IP Library Granted Patent US 11,276,059
Granted Patent B2
US 11,276,059 · App. 16/526,879 · Granted Mar 15, 2022

System and method for autonomous sustenance of digital assets

Inventors: Arjun Mendhi (Cambridge, MA); Ji Hyun Min (Cambridge, MA); Nchinda Nchinda (Cambridge, MA); William Spencer (Cambridge, MA)
Assignee: Molten Inc.
G06Q20/389G06Q20/0658G06Q20/1235H04L9/3247G06Q2220/00H04L2209/38H04L2209/56
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Quick Facts
Patent No.
US 11,276,059
App. No.
16/526,879
Granted
Mar 15, 2022
Kind
B2
Abstract

A system and method for autonomous sustenance of digital assets, including but not limited to digital media, is described. The system may include one or more smart contracts which provide terms for executing a provision of a digital asset to a user on a permanent or duration limited basis. The method may include ensuring the terms of the smart contract are executed such that digital rights holders in the digital assets are paid for access to the digital asset.

Claims (61)

1. A system, comprising:

a first computing device in communication with a user device and a distributed network of computing nodes, the first computing device including one or more processors and a computer-readable storage medium storing instructions, which when executed by the one or more processors cause the one or more processors to perform the steps of:

receiving one or more digital assets from a publisher;

receiving one or more digital asset access terms specified by the publisher to access the one or more digital assets;

assigning a unique digital identifier to one of the one or more digital assets;

receiving, from the user device, a digital asset access request comprising the unique digital identifier;

identifying, based on the received unique digital identifier, one or more digital asset access terms specified by the publisher of the one or more digital asset;

sending, to the user device, the one or more digital asset access terms specified by the publisher of the digital asset;

receiving, from the user device, an indication that the user accepts the one or more digital asset access terms specified by the publisher of the digital asset;

creating a first cryptographically signed data packet comprising the unique digital identifier, a price of the digital asset and one or more beneficiaries of the payments, the first cryptographically signed data packet signed with a private key of the first computing device;

sending, to the user device, the first cryptographically signed data packet;

receiving, from the user device, a second cryptographically signed data packet, the second cryptographically signed data packet comprising the first cryptographically signed data packet and a transaction request comprising evidence of payment of the price of the digital asset, the second cryptographically signed data packet cryptographically signed by the user private key;

submitting the second cryptographically signed data packet to a license contract in a decentralized transaction ledger, and

providing, in response to successful execution of a transaction distributing payments to the one or more beneficiaries by the distributed network of computing nodes, the digital asset to a device associated with the user along with access to the digital asset based on the one or more digital asset access terms specified by the publisher of the digital asset;

the distributed network of computing nodes including a plurality of processors and a plurality of computer-readable storage media storing instructions, which when executed by the computing nodes cause the computing nodes to implement the decentralized transaction ledger and perform the steps of:

receiving the second cryptographically signed data packet by the license contract;

verifying the signatures of the first and second cryptographically signed data packets; and

in response to successfully verifying the signatures, executing, by the license contract on the decentralized transaction ledger, the transaction distributing payments to the one or more beneficiaries based on the contents of the second cryptographically signed data packet.

2. The system of claim 1 , wherein the one or more digital asset access terms are stored in the computer-readable storage medium and specified in smart contracts.

3. The system of claim 1 , the computer-readable storage medium further storing instructions, which when executed by the one or more processors cause the one or more processors to perform the step of receiving, from the publisher a specified payment acceptance currency.

4. The system of claim 3 , wherein the specified payment acceptance currency is a fiat currency.

5. The system of claim 3 , wherein the specified payment acceptance currency is a cryptocurrency.

6. The system of claim 1 , the computer-readable storage medium further storing instructions, which when executed by the one or more processors cause the one or more processors to perform the step of receiving a digital asset payment in a first currency.

7. The system of claim 6 , the computer-readable storage medium further storing instructions, which when executed by the one or more processors cause the one or more processors to perform the step of exchanging the first currency into a second currency.

8. The system of claim 7 , wherein the first currency is a fiat currency and the second currency is a cryptocurrency.

9. The system of claim 6 , the plurality of computer-readable storage medium further storing instructions, which when executed by the computing nodes cause the computing nodes to perform the step of issuing, by the one or more processors, a digital asset payment to a publisher in real-time when the digital asset payment is received.

