The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Sep. 24, 2024
Filed:
Jan. 29, 2021
Steven Mark Hoffberg, West Harrison, NY (US);
Steven Mark Hoffberg, West Harrison, NY (US);
Abstract
A method of transacting a liability, comprising: defining smart contract which separates a set of rights as a first fungible token type and set of responsibilities as a second fungible token type, the second token type comprising a representation of a liability; in a first transaction, establishing a first transaction consideration which offsets a difference in a value of the set of rights and the set of responsibilities, and allocating a first fungible token with a requirement to pay the consideration to a first party, and allocating the second fungible token with a right to receive the consideration to a second party; and in a second transaction, merging possession of a token of the first fungible token type and a token of the second fungible token type, and extinguish the smart contract set of rights and the set of responsibilities to thereby satisfy the liability.