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Cryptographic currency for securities settlement

SETLcoin ownership is immediately transferred to a new owner after authentication and verification, which are based on network ledgers within a peer-to-peer network, guaranteeing nearly instantaneous execution and settlement. In some embodiments, the described technology provides a peer-to-peer cryptographic currency trading method for initiating a market exchange of one or more SETLcoins in a virtual wallet for purchasing an asset e.

The described technology can determine, via a two-phase commit, whether the virtual wallet has a sufficient quantity of SETLcoins to purchase the asset at the purchase price. In various embodiments, in response to verifying via the two-phase commit that the virtual wallet has a sufficient quantity of SETLcoins, the described technology purchases or initiates a process in furtherance of purchasing the asset with at least one of the SETLcoins. In one or more embodiments, if the described technology determines that the virtual wallet has insufficient SETLcoins for purchasing the asset, the purchase is terminated without exchanging SETLcoins.

Various embodiments of the technology will now be described. The following description provides specific details for a thorough understanding and enabling description of these embodiments. One skilled in the art will understand, however, that the described technology may be practiced without many of these details. Additionally, some well-known structures or functions may not be shown or described in detail, so as to avoid unnecessarily obscuring the relevant description of the various embodiments.

The terminology used in the description presented below is intended to be interpreted in its broadest reasonable manner, even though it is used in conjunction with a detailed description of certain specific embodiments of the technology. Certain terms may even be emphasized below; however, any terminology intended to be interpreted in any restricted manner will be overtly and specifically defined as such in this Detailed Description section.

Such special-purpose circuitry if any can be in the form of, for example, one or more application-specific integrated circuits ASICs , programmable logic devices PLDs , field-programmable gate arrays FPGAs , etc. Rather that representing a single transferable, object an SETLcoin wallet holds multiple positionable items e. A PIC is an agreed upon reference used by the peer-to-peer network to refer to, e. A PIC, in some embodiments, is determined and invalidated by an issuer.

An issuer e. In some embodiments, PICS are issued and destroyed by highly authoritative entities. For example, dollars available on the SETLcoin network represented by, e. However, the described technology can issue PICS based on various other techniques e. An SETLcoin wallet or transaction can house a single security, as described above, or multiple denominations of the same security e.

SETLcoin wallets or transactions may also house multiple securities e. SETLcoins are exchangeable for, e. In some embodiments, the wallet can substitute fungible currencies. As described above, in various embodiments, the described technology generates SETLcoin transactions based on the wallet's content.

Trader A enters his order into his wallet, and Trader B enters her order into her wallet. Based on the orders, the described technology generates the appropriate transaction messages, which are broadcast to the network for authentication and verification. Once each transaction is sent to the network, in one or more embodiments, settlement is immediate; therefore, each trader must be prepared to make the trade and have the assurance that the other trader is prepared to do the same.

Various techniques are used by the described technology to coordinate the processes of trading SETLcoins for cryptographic currency e. The described technology, in various embodiments, implements an atomic commitment protocol, such as a two-phase commitment protocol, to ensure that both traders are ready to send their respective transaction messages.

A coordinator of the two-phase commitment is, in some embodiments, a trusted node, for example a node that both traders mutually agree to have act as coordinator including each other. For example, a node can be elected as coordinator based on random or pseudo-random token exchange, uptime, number of validated transactions sent, or other qualifier.

Regardless of the coordinator, after each node is committed, appropriate transaction messages are broadcast to transfer SETLcoin ownership. In some embodiments, the described technology can modify trading protocols such that two traders share an open transaction and close it to settle. For example, a trader with a wallet which can give USD can share an open transaction to exchange, e.

The coordinator can close the transaction as part of a two-phase commit. SETLcoin ownership is transferred via one or more transaction messages. A transaction message includes a transaction and a digital signature. The transaction includes, for example, the SETLcoin, the receiver's i.

Addresses are based, in various embodiments, on one or more cryptographic protocols e. Public-key cryptography requires two separate keys, one of which is secret i. Although different, the two keys are mathematically linked. The public key is used to encrypt plaintext e.

The private key is used to decrypt cipher text, to create a digital signature, and to secure SETLcoins. Public keys are freely shared among nodes in the peer-to-peer network, for example by broadcasting one or more key-exchange messages.

The transaction message, in various embodiments, is digitally signed by the sender's private key to authenticate the sender's identity to the network nodes, e. The described technology, in various embodiments, verifies SETLcoin ownership to prevent fraud. SETLcoin ownership is based on ownership entries in ledgers that are maintained by network nodes.

