International Patents Successfully Registered For Rewards Generated By Cryptocurrency Transactions

October 01 14:09 2019
Amid Facebook’s announcement on Libra, Hoyeol Shin, a widely known blockchain expert, successfully registered two international patents regarding his latest blockchain technology on rewards generated by cryptocurrency transactions.

Ever since Facebook has announced its plan to launch Calibra and Libra, a new global digital wallet and currency powered by blockchain technology the utilization of blockchain technology seems to be a step closer to be seen in everyday lives around the globe.

Amid Facebook’s announcement, Hoyeol Shin, a widely known blockchain expert, has successfully registered two international patents regarding his latest blockchain technology. 

This particular patent attracts the attention of the blockchain community and investors as it is expected to have enormous ramifications when cryptocurrency becomes universally available to the public.

Currently, people receive benefits and rewards by using their credit cards. Examples include cashback, paybacks, prizes, vouchers, points, etc., and these are the main factors for choosing credit cards. This is a patent about rewards from using cryptocurrency itself or cryptocurrency-based cards and mobile applications. Many companies are focusing on the development of blockchain technology within their industries; Hoyeol seems to have obtained the patent given its usability and practicality in real life.

This patent can be applied to various blockchain-related industries such as blockchain exchanges, blockchain banks, blockchain content companies, etc.

In the case of a blockchain exchange, when a user purchases a coin called “A”, a new altcoin or the same “A” coin could be rewarded to the user. This is a highly practical approach that can be applied for any type of event and new altcoin promotions from the exchanges’ perspective, besides the current airdrop approach. Also, when a “B” coin user makes a payment using “B” coin’s debit card, he or she is rewarded only with stability; however, when this patent is utilized in the market, each card payment could come with both online and offline rewards from random events, giveaways, cashback, paybacks, discounted tickets, points to even gift cards. 

This can also be applied to online games, where a player purchases a game item using cryptocurrency, he or she can be rewarded in the game. Also, rewards can be game items from other online games for promotion-purpose. 

Alongside, the same blockchain expert, Hoyeol, holds another patent that allows users to exchange their rewards or items with other users. This approach currently does not exist; however, Hoyeol foresees that in the future, the item exchange between users would become a possibility based on blockchain technology’s stability and reliability. Furthermore, he foresees that this technology could lead to new business models in the future. 

Hoyeol holds another patent in regards to rewards obtained from viewing online advertisements. For instance, a Netflix user can display the blockchain item box on his or her screen to watch the next content. The user obtains the item by clicking on the item box and it is stored under the user’s item box. The user can activate the stored item anytime he or she wants; however, to do so, the user must watch an advertisement. Activated items can be exchanged with other users. 

As the OTT market is growing and consumers’ sensitivity to advertisements is increasing, this patent, which is not coercive and gives direct rewards to users, is expected to gauge the interest from the market. 

Hoyeol, the patent holder of these two international patents, sits as the CEO of XSODION, a blockchain developing company, and he is currently actively meeting with other blockchain platform companies, cryptocurrency issuing companies, and large exchanges in Korea and China. He will be visiting Los Angeles, San Francisco, and New York at the invitation of US venture capitals in November and December this year.

Media Contact
Company Name: XSODION
Contact Person: Hoyeol Shin
Email: Send Email
Phone: +82-10-8742-2522
Country: South Korea