Search All Applications in Cryptocurrency: Security
Application US20200279249
Published 2020-09-03
Blockchain-based Digital Asset Platform
A method of executing a transaction on a social commerce network associated with a cryptocurrency transaction system includes receiving, from a client device, a purchase request to purchase a good or service from a third-party retailer. The method further includes converting a cost of the good or service from a fiat currency provided by the third-party retailer to a cryptocurrency cost. The method further includes providing, to the client device, a transaction request comprising the cryptocurrency cost and an address associated with a cryptocurrency wallet blockchain of the cryptocurrency transaction system. The method further includes, in response to verifying a transaction comprising cryptocurrency assets associated with the transaction request, executing the purchase request in fiat currency on the third-party retailer by a processing device.
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- 1. A social commerce network associated with a cryptocurrency transaction system, the system comprising:
a memory to store cryptocurrency assets; and a processing device, operatively coupled to the memory, the processing device to:
receive, from a client device, a purchase request to purchase a good or service from a third-party retailer;
convert a cost of the good or service from a fiat currency provided by the third-party retailer to a cryptocurrency cost;
provide, to the client device, a transaction request comprising the cryptocurrency cost and an address associated with a cryptocurrency wallet blockchain of the cryptocurrency transaction system; and
in response to verifying a transaction comprising the cryptocurrency assets associated with the transaction request, execute the purchase request in fiat currency on the third-party retailer.
- 12. A method of executing a transaction on a social commerce network associated with a cryptocurrency transaction system, comprising:
receiving, from a client device, a purchase request to purchase a good or service from a third-party retailer; converting a cost of the good or service from a fiat currency provided by the third-party retailer to a cryptocurrency cost; providing, to the client device, a transaction request comprising the cryptocurrency cost and an address associated with a cryptocurrency wallet blockchain of the cryptocurrency transaction system; and in response to verifying a transaction comprising cryptocurrency assets associated with the transaction request, executing the purchase request in fiat currency on the third-party retailer by a processing device.
- 19. A social commerce network associated with a cryptocurrency transaction system, the system comprising:
a cryptocurrency wallet storing cryptocurrency assets held by the cryptocurrency transaction system and acquired by the cryptocurrency transaction system through interfacing with a cryptocurrency source system, wherein the cryptocurrency assets correspond to one or more distinct cryptocurrency addresses associated with a blockchain; a cryptocurrency ledger storing a plurality of amounts of cryptocurrency owned by the cryptocurrency transaction system, wherein a sum of the plurality of amounts of cryptocurrency owned by the cryptocurrency transaction system equals a total amount of cryptocurrency assets stored in the cryptocurrency wallet; and a processing device for executing instructions stored in a computer-readable medium, and based on the cryptocurrency transaction system receiving a purchase request from a user of the cryptocurrency transaction system to purchase a good or service from a third-party retailer, the instructions being executable to:
convert the cryptocurrency transaction requested by a client device to a fiat currency transaction associated with a third-party retailer; and
update, via the cryptocurrency ledger, the amounts of cryptocurrency owned by the cryptocurrency transaction system based on a value of the cryptocurrency associated with the purchase request.