The ledgers are mathematically linked to the owners' public-private key pairs generated by the owners' respective wallets, for example. Ledgers record entries for each change of ownership of each SETLcoin exchanged in the network. A ledger is a data structure e. After an SETLcoin transaction i. Verification of a transaction is based on mutual consensus among the nodes. For example, to verify that the sender has the right to pass ownership to a receiver, the nodes compare their respective ledgers to see if there is a break in the chain of title.

A break in the chain of title is detected when there is a discrepancy in one or more of the ledgers, signifying a potentially fraudulent transaction. A fraudulent transaction, in various embodiments, is recorded e. If the nodes agree that the sender is the owner of the SETLcoin, the nodes' ledgers are updated to indicate a new ownership transaction, and the receiver becomes the SETLcoin's owner.

Verification protocols of other cryptographic currencies, in one or more embodiments, are used or can be modified for use by the described technology to verify those cryptographic currencies' ownership rights e. Regardless of the specific protocol s used, the receiver becomes the currency's owner after the chain of title is verified and the ledger is updated. When an SETLcoin is first created i. In one or more embodiments, the issuer can maintain the same private key for digitally signing each SETLcoin as it is issued and entered into in the ledgers.

That private key, in turn, can be validated by mutual agreement between the nodes, by a trusted third party e. Using the described technology mentioned above and described in further detail below in reference to FIGS. Certain details are set forth in the following description and in FIGS.

Other well-known structures and systems often associated with market orders, cryptographic currencies, peer-to-peer networks, and related commerce systems have not been shown or described in detail below to avoid unnecessarily obscuring the descriptions of the various embodiments of the present disclosure. Additionally, a person of ordinary skill in the relevant art will understand that the present disclosure may have additional embodiments that may be practiced without several of the details described below.

In other instances, those of ordinary skill in the relevant art will appreciate that the methods and systems described can include additional details without departing from the spirit or scope of the disclosed embodiments. Many of the details, dimensions, functions, and other features shown and described in conjunction with the Figures are merely illustrative of particular embodiments of the present disclosure. Accordingly, other embodiments can have other details, dimensions, functions, and features without departing from the spirit or scope of the present disclosure.

In addition, those of ordinary skill in the art will appreciate that further embodiments of the present disclosure can be practiced without several of the details described below. Although not required, aspects of the technology may be described herein in the general context of computer-executable instructions, such as routines executed by a general- or special-purpose data processing device e.

Aspects of the technology described herein may be stored or distributed on tangible computer-readable media, including magnetically or optically readable computer discs, hard-wired or preprogrammed chips e. Alternatively, computer-implemented instructions, data structures, screen displays, and other data related to the technology may be distributed over the Internet or over other networks including wireless networks on a propagated signal on a propagation medium e.

In some implementations, the data may be provided on any analog or digital network e. In a distributed computing environment, program modules or subroutines may be located in both local and remote memory storage devices. Those skilled in the relevant art will recognize that portions of the described technology may reside on a server computer, while corresponding portions reside on a client computer e. Data structures and transmission of data particular to aspects of the technology are also encompassed within the scope of the described technology.

Referring to FIG. The computer is also coupled to at least one output device, such as a display device , and one or more optional additional output devices e. The computer may be coupled to external computers, such as via an optional network connection , a wireless transceiver , or both.

Other input devices are possible, such as a microphone, joystick, pen, game pad, scanner, digital camera, video camera, and the like. The data storage devices may include any type of computer-readable media that can store data accessible by the computer , such as magnetic hard and floppy disk drives, optical disk drives, magnetic cassettes, tape drives, flash memory cards, digital video disks DVDs , Bernoulli cartridges, RAMs, ROMs, smart cards, etc.

Indeed, any medium for storing or transmitting computer-readable instructions and data may be employed, including a connection port to or node on a network, such as a LAN, WAN, or the Internet not shown in FIG. Environment may include client terminals nodes from which clients e. For example, various financial products, such as bonds, stocks, options, commodities, futures, and the like, are exchangeable between nodes - in the form of SETLcoins and other cryptographic currencies.

Traders may utilize nodes a - d to access an electronic trading platform. The environment may also include one or more trader terminals, represented by terminal Trader terminal may be utilized by a trader who is working on behalf of the market maker, for example. Such market maker traders may oversee trade executions, inject additional liquidity to reduce order imbalances, and the like.

Server s , in some embodiments, are dedicated or partially dedicated nodes that facilitate various aspects of the described technology e. Client nodes a - d , trader terminal , and servers e. Examples of network may include private and public peer-to-peer networks e. Transaction messages are used by the described technology for changing SETLcoin ownership.

