Application US20200279321

SYSTEMS AND METHODS FOR FACILITATING AN OPEN-ENDED DUTCH AUCTION
[+] Show Details

US20200279321

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: (5) (4)

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

2. The system as claimed in claim 1, wherein the plurality of smart contracts further comprises: (2) (2)

an at least one auction protocol performing at least one protocol function to determine price for the plurality of digital assets;

an application programming interface (API) is operably configured to perform a plurality of functions, a plurality of events log, a plurality of events, monitoring functions and a plurality of event listening functions; and

3. The system as claimed in claim 2, wherein the at least one protocol function is selected from digitally exchanging the plurality of digital assets, verifying the plurality of digital assets, enforcing a negotiation for the plurality of digital assets, performing of the at least one smart contract, conditional withdrawing of the plurality of digital assets and depositing the plurality of digital assets and alike functions. (0)

9. The system as claimed in claim 2, wherein the at least one auction protocol further facilitates bonding and settling price of an arbitrary digital asset pair by: (1) (6)

setting a target price and a price-factor for the arbitrary digital asset pair;

formulating a price convergence rate of the target price and the price-factor for the arbitrary digital asset pair;

setting a maximum auction duration based on a rate of a price convergence for the arbitrary digital asset pair;

characterizing the price convergence of a price curve and the price curve is anyone of a buy curve and a sell curve;

terminating the open-ended Dutch auction when the actual price of the at least one digital asset converges with the price curve of the plurality of digital assets; and

transferring the at least one digital asset of the arbitrary digital asset pair is transferred to a new user; and

10. The system as claimed in claim 9, wherein the actual price is calculated by dividing an amount accumulated for the at least one digital asset by total number of the plurality of digital assets at a given moment. (0)

4. The system as claimed in claim 1, wherein the digital asset wallet is further configured to perform: (1) (8)

securely encrypting and storing a plurality of digital asset private keys for the plurality of users and the plurality of digital asset private keys are unique digital asset private keys;

interacting with at least one auction protocol to retrieve auction information from the at least one smart contract from the plurality of smart contracts;

providing control of the at least one digital asset stored in the plurality of digital asset private keys to at least one user;

prompting the at least one auction protocol in the user device to perform an at least one auction function;

authenticating transfer of the plurality of digital assets on the decentralized network;

interpreting a plurality of user instructions to retrieve information from a smart contract event log,

performing an application programming interface (API) call on the at least one smart contract;

monitoring and listening to a plurality of smart contract events corresponding to a user interface of the digital asset wallet.

5. The system as claimed in claim 4, wherein the at least one auction function selected from exchanging the plurality of digital assets, verifying the plurality of digital assets, depositing the plurality of digital assets, withdrawing of the plurality of digital assets, triggering an auction settlement and alike functions. (0)

6. The system as claimed in claim 1, wherein the trigger settlement request further comprises directing the open-ended Dutch auction to check an auction settlement criteria and the auction settlement criteria is anyone criteria selected from a failed price settlement criteria, a successful price settlement criteria and alike auction settlement criteria. (0)

7. The system as claimed in claim 1, wherein the plurality of users is selected from one or more sellers, one or more buyers, and alike users and the user device is a seller device, a buyer device and alike device. (0)

8. The system as claimed in claim 1, wherein the plurality of digital assets is selected from a plurality of cryptocurrencies, a plurality of digital collectibles, a plurality of digital tokens and alike digital assets and the decentralized network is a blockchain network. (0)

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: (7) (5)

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

12. The computer-implemented method as claimed in claim 11, wherein the digital asset wallet further comprises the steps of: (1) (8)

securely encrypting and storing a plurality of digital asset private keys for the plurality of users;

interacting with an at least one auction protocol to retrieve auction information from the at least one smart contract selected from a plurality of smart contracts;

providing control of the at least one digital asset stored in the plurality of digital asset private keys to at least one user;

prompting the at least one auction protocol in the user device to perform at least one auction function;

authenticating transfer of the plurality of digital assets on the decentralized network;

interpreting a plurality of user instructions to retrieve information from a smart contract event log,

performing an application programming interface (API) call on the at least one smart contract; and

monitoring and listening to a plurality of smart contract events corresponding to a user interface of the digital asset wallet.

13. The computer-implemented method as claimed in claim 12, wherein the at least one auction function is selected from exchanging the plurality of digital assets, verifying the plurality of digital assets, depositing the plurality of digital assets, withdrawing of the plurality of digital assets, triggering an auction settlement and alike functions. (0)

14. The computer-implemented method as claimed in claim 11, wherein the plurality of smart contracts further comprises: (1) (2)

16. The computer-implemented method as claimed in claim 11, wherein the trigger settlement request further comprises directing the open-ended Dutch auction to check an auction settlement criteria. (0)

17. The computer-implemented method as claimed in claim 11, wherein the computer-implemented method further comprises bonding and settling price of an arbitrary digital asset pair by: (0) (6)

setting a target price and a price-factor for the arbitrary digital asset pair;

formulating a price convergence rate of the target price and the price-factor for the arbitrary digital asset pair;

setting a maximum auction duration based on a rate of a price convergence for the arbitrary digital asset pair;

characterizing the price convergence of a price curve and the price curve is anyone of a buy curve and a sell curve;

terminating the open-ended Dutch auction when the actual price actual price of the at least one digital asset converges with the price curve of the plurality of digital assets; and

transferring the at least one digital asset of the arbitrary digital asset pair is transferred to a new user; and

18. The computer-implemented method as claimed in claim 11, wherein the actual price is calculated by dividing an amount accumulated for the at least one digital asset by total number of the plurality of digital assets at a given moment. (0)

19. The computer-implemented method as claimed in claim 11, wherein the plurality of users is selected from one or more sellers, one or more buyers, and alike users and the user device is a seller device, a buyer device and alike device. (0)

20. The computer-implemented method as claimed in claim 11, wherein the plurality of digital assets is selected from a plurality of cryptocurrencies, a plurality of digital collectibles, a plurality of digital tokens and alike digital assets and the decentralized network is a blockchain network. (0)

View Abstract and Specification Size

PDF with Images and Document Face >

Full Text Publication >

Application US20200279321

SYSTEMS AND METHODS FOR FACILITATING AN OPEN-ENDED DUTCH AUCTION

Patent Matrix® Search