Patent Publication Number: US-11023868-B2

Title: Virtual currency system and method therefor

Description:
CROSS-REFERENCE TO RELATED APPLICATIONS 
     The present application claims priority on U.S. Provisional Patent Application No. 62/525,702 filed on Jun. 27, 2017 and incorporated by reference herein in its entirety. 
    
    
     TECHNICAL FIELD 
     The present disclosure relates to a virtual currency. More specifically, but not exclusively, the present disclosure relates to a virtual currency system and method therefor. 
     BACKGROUND 
     Digital currency exchanges (DCEs) otherwise known as cryptocurrencies such as Bitcoin, Ethereum, Litecoin and the like are known in the art. The validity of each cryptocurrency&#39;s coins is provided by a blockchain. A blockchain is a ledger of a continuously growing list of records, called blocks, which are linked and secured using cryptography. Other cryptocurrencies such as IOTA do not use a blockchain but instead use a technology called tangle, which is based off a mathematical concept known as directed acyclic graphs (DAG). These exchanges allow customers to trade digital currencies for other assets, such as conventional fiat money, or other different digital currencies. These types of businesses can exchange traditional payment methods and digital currencies, or strictly online businesses, exchanging electronically transferred money and digital currencies. 
     Virtual Money is also known in the art and consists of the digital representation of value that is issued and controlled by its developers and used and accepted among the members of a specific (virtual) community. 
     Unlike regular money, virtual money relies on a system of trust and not issued by a central bank or other banking authority. 
     OBJECTS 
     An object of the present disclosure is to provide a virtual currency system. 
     An object of the present disclosure is to provide a method of providing and managing a virtual currency. 
     SUMMARY 
     In accordance with an aspect of the present disclosure, there is provided a virtual currency system comprising: a virtual currency controller in communication with a real bank account comprising real currency and with one or more merchant controllers under the authority of respective merchants providing products and/or services for sale to users, the virtual currency controller comprising: a virtual bank comprising a first amount of virtual currency units and virtual user bank accounts assigned to users and comprising a second amount of virtual currency units separately allotted into respective ones of the virtual user bank accounts, wherein the virtual currency units in a given bank account assigned to a given user being at the sole disposal of that given user; a user interface in communication with the virtual currency controller for being accessed by a user, the user interface providing the user access to a respective one of the virtual user bank accounts and to the products and/or services provided by the merchant controllers; a memory of computer implementable steps comprising the steps of: (a) determining an exchange rate of the virtual currency units based on the value of real currency in the real bank account, the total of the first amount of virtual currency units and the total of the second amount of virtual currency units; (b) providing users to exchange virtual currency units for real currency in the real bank account based on the exchange rate; (c) selectively allotting a given amount of virtual currency units to the user based on a purchase of a product and/or service by the user via the user interface; and (d) providing for users to purchase products and/or services with total or partial payment by virtual currency units for their respective user bank accounts. 
     In an embodiment, the virtual currency system further comprises a database of virtual currency points allotted to users based on predetermined requirements in the memory and being exchangeable for virtual currency units, wherein step (b) further comprises selectively allotting a given amount of virtual currency points representing a given amount of virtual currency units in lieu of direct virtual currency units. 
     In an embodiment of the virtual currency system, payment with virtual currency units in step (d) is redeposited in the virtual bank as a part of the first amount or exchanged for real currency based on the exchange rate and deposited in the real bank account. 
     In an embodiment of the virtual currency system, merchants are provided with depositing real currency into the real bank account. 
     In an embodiment of the virtual currency system, the memory of computer implementable steps comprises a formula selected from the group consisting of: (I)(a); (I)(b); (I)(c); (I)(d); (I)(e); (II)(a); (II)(b); (II)(c); (II)(d); (III)(a); (III)(b); (III)(c); (IV)(a); (IV)(b); (V)(a); (V)(b); (V)(c); (V)(d); (V)(e); (VI)(a); (VI)(b); (VII) and any combination thereof. 
     In accordance with an aspect of the present disclosure, there is provided a method of providing and managing a virtual currency comprising: providing a real bank account comprising real currency; providing users access to products and/or services offered by merchants for sale; providing a virtual bank comprising a first amount of virtual currency units; providing virtual user bank accounts within the virtual bank assigned to users and comprising a second amount of virtual currency units separately allotted into respective ones of the virtual user bank accounts, wherein the virtual currency units in a given bank account assigned to a given user being at the sole disposal and accessibility of that given user; determining an exchange rate of the virtual currency units based on the value of real currency in the real bank account, the total of the first amount of virtual currency units and the total of the second amount of virtual currency units; providing users to exchange virtual currency units for real currency in the real bank account based on the exchange rate; selectively allotting a given amount of virtual currency units to the user based on a purchase of a product and/or service by the user; and providing for users to purchase products and/or services with total or partial payment by virtual currency units from their respective user bank accounts. 
     In an embodiment, the method further comprises providing database of virtual currency points allotted to users based on predetermined requirements in the memory and being exchangeable for virtual currency units, wherein step, wherein selectively allotting a given amount of virtual currency units comprises selectively allotting a given amount of virtual currency points representing a given amount of virtual currency units in lieu of direct virtual currency units. 
     In an embodiment of the method, payment with virtual currency units in step is redeposited in the virtual bank as a part of the first amount or exchanged for real currency based on the exchange rate and deposited in the real bank account. 
     In an embodiment of the method, merchants are provided with depositing real currency into the real bank account. 
     In an embodiment, the method further comprises effectuating real time calculation based on a formula selected from the group consisting of: (I)(a); (I)(b); (I)(c); (I)(d); (I)(e); (II)(a); (II)(b); (II)(c); (II)(d); (III)(a); (III)(b); (III)(c); (IV)(a); (IV)(b); (V)(a); (V)(b); (V)(c); (V)(d); (V)(e); (VI)(a); (VI)(b); (VII) and any combination thereof. 
     In an embodiment, the memory of computer implementable steps comprises determining the exchange rate of the virtual currency based on the steps represented by formula (I)(a): 
             YV   =     BSV     (     Q   +   M     )             
wherein YV represents the exchange rate of the virtual currency unit, wherein BSV represents the amount of real currency held in the real bank, wherein Q represents the total amount of virtual currency units held in the virtual bank and not owned by users, and wherein M represents the total amount of virtual currency units held in the virtual bank accounts of users.
 