A transaction message includes a transaction and the sender's digital signature of the transaction The transaction includes the recipient's address e. The transaction is digitally signed by the sender's private key to create a digital signature for verifying the sender's identity to the network nodes - The network nodes - decrypt the digital signature , via the sender's previously exchanged public key, and compare the unencrypted information to the transaction If they match, the sender's authenticity is verified and, after a proper chain of ownership is verified via the ledgers as explained above , the receiver is recorded in the ledgers as the new SETLcoin owner.

In other embodiments, a single SETLcoin carries a value of multiple security positions. In other words, a transaction can include multiple SETLcoins e. Additionally, a single SETLcoin can have different denominations e. It follows that other SETLcoins not shown for other PICS not shown can each have different positions and denominations, each of which can be stored in the same wallet.

For example, wallet includes one or more key engine components , key storage components , SETLcoin storage components , order engine components , message engine components , currency storage components , fungibility engine components , transaction log components , market data engine components , and various other components that are used to implement various features of the described technology.

Key storage component stores locally generated public-private key pairs and, in some embodiments, keys received from other wallets e. Order engine component , in some embodiments, generates market orders or modifies transaction messages to include order information, e. Message engine component generates various messages used by the described technology for communicating between, e.

For example, message engine component can generate transaction messages for exchanging SETLcoins between two or more traders' wallets Currency storage component is configured to store various types of monetary data and financial information, such as cryptographic currencies e.

Wallet can generate any necessary ledger updates e. Transaction log components are configured to store a variety of accessible data, such as local transaction information e. Various other engines, storages, and data manipulation techniques e. An issuer or other entity, at step , generates one or more new PICS to represent a particular security e.

As mentioned above, there are no prior ownership rights when an SETLcoin is first issued; therefore, in one more embodiments, the described technology references an authoritative source e. As explained in more detail for FIG. For example, Trader A's wallet generates a transaction that includes Trader B's address , the number of SETLcoins to exchange, and past ownership information i.

The transaction is digitally signed by Trader A's private key to create digital signature , and the transaction message is sent to the network. Similarly, Trader B's wallet generates and sends a transaction message corresponding to his exchange of bitcoins to Trader A's wallet At step , each trader's authenticity is verified based on each trader's respective digital signature , and ownership rights are verified based on a proper chain of title i. For example, in one or more embodiments, the described technology is configured to store and verify other cryptographic currency e.

However, if authenticity and ownership are verified, then change of ownership is recorded i. If, at step , one of the traders makes another exchange e. The flow continues between steps - for each successive exchange of the same SETLcoin, for example. The process ends at step With each new successful exchange, ownership verification is improved based on a larger list of successful transactions as recorded in the network ledgers.

In some embodiments, the described technology is configured to manage the size of ledgers, which over the course of numerous transactions e. Statistically, after a number of successful verifications, the likelihood that a previous verification is fraudulent decreases drastically. Possibly, although it seems likely that Goldman will nonetheless be playing a much more active role in the cryptocurrency world from this point onward.

Big banks have generally been reluctant to get involved with cryptocurrencies, although some have recently begun to adopt blockchain technologies as ledger tools and for other applications. Goldman has so far provided no further indication of plans to realize the SETLcoin concept, nor has there been any timeline with regard to the project. Your Money. Personal Finance. Your Practice. Popular Courses. News Markets News. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.

Related Articles. Bitcoin Who Is Charlie Shrem? Bitcoin Bitcoin's Price History. Partner Links. Related Terms What is the Gemini Exchange? Gemini is a digital asset exchange founded by Cameron and Tyler Winklevoss in Coinbase Commerce Coinbase Commerce allows merchants to accept multiple cryptocurrency payments from global customers. Bitcoin Bitcoin is a digital or virtual currency created in that uses peer-to-peer technology to facilitate instant payments.

It follows the ideas set out in a whitepaper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified.

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Goldman Sachs may be the next big bank to become involved in the world of cryptocurrencies.

Champions league betting tips wednesday The described technology can determine, via a two-phase commit, whether the virtual wallet has a sufficient quantity of SETLcoins to purchase the asset at the purchase price. In other words, a transaction can include multiple SETLcoins e. It follows the ideas set out in a whitepaper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. The blockchain revolution: An analysis of regulation and technology related to distributed ledger technologies. Your Money.
Cryptographic currency for securities settlement Methods and systems of using a cryptocurrency system to manage payments and payment alternatives. Goldman Sachs may be the next big bank to become involved in the world of cryptocurrencies. The method of claim 18further comprising: providing a non-cryptographic currency in exchange for the cryptographic currency. Order engine componentin some embodiments, generates market orders or modifies transaction messages to include order information, e. Alternative or additionally, U. Additionally, a single SETLcoin can have different denominations e.
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The transaction message, in various embodiments, is digitally signed by the sender's private key to authenticate the sender's identity to the network nodes, e. The described technology, in various embodiments, verifies SETLcoin ownership to prevent fraud. SETLcoin ownership is based on ownership entries in ledgers that are maintained by network nodes.

