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Application US20200279321
Published 2020-09-03
Systems And Methods For Facilitating An Open-ended Dutch Auction
A method for conducting an open-ended Dutch auction by facilitating a bi-directional exchange of digital assets between users on user device, wherein the method of open-ended Dutch auction comprising the steps of initiating an incoming request to start auction on a digital asset wallet, communicating the incoming request to a smart contract, determining whether the incoming request allowance is a zero value or a non-zero value to authorize the incoming request and terminating by calculating an actual price of the digital asset.
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- 1. A system for conducting an open-ended Dutch auction by facilitating a bi-directional exchange of a plurality of digital assets between a plurality of users over distributed computer networks on a user device, the system comprising:
a remote server having a plurality of databases for storing a plurality of unique public addresses associated to the plurality of digital assets and the remote server comprising a memory unit for storing a plurality of auction protocols; a decentralized network configured for communicating with the remote server, a plurality of smart contracts and at least one digital asset wallet to facilitate the bi-directional exchange of the plurality of digital assets; a digital asset wallet configured to display the plurality of digital assets on the user device; one or more processors configured having more computer-readable media having stored instructions to perform:
initiating and accepting an incoming request by the digital asset wallet to facilitate the bi-directional exchange of at least one digital asset from the plurality of digital assets by an at least one smart contract;
communicating the incoming request of the plurality of users via the decentralized network to the at least one smart contract;
determining an incoming request allowance by the at least one smart contract for the plurality of digital assets at a time of the incoming request;
calculating whether the incoming request allowance is a zero value or a non-zero value to authorize the incoming request;
transferring an actual price of the plurality of digital assets from the digital asset wallet to terminate the open-ended Dutch auction; and
- 11. A computer-implemented method conducting an open-ended Dutch auction by facilitating a bi-directional exchange of a plurality of digital assets between a plurality of users on a user device, wherein the computer-implemented method comprising steps of:
initiating and accepting an incoming request by a digital asset wallet to facilitate the bi-directional exchange of at least one digital asset from the plurality of digital assets by an at least one smart contract from a plurality smart contracts; communicating the incoming request of the plurality of users via a decentralized network to the at least one smart contract; determining an incoming request allowance by the at least one smart contract for the at least one digital asset at a time of the incoming request; calculating whether the incoming request allowance is a zero value or a non-zero value to authorize the incoming request; transferring an actual price of the at least one digital asset from the digital asset wallet to terminate the open-ended Dutch auction; and