10. A method, comprising:

implementing, by a distributed network of computing nodes, a decentralized transaction ledger;

receiving, by one or more processors of a first computing device, one or more digital assets from a publisher;

receiving, by the one or more processors, one or more digital asset access terms specified by the publisher to access the one or more digital assets;

assigning, by the one or more processors, a unique digital identifier to one of the one or more digital assets;

receiving from a user device, by the one or more processors, a digital asset access request comprising the unique digital identifier;

identifying, by the one or more processors based on the received unique digital identifier, one or more digital asset access terms specified by the publisher of the one or more digital asset;

sending, by the one or more processors to the user device, the one or more digital asset access terms specified by the publisher of the digital asset;

receiving, by the one or more processors from the user device, an indication that the user accepts the one or more digital asset access terms specified by the publisher of the digital asset;

creating, by the one or more processors, a first cryptographically signed data packet comprising the unique digital identifier, a price of the digital asset and one or more beneficiaries of the payments, the first cryptographically signed data packet signed with a private key of the first computing device;

sending, by the one or more processors to the user device, the first cryptographically signed data packet;

receiving, by the one or more processors from the user device, a second cryptographically signed data packet, the second cryptographically signed data packet comprising the first cryptographically signed data packet and a transaction request comprising evidence of payment of the price of the digital asset, the second cryptographically signed data packet cryptographically signed by the user private key;

submitting, by the one or more processors, the second cryptographically signed data packet to a license contract in the decentralized transaction ledger, receiving, by the license contract on the decentralized ledger, the second cryptographically signed data packet;

verifying, by the license contract on the decentralized ledger, the signatures of the first and second cryptographically signed data packets; and

in response to successfully verifying the signatures, executing, by the license contract on the decentralized transaction ledger, a transaction distributing payments to the one or more beneficiaries based on the contents of the second cryptographically signed data packet; and

providing, by the one or more processors, in response to successful execution of the transaction distributing payments to the one or more beneficiaries on the decentralized transaction ledger, the digital asset to a device associated with the user along with access the digital asset based on the one or more digital asset access terms specified by the publisher of the digital asset.

11. The method of claim 10 , further comprising:

storing, by the one or more processors, the one or more digital asset access terms in a memory device as smart contracts.

12. The method of claim 11 , further comprising:

nesting, by the one or more processors, the smart contracts.

13. The method of claim 11 , further comprising:

receiving, by one or more processors from the publisher a specified payment acceptance currency.

14. The method of claim 13 , wherein the specified payment acceptance currency is one of a fiat currency or a cryptocurrency.

15. The method of claim 10 , further comprising:

receiving, by the one or more processors, a digital asset payment in a first currency.

16. The method of claim 15 , further comprising:

issuing, by the license contract on the decentralized transaction ledger, a payment to the publisher in real-time of receiving the digital asset payment.

17. The method of claim 10 , wherein the decentralized transaction ledger is one of a publicly accessible decentralized transaction ledger and a privately accessible transaction ledger.

18. The method of claim 10 , wherein access to the digital asset is subscription based.

19. The method of claim 18 , wherein payments to the publisher of the digital asset are asynchronous.

20. The method of claim 10 , further comprising:

accessing, by the one or more processors, an account of a user;

transferring, by the one or more processors, an amount of currency to another computing device;

exchanging, by the one or more processors the currency into another currency; and

depositing, by the one or more processors, the another currency into a publisher account.

Assignments (2)
CHANGE OF NAME Recorded Jan 27, 2020
From: MTONOMY, INC.
To: MOLTEN INC.
Reel/Frame 051709/0243 →
ASSIGNMENT OF ASSIGNOR'S INTEREST Recorded Jul 31, 2019
From: MENDHI, ARJUN; MIN, JI HYUN; NCHINDA, NCHINDA; SPENCER, WILLIAM
To: MTONOMY, INC.
Reel/Frame 049917/0664 →
Continuity (4)
Provisional Application 62794207 · Jan 18, 2019
Provisional Application 62725891 · Aug 31, 2018
Provisional Application 62712836 · Jul 31, 2018
Related Publication 20200042998A1 · Feb 6, 2020
Cited By (2)
US 12,299,679 US 12,548,068