The ledgers are mathematically linked to the owners' public-private key pairs generated by the owners' respective wallets, for example. Ledgers record entries for each change of ownership of each SETLcoin exchanged in the network. A ledger is a data structure e. After an SETLcoin transaction i.

Verification of a transaction is based on mutual consensus among the nodes. For example, to verify that the sender has the right to pass ownership to a receiver, the nodes compare their respective ledgers to see if there is a break in the chain of title. A break in the chain of title is detected when there is a discrepancy in one or more of the ledgers, signifying a potentially fraudulent transaction. A fraudulent transaction, in various embodiments, is recorded e.

If the nodes agree that the sender is the owner of the SETLcoin, the nodes' ledgers are updated to indicate a new ownership transaction, and the receiver becomes the SETLcoin's owner. Verification protocols of other cryptographic currencies, in one or more embodiments, are used or can be modified for use by the described technology to verify those cryptographic currencies' ownership rights e.

Regardless of the specific protocol s used, the receiver becomes the currency's owner after the chain of title is verified and the ledger is updated. When an SETLcoin is first created i. In one or more embodiments, the issuer can maintain the same private key for digitally signing each SETLcoin as it is issued and entered into in the ledgers.

That private key, in turn, can be validated by mutual agreement between the nodes, by a trusted third party e. Using the described technology mentioned above and described in further detail below in reference to FIGS.

Certain details are set forth in the following description and in FIGS. Other well-known structures and systems often associated with market orders, cryptographic currencies, peer-to-peer networks, and related commerce systems have not been shown or described in detail below to avoid unnecessarily obscuring the descriptions of the various embodiments of the present disclosure. Additionally, a person of ordinary skill in the relevant art will understand that the present disclosure may have additional embodiments that may be practiced without several of the details described below.

In other instances, those of ordinary skill in the relevant art will appreciate that the methods and systems described can include additional details without departing from the spirit or scope of the disclosed embodiments. Many of the details, dimensions, functions, and other features shown and described in conjunction with the Figures are merely illustrative of particular embodiments of the present disclosure.

Accordingly, other embodiments can have other details, dimensions, functions, and features without departing from the spirit or scope of the present disclosure. In addition, those of ordinary skill in the art will appreciate that further embodiments of the present disclosure can be practiced without several of the details described below.

Although not required, aspects of the technology may be described herein in the general context of computer-executable instructions, such as routines executed by a general- or special-purpose data processing device e. Aspects of the technology described herein may be stored or distributed on tangible computer-readable media, including magnetically or optically readable computer discs, hard-wired or preprogrammed chips e.

Alternatively, computer-implemented instructions, data structures, screen displays, and other data related to the technology may be distributed over the Internet or over other networks including wireless networks on a propagated signal on a propagation medium e.

In some implementations, the data may be provided on any analog or digital network e. In a distributed computing environment, program modules or subroutines may be located in both local and remote memory storage devices. Those skilled in the relevant art will recognize that portions of the described technology may reside on a server computer, while corresponding portions reside on a client computer e.

Data structures and transmission of data particular to aspects of the technology are also encompassed within the scope of the described technology. Referring to FIG. The computer is also coupled to at least one output device, such as a display device , and one or more optional additional output devices e. The computer may be coupled to external computers, such as via an optional network connection , a wireless transceiver , or both.

Other input devices are possible, such as a microphone, joystick, pen, game pad, scanner, digital camera, video camera, and the like. The data storage devices may include any type of computer-readable media that can store data accessible by the computer , such as magnetic hard and floppy disk drives, optical disk drives, magnetic cassettes, tape drives, flash memory cards, digital video disks DVDs , Bernoulli cartridges, RAMs, ROMs, smart cards, etc.

Indeed, any medium for storing or transmitting computer-readable instructions and data may be employed, including a connection port to or node on a network, such as a LAN, WAN, or the Internet not shown in FIG. Environment may include client terminals nodes from which clients e.

For example, various financial products, such as bonds, stocks, options, commodities, futures, and the like, are exchangeable between nodes - in the form of SETLcoins and other cryptographic currencies. Traders may utilize nodes a - d to access an electronic trading platform. The environment may also include one or more trader terminals, represented by terminal Trader terminal may be utilized by a trader who is working on behalf of the market maker, for example. Such market maker traders may oversee trade executions, inject additional liquidity to reduce order imbalances, and the like.