     In an embodiment, the memory of computer implementable steps comprises determining a modified exchange rate of the virtual currency based on the steps represented by formula (I)(e): 
               modified   ⁢           ⁢   YV     =       BSV   -       (   D   )     ⁢   YV           (     Q   +   D     )     +     (     M   -   D     )               
wherein modified YV represents the modified exchange rate of the virtual currency unit, wherein D represents a discount offered by a merchant to users on an item in the form of a given quantity of virtual currency units in lieu or in addition to a given amount of real currency for the purchase of the item.
 
     In an embodiment, the memory of computer implementable steps comprises determining the BSV based on the steps represented by the formula (III)(a):
 
 BSV =( Q ) YV +( M ) YV.  
 
     In an embodiment, the memory of computer implementable steps comprises determining a new exchange rate based on the steps represented by formula (I)(b) or by formula (I)(c) or by formula (I)(d), wherein formula (I)(b) comprises: 
               newYV   =     newBSV     (     newQ   +   M     )         ,         
wherein formula (I)(c) comprises:
 
               newYV   =       new   ⁢           ⁢   BSV       (     newQ   +   newM     )         ,         
wherein formula (I)(d) comprises:
 
               newYV   =       new   ⁢           ⁢   BSV       (     Q   +   newM     )         ,         
wherein newYV represents a new exchange rate in light of a previous exchange rate YV, wherein newBSV represents a new amount of real currency held in the real bank in light of a previous amount of real currency held in the real bank, wherein newBVS is determined by the computer implementable steps represented by formula (III)(b) or by formula (III)(c), wherein formula (III)(b) comprises: newBSV=BSV+(X−newSA), wherein X represents the new real currency added to the BSV, wherein newSA is determined by the computer implementable steps represented by formula (IV)(b): newSA=SA+(SAR)X, wherein SA represents a portion of the total currency value of the BSV that is set aside for absorbing fluctuations of the YV due to overvaluation or undervaluation thereof, wherein SAR is the percentage of the total currency value of the BSV that is set aside for absorbing fluctuations of the YV due to overvaluation or undervaluation thereof, wherein formula (III)(c) comprises: newBSV=BSV−VS, wherein the VS represents the value stream and is determined by the computer implementable steps represented by the formula (IV): VS=BSV−(D)YV, wherein D represents a discount offered by a merchant to users on an item in the form of a given quantity of virtual currency units in lieu or in addition to a given amount of real currency for the purchase of the item, wherein newQ represents a new total amount of virtual currency units held in the virtual bank and not owned by users in light of a previous amount of virtual currency units held in the virtual bank and not owned by users, wherein newQ is determined by the computer implementable steps represented by formula (V)(a) or by formula (V)(b) or by formula (V)(c) or by formula (V)(d) or by formula (V)(e), wherein formula (V)(a) comprises:
 
               newQ   =     Q   +     x   c         ,         
wherein formula (V)(b) comprises: newQ=Q−P, wherein formula (V)(c) comprises: newQ=Q+Z, wherein formula (V)(d) comprises: newQ=Q+D, wherein formula (V)(e) comprises: newQ=Q−D, wherein C represents the Golden Ratio φ, wherein P represents the amount of virtual currency units exchanged for a given amount of virtual currency points, wherein Z represents the quantity of virtual currency units that a user converts into real currency, wherein newM represents a new total amount of virtual currency units held in the virtual bank accounts of users s in light of a previous amount of virtual currency units held in the virtual bank accounts of users, wherein newM is determined by the computer implementable steps represented by formula (VI)(a) or by formula (VI)(b), wherein formula (VI)(a) comprises: newM=M−Z, wherein formula (VI)(b) comprises: newM=M−D.
 
