vice versa.

Please describe the basic characteristics of blockchain. Blockchain is a decentralized, distributed and public database that records transactions in the form of blocks. Each block contains the hash value of the previous block, forming an immutable chain.

What is the main function of the API described in this patent application? The main function of the API is to provide an interface between the website or application and the user's browser to simplify the payment process, especially the use of cryptocurrency.

Why is the user experience different when using cryptocurrency for payment than when using traditional payment methods? Since cryptocurrency transactions need to be confirmed on the blockchain network, they may take longer to process than traditional payment methods.

Please explain the concept of smart contracts and how it is used in this invention. Smart contracts are self-executing contracts stored on the blockchain that are automatically executed when predefined conditions are met. In this invention, smart contracts can be used to manage the cryptocurrency payment process, such as verifying transactions, processing refunds, etc.

How does this invention solve the management problem of users after making purchases across different platforms? This invention proposes to use blockchain technology to record all purchase information of users, whether it is an online store, a social media platform or a physical store. Users can access and manage their purchase history through a unified interface.

Briefly describe how the present invention integrates social media platforms with cryptocurrency payments. The present invention allows users to pay with cryptocurrency directly within social media platforms, such as transferring money to friends in a chat dialog box.

Explain how the present invention uses NFC technology to simplify payments or other transactions. Users can quickly initiate payment processes or complete other transactions, such as purchasing products, opening garage doors, etc. by tapping NFC tags with their mobile devices.

What are the uses of the "PatCoin" token proposed in the present invention? PatCoin tokens can be used to fund the sale and management of patents related to blockchain technology. Participants can obtain PatCoin tokens by evaluating patents, providing funds, etc.

How does the present invention help balance the need for inventors to be paid and the need for industry to innovate freely? The present invention uses smart contracts and blockchain technology to build a decentralized platform that allows stakeholders (including inventors, investors, evaluators, etc.) to participate in patent transactions to ensure that inventors receive fair compensation while promoting the openness and sharing of technology.

Short answer questions

Private key is like your password, which only you know and is used to prove that you are you and authorize you to use your cryptocurrency. Public key is like your bank account number, which you can make public to others so that others can transfer money to you. Public keys and private keys appear in pairs, and the public key can be calculated from the private key, but not vice versa.

The main features of blockchain are decentralization (no central control agency), transparency (all transaction records are publicly available), security (using cryptography to ensure data security), and immutability (once recorded, it cannot be changed).

This API allows websites or apps to more conveniently request users' payment information, especially cryptocurrency payment information, thereby simplifying the payment process and improving user experience.

Because cryptocurrency transactions need to be confirmed by the blockchain network, this process takes a certain amount of time, so users may have to wait for a while to complete the payment, unlike traditional payment methods that are instant.

Smart contracts can be understood as programs with pre-set rules that are automatically executed when conditions are met. In this invention, it can be used to manage transactions, such as automatically shipping after confirming that the buyer has paid, or automatically refunding when the buyer has not received the goods.

It proposes to store all purchase records on the blockchain so that users can manage all purchase records in one place, regardless of which platform they are purchased on.

The present invention allows users to use cryptocurrency to transfer money to other users directly in social media applications, just as convenient as sending messages now.

Users only need to touch the NFC tag with their mobile phone to quickly complete payment or other operations, such as opening doors, starting applications, etc., without cumbersome operation steps.

PatCoin can be used to reward those who contribute to blockchain technology, such as evaluating patents, investment projects, etc.

It provides a platform for inventors to obtain financial support more easily, while also allowing more people to use their patents, thereby promoting technological development.