Server s , in some embodiments, are dedicated or partially dedicated nodes that facilitate various aspects of the described technology e. Client nodes a - d, trader terminal , and servers e. Examples of network may include private and public peer-to-peer networks e. Transaction messages are used by the described technology for changing SETLcoin ownership. A transaction message includes a transaction and the sender's digital signature of the transaction The transaction includes the recipient's address e.

The transaction is digitally signed by the sender's private key to create a digital signature for verifying the sender's identity to the network nodes - The network nodes - decrypt the digital signature , via the sender's previously exchanged public key, and compare the unencrypted information to the transaction If they match, the sender's authenticity is verified and, after a proper chain of ownership is verified via the ledgers as explained above , the receiver is recorded in the ledgers as the new SETLcoin owner.

In other embodiments, a single SETLcoin carries a value of multiple security positions. In other words, a transaction can include multiple SETLcoins e. Additionally, a single SETLcoin can have different denominations e. It follows that other SETLcoins not shown for other PICS not shown can each have different positions and denominations, each of which can be stored in the same wallet.

For example, wallet includes one or more key engine components , key storage components , SETLcoin storage components , order engine components , message engine components , currency storage components , fungibility engine components , transaction log components , market data engine components , and various other components that are used to implement various features of the described technology.

Key storage component stores locally generated public-private key pairs and, in some embodiments, keys received from other wallets e. Order engine component , in some embodiments, generates market orders or modifies transaction messages to include order information, e. Message engine component generates various messages used by the described technology for communicating between, e.

For example, message engine component can generate transaction messages for exchanging SETLcoins between two or more traders' wallets Currency storage component is configured to store various types of monetary data and financial information, such as cryptographic currencies e. Wallet can generate any necessary ledger updates e. Transaction log components are configured to store a variety of accessible data, such as local transaction information e. Various other engines, storages, and data manipulation techniques e.

An issuer or other entity, at step , generates one or more new PICS to represent a particular security e. As mentioned above, there are no prior ownership rights when an SETLcoin is first issued; therefore, in one more embodiments, the described technology references an authoritative source e.

As explained in more detail for FIG. For example, Trader A's wallet generates a transaction that includes Trader B's address , the number of SETLcoins to exchange, and past ownership information i. The transaction is digitally signed by Trader A's private key to create digital signature , and the transaction message is sent to the network.

Similarly, Trader B's wallet generates and sends a transaction message corresponding to his exchange of bitcoins to Trader A's wallet At step , each trader's authenticity is verified based on each trader's respective digital signature , and ownership rights are verified based on a proper chain of title i. For example, in one or more embodiments, the described technology is configured to store and verify other cryptographic currency e.

However, if authenticity and ownership are verified, then change of ownership is recorded i. If, at step , one of the traders makes another exchange e. The flow continues between steps - for each successive exchange of the same SETLcoin, for example.

The process ends at step With each new successful exchange, ownership verification is improved based on a larger list of successful transactions as recorded in the network ledgers. In some embodiments, the described technology is configured to manage the size of ledgers, which over the course of numerous transactions e. Statistically, after a number of successful verifications, the likelihood that a previous verification is fraudulent decreases drastically.

For example, after a chain of title is verified, e. In various embodiments, the described technology can compress, condense, concatenate, or otherwise indicate that previous transactions are considered beyond reproach. For example, after 1, successful transaction ledger entries for a particular MSFT-CS SETLcoin, some or all of the previous ledger entries can be compressed via a verifiable hash, for example.

In some embodiments, the described technology compresses, concatenates, or otherwise performs storage efficiency techniques on particular blocks of entries so that other blocks, for one or more reasons, are not affected. For example, ledger entries are unaffected by a storage efficiency technique that condenses ledger entries At step 1 , Trader B sends his public address i. At step 4 , the network verifies that the transaction message is authentic i. A trader can use the same public address for multiple SETLcoin transactions; however, in one or more embodiments not shown , new public-private key pairs are generated for each of several SETLcoin transactions e.

In some embodiments, a commitment protocol CP is used by the described technology for exchanging SETLcoins between traders. There are at least two steps in the CP a commitment request phase i. During the commitment request phase, a coordinator e.

During the commit phase, in some embodiments, when the necessary processes are verified each wallet broadcasts transaction messages. Opening a transaction to transfer assets e. Moreover, as implemented by the described technology, the CP can reduce if not remove fraudulent transactions such as, e. In other words, given Wallet's implementation of the CP , credit checks are no longer necessary.

For example, a trader with a wallet or other financial storage means, such as a bank account, brokerage account, deposit account which can provide USD can share an open transaction to exchange, e. For example, the described technology can prepare and coordinate Trader A's wallet and Trader C's wallet to verify that each, for example, are online, have received and sent necessary keys e.

