Inventors Awarded Patent for Blockchain-Based Cryptocurrency Management

Strategic Insights -

A group of five inventors has been granted a patent for a blockchain-based system for managing cryptocurrencies. The inventors, Eyal Hertzog, Yehuda Levi, Barak Manos, Asaf Shachaf, and Guy Ben Artzi, were awarded patent No. US 12361406 B2, initially filed on November 9, 2023. The patented system uses a processor to execute a blockchain smart contract, which manages a primary reserve of primary tokens and a secondary reserve of secondary tokens.

Key Takeaways:

  • The patented system uses a blockchain smart contract to manage a primary reserve of primary tokens and a secondary reserve of secondary tokens.
  • The system receives a transaction request and obtains an external price of the primary token to compute an updated value of the primary reserve.
  • The system adjusts primary and secondary dynamic reserve weights based on the updated total value of the primary reserve, ensuring that the total value of the primary reserve is maintained at a predefined ratio to the total value of the secondary reserve.
  • The patented system has been filed under patent No. US 12361406 B2.
  • The inventors involved in the development of the patented system are Eyal Hertzog, Ramat-HaSharon, Israel; Yehuda Levi, Oporto, Portugal; Barak Manos, Kibbutz Yifat, Israel; Asaf Shachaf, Herzliya, Israel; and Guy Ben Artzi, Rishpon, Israel.
  • The patented system is designed to manage cryptocurrencies and ensure the secure and efficient execution of transactions.

Statistics:

  • Patent No.: US 12361406 B2
  • Initial filing date: November 9, 2023
  • Number of inventors: 5

Sources:

  • US Patent and Trademark Office. Patent No. US 12361406 B2, initially filed Nov. 9, 2023.