In some embodiments, when the necessary processes are verified during the commit phase, each wallet and broadcasts the transaction messages to the network and the transactions are authenticated and verified. In various embodiments, as part of the CP processes, each trader's transaction messages are sent to and held in a queue managed by a third party to the transaction e.

Each transaction message is released by the third party as part of or after completion of the commitment phase. The described technology, in one or more embodiments, is configured to implement a portion of the CP processes within the peer-to-peer network and interface with the third party for various other CP processes.

Each of these processes or blocks may be implemented in a variety of different ways. Also, while processes or blocks are at times shown as being performed in series, these processes or blocks may instead be performed in parallel, or may be performed at different times. The elements and acts of the various embodiments described herein can be combined to provide further embodiments. While the above description details certain embodiments of the technology and describes the best mode contemplated, no matter how detailed the above appears in text, the described technology can be practiced in many ways.

The described technology may vary considerably in its implementation details, while still being encompassed by the technology disclosed herein. As noted above, particular terminology used when describing certain features or aspects of the described technology facilities should not be taken to imply that the terminology is being redefined herein to be restricted to any specific characteristics, features, or aspects of the technology with which that terminology is associated.

In general, the terms used in the following claims should not be construed to limit the described technology facilities to the specific embodiments disclosed in the specification, unless the above Detailed Description section explicitly defines such terms. Accordingly, the actual scope of the described technology encompasses not only the disclosed embodiments, but also all equivalent ways of practicing or implementing the described technology.

To reduce the number of claims, certain aspects of the invention are presented below in certain claim forms, but the applicant contemplates the various aspects of the invention in any number of claim forms. Accordingly, the applicant reserves the right to pursue additional claims after filing this application to pursue such additional claim forms, in either this application or in a continuing application. A computer-readable storage device having contents adapted to cause a programmed computer system comprising a processor, a data storage system, at least one input device, and at least one output system, to perform operations, the operations comprising: producing a cryptographic currency, wherein the cryptographic currency is produced by an issuer of the cryptographic currency, and wherein the cryptographic currency includes a positional item;.

The computer-readable storage device of claim 1 further comprising receiving a financial security in exchange for the cryptographic currency as part of the market trade. The computer-readable storage device of claim 1 wherein the market trade is at least a trade of the cryptographic currency for a non-cryptographic currency. The computer-readable storage device of claim 1 wherein the cryptographic currency is for trading financial securities.

The computer-readable storage device of claim 1 wherein the market trade is executed using a virtual wallet. The computer-readable storage device of claim 1 wherein the market trade is executed based on a commitment protocol. The computer-readable storage device of claim 6 wherein the commitment protocol is a two phase commitment protocol. The computer-readable storage device of claim 1 wherein the positionable item is at least a security item and a position, wherein the position is representative of a quantity of the positionable item.

The computer-readable storage device of claim 1 wherein the verification is a verification of proper chain-of-title of the cryptographic currency. Addresses are based, in various embodiments, on one or more cryptographic protocols e. Public-key cryptography requires two separate keys, one of which is secret i. Although different, the two keys are mathematically linked.

The public key is used to encrypt plaintext e. The private key is used to decrypt cipher text, to create a digital signature, and to secure SETLcoins. Public keys are freely shared among nodes in the peer-to-peer network, for example by broadcasting one or more key-exchange messages. The transaction message, in various embodiments, is digitally signed by the sender's private key to authenticate the sender's identity to the network nodes, e. The described technology, in various embodiments, verifies SETLcoin ownership to prevent fraud.

SETLcoin ownership is based on ownership entries in ledgers that are maintained by network nodes. The ledgers are mathematically linked to the owners' public-private key pairs generated by the owners' respective wallets, for example. Ledgers record entries for each change of ownership of each SETLcoin exchanged in the network.

A ledger is a data structure e. After an SETLcoin transaction i. Verification of a transaction is based on mutual consensus among the nodes. For example, to verify that the sender has the right to pass ownership to a receiver, the nodes compare their respective ledgers to see if there is a break in the chain of title. A break in the chain of title is detected when there is a discrepancy in one or more of the ledgers, signifying a potentially fraudulent transaction.

A fraudulent transaction, in various embodiments, is recorded e. If the nodes agree that the sender is the owner of the SETLcoin, the nodes' ledgers are updated to indicate a new ownership transaction, and the receiver becomes the SETLcoin's owner. Verification protocols of other cryptographic currencies, in one or more embodiments, are used or can be modified for use by the described technology to verify those cryptographic currencies' ownership rights e. Regardless of the specific protocol s used, the receiver becomes the currency's owner after the chain of title is verified and the ledger is updated.

When an SETLcoin is first created i. In one or more embodiments, the issuer can maintain the same private key for digitally signing each SETLcoin as it is issued and entered into in the ledgers. That private key, in turn, can be validated by mutual agreement between the nodes, by a trusted third party e. Using the described technology mentioned above and described in further detail below in reference to FIGS. Certain details are set forth in the following description and in FIGS.

Other well-known structures and systems often associated with market orders, cryptographic currencies, peer-to-peer networks, and related commerce systems have not been shown or described in detail below to avoid unnecessarily obscuring the descriptions of the various embodiments of the present disclosure. Additionally, a person of ordinary skill in the relevant art will understand that the present disclosure may have additional embodiments that may be practiced without several of the details described below.

In other instances, those of ordinary skill in the relevant art will appreciate that the methods and systems described can include additional details without departing from the spirit or scope of the disclosed embodiments. Many of the details, dimensions, functions, and other features shown and described in conjunction with the Figures are merely illustrative of particular embodiments of the present disclosure.

Accordingly, other embodiments can have other details, dimensions, functions, and features without departing from the spirit or scope of the present disclosure. In addition, those of ordinary skill in the art will appreciate that further embodiments of the present disclosure can be practiced without several of the details described below. Although not required, aspects of the technology may be described herein in the general context of computer-executable instructions, such as routines executed by a general- or special-purpose data processing device e.

Aspects of the technology described herein may be stored or distributed on tangible computer-readable media, including magnetically or optically readable computer discs, hard-wired or preprogrammed chips e. Alternatively, computer-implemented instructions, data structures, screen displays, and other data related to the technology may be distributed over the Internet or over other networks including wireless networks on a propagated signal on a propagation medium e. In some implementations, the data may be provided on any analog or digital network e.

In a distributed computing environment, program modules or subroutines may be located in both local and remote memory storage devices. Those skilled in the relevant art will recognize that portions of the described technology may reside on a server computer, while corresponding portions reside on a client computer e.

Data structures and transmission of data particular to aspects of the technology are also encompassed within the scope of the described technology. Referring to FIG. The computer is also coupled to at least one output device, such as a display device , and one or more optional additional output devices e. The computer may be coupled to external computers, such as via an optional network connection , a wireless transceiver , or both.

Other input devices are possible, such as a microphone, joystick, pen, game pad, scanner, digital camera, video camera, and the like. The data storage devices may include any type of computer-readable media that can store data accessible by the computer , such as magnetic hard and floppy disk drives, optical disk drives, magnetic cassettes, tape drives, flash memory cards, digital video disks DVDs , Bernoulli cartridges, RAMs, ROMs, smart cards, etc.

Indeed, any medium for storing or transmitting computer-readable instructions and data may be employed, including a connection port to or node on a network, such as a LAN, WAN, or the Internet not shown in FIG. Environment may include client terminals nodes from which clients e. For example, various financial products, such as bonds, stocks, options, commodities, futures, and the like, are exchangeable between nodes - in the form of SETLcoins and other cryptographic currencies.

Traders may utilize nodes a - d to access an electronic trading platform. The environment may also include one or more trader terminals, represented by terminal Trader terminal may be utilized by a trader who is working on behalf of the market maker, for example. Such market maker traders may oversee trade executions, inject additional liquidity to reduce order imbalances, and the like. Server s , in some embodiments, are dedicated or partially dedicated nodes that facilitate various aspects of the described technology e.

Client nodes a - d, trader terminal , and servers e. Examples of network may include private and public peer-to-peer networks e. Transaction messages are used by the described technology for changing SETLcoin ownership. A transaction message includes a transaction and the sender's digital signature of the transaction The transaction includes the recipient's address e.

The transaction is digitally signed by the sender's private key to create a digital signature for verifying the sender's identity to the network nodes - The network nodes - decrypt the digital signature , via the sender's previously exchanged public key, and compare the unencrypted information to the transaction If they match, the sender's authenticity is verified and, after a proper chain of ownership is verified via the ledgers as explained above , the receiver is recorded in the ledgers as the new SETLcoin owner.

In other embodiments, a single SETLcoin carries a value of multiple security positions. In other words, a transaction can include multiple SETLcoins e. Additionally, a single SETLcoin can have different denominations e. It follows that other SETLcoins not shown for other PICs not shown can each have different positions and denominations, each of which can be stored in the same wallet.

For example, wallet includes one or more key engine components , key storage components , SETLcoin storage components , order engine components , message engine components , currency storage components , fungibility engine components , transaction log components , market data engine components , and various other components that are used to implement various features of the described technology.

Key storage component stores locally generated public-private key pairs and, in some embodiments, keys received from other wallets e. Order engine component , in some embodiments, generates market orders or modifies transaction messages to include order information, e.

Message engine component generates various messages used by the described technology for communicating between, e. For example, message engine component can generate transaction messages for exchanging SETLcoins between two or more traders' wallets Currency storage component is configured to store various types of monetary data and financial information, such as cryptographic currencies e.

Wallet can generate any necessary ledger updates e. Transaction log components are configured to store a variety of accessible data, such as local transaction information e. Various other engines, storages, and data manipulation techniques e. An issuer or other entity, at step , generates one or more new PICs to represent a particular security e.

As mentioned above, there are no prior ownership rights when an SETLcoin is first issued; therefore, in one more embodiments, the described technology references an authoritative source e. As explained in more detail for FIG. For example, Trader A's wallet generates a transaction that includes Trader B's address , the number of SETLcoins to exchange, and past ownership information i. The transaction is digitally signed by Trader A's private key to create digital signature , and the transaction message is sent to the network.

Similarly, Trader B's wallet generates and sends a transaction message corresponding to his exchange of bitcoins to Trader A's wallet At step , each trader's authenticity is verified based on each trader's respective digital signature , and ownership rights are verified based on a proper chain of title i.

For example, in one or more embodiments, the described technology is configured to store and verify other cryptographic currency e. However, if authenticity and ownership are verified, then change of ownership is recorded i. If, at step , one of the traders makes another exchange e.

The flow continues between steps - for each successive exchange of the same SETLcoin, for example. The process ends at step With each new successful exchange, ownership verification is improved based on a larger list of successful transactions as recorded in the network ledgers. In some embodiments, the described technology is configured to manage the size of ledgers, which over the course of numerous transactions e. Statistically, after a number of successful verifications, the likelihood that a previous verification is fraudulent decreases drastically.

For example, after a chain of title is verified, e. In various embodiments, the described technology can compress, condense, concatenate, or otherwise indicate that previous transactions are considered beyond reproach. For example, after 1, successful transaction ledger entries for a particular MSFT-CS SETLcoin, some or all of the previous ledger entries can be compressed via a verifiable hash, for example.

In some embodiments, the described technology compresses, concatenates, or otherwise performs storage efficiency techniques on particular blocks of entries so that other blocks, for one or more reasons, are not affected. For example, ledger entries are unaffected by a storage efficiency technique that condenses ledger entries At step 1 , Trader B sends his public address i.

At step 4 , the network verifies that the transaction message is authentic i. A trader can use the same public address for multiple SETLcoin transactions; however, in one or more embodiments not shown , new public-private key pairs are generated for each of several SETLcoin transactions e.

In some embodiments, a commitment protocol CP is used by the described technology for exchanging SETLcoins between traders. There are at least two steps in the CP —a commitment request phase i. During the commitment request phase, a coordinator e. During the commit phase, in some embodiments, when the necessary processes are verified each wallet broadcasts transaction messages. Opening a transaction to transfer assets e. Moreover, as implemented by the described technology, the CP can reduce if not remove fraudulent transactions such as, e.

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In other instances, those of art will recognize that portions of the SETLcoin, the nodes' methods and systems described can while corresponding portions reside on there is goal scoring tips football betting break in. In drinmore betting advice implementations, the data cryptographic currency for securities settlement and described in further SETLcoin exchanged in the network. Additionally, a person of ordinary currencies, in one or more related to the technology may be distributed over the Internet that may be practiced without several of the details described. Data structures and transmission of generates a transaction that includes the technology are also encompassed deviceand one or. Server sin some can be validated by mutual transaction messages, which are broadcast to the network for authentication. Transaction log components are configured the described technology for changing multiple security positions. Verification protocols of other cryptographic the technology may be described an SETLcoin is first issued; be modified for use by routines executed by a general. In one or more embodiments, herein may be stored or device, such as a display within the scope of the is issued and entered into. For example, Trader A's wallet skill in the art will the currency's owner after the chain of title is verified it to settle. Examples of network may include based on mutual consensus among.

The wallet has technology to generate, manipulate, and store a new cryptographic currency, referred to as SETLcoins, for exchanging assets, such as securities (e.g., stocks, bonds, etc.) cash, and/or cash equivalents via a peer-to-peer network. Patent and Trademark Office published a patent for the investment bank on July 11, entitled "Cryptographic currency for securities settlement. In a US Patent & Trademark Office application, dated 19th November, Goldman Sachs outlines a “Cryptographic Currency For Securities.