     In an embodiment, the memory of computer implementable steps comprises determining the total currency value held in the real bank based on the steps represented by formula (II)(a): TDV=BSV+SA, wherein TDV represents the total currency value in the real bank, wherein BSV represents the total amount of real currency in the real bank, wherein SA represents a portion of the total currency value of the BSV that is set aside for absorbing fluctuations of the YV due to overvaluation or undervaluation thereof. 
     In an embodiment, the memory of computer implementable steps comprises determining a new total currency value held in the real bank in light of a previous total currency value held in the real bank based on the steps represented by formula (II)(b) or by formula (II)(c) or by formula (II)(d), wherein formula (II)(b) comprises: newTDV=TDV+X, wherein formula (II)(c) comprises: newTDV=newBSV+newSA, wherein formula (II)(d) comprises: newTDV=(Z)YV, wherein newTDV represents the new total currency value held in the real bank, wherein newBSV represents a new amount of real currency held in the real bank in light of a previous amount of real currency held in the real bank, wherein newBVS is determined by the computer implementable steps represented by formula (III)(b) or by formula (III)(c), wherein formula (III)(b) comprises: newBSV=BSV+(X−newSA), wherein formula (III)(c) comprises: newBSV=BSV−VS, wherein X represents the new real currency added to the BSV, wherein newSA is determined by the computer implementable steps represented by formula (IV)(b): newSA=SA+(SAR)X, wherein SA represents a portion of the total currency value of the BSV that is set aside for absorbing fluctuations of the YV due to overvaluation or undervaluation thereof, wherein SAR is the percentage of the total currency value of the BSV that is set aside for absorbing fluctuations of the YV due to overvaluation or undervaluation thereof, wherein the VS represents the value stream and is determined by the computer implementable steps represented by the formula (IV): VS=BSV−(D)YV, wherein D represents a discount offered by a merchant to users on an item in the form of a given quantity of virtual currency units in lieu or in addition to a given amount of real currency for the purchase of the item, wherein Z represents the quantity of virtual currency units that a user converts into real currency. 
     In an embodiment, the memory of computer implementable steps comprises determining the SA based on the steps represented by formula (IV)(a): SA=(SAR)TDV, wherein TDV represents the total currency value in the real bank, wherein SA represents a portion of the total currency value of the BSV that is set aside for absorbing fluctuations of the YV due to overvaluation or undervaluation thereof. 
     Other objects, advantages and features of the present disclosure will become more apparent upon reading of the following non-restrictive description of illustrative embodiments thereof, given by way of example only with reference to the accompanying drawings. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
       In the appended drawings: 
         FIG. 1  is schematic representation of the virtual currency system in accordance with a non-limiting illustrative embodiment of the present disclosure; 
         FIG. 2  is a schematic representation of a user interface provided by the virtual currency controller of the virtual currency system navigating a customer interface provided by a merchant controller in accordance with a non-limiting illustrative embodiment of the present disclosure; 
         FIG. 3  is a schematic representation of the virtual currency controller of the virtual currency system in accordance with a non-limiting illustrative embodiment of the present disclosure; 
         FIG. 4  is a schematic representation of the merchant controller in communication with the virtual currency system in accordance with a non-limiting illustrative embodiment of the present disclosure; 
         FIG. 5  is a schematic representation of the virtual currency system in accordance with a non-limiting illustrative embodiment of the present disclosure; 
         FIG. 6  is a schematic representation of the virtual currency controller of the virtual currency system showing the correlation between virtual currency points and virtual currency units in accordance with a non-limiting illustrative embodiment of the present disclosure; and 
         FIG. 7  is a schematic representation of the real fiat currency value held in a real bank account and its correlation to the virtual currency units provided by the virtual currency system in accordance with a non-limiting illustrative embodiment of the present disclosure. 
     
    
    
     DETAILED DESCRIPTION OF ILLUSTRATIVE EMBODIMENTS 
     Generally stated and in accordance with an aspect of the present disclosure, there is provided a virtual currency system comprising a virtual currency controller in communication with a real bank account comprising real currency and with one or more merchant controllers under the authority of respective merchants providing products and/or services for sale to users. The virtual currency controller comprises a virtual bank comprising a first amount of virtual currency units and virtual user bank accounts assigned to users and comprising a second amount of virtual currency units separately allotted into respective ones of the virtual user bank accounts. The virtual currency units in a given bank account assigned to a given user is at the sole disposal of that given user. A user interface is in communication with the virtual currency controller for being accessed by a user. The user interface provides the user access to a respective one of the virtual user bank accounts and to the products and/or services provided by the merchant controllers. The controller comprises a memory of computer implementable steps. An exchange rate of the virtual currency units is determined based on the value of real currency in the real bank account, the total of the first amount of virtual currency units and the total of the second amount of virtual currency units. Users are provided to exchange virtual currency units for real currency in the real bank account based on the exchange rate. A given amount of virtual currency units is selectively allotted to the user based on a purchase of a product and/or service by the user via the user interface. Users are provided to purchase products and/or services with total or partial payment by virtual currency units for their respective user bank accounts. 
     Generally stated and in accordance with an aspect of the present disclosure, there is provided a method of providing and managing a virtual currency. A real bank account comprising real currency is provided. Users are provided access to products and/or services offered by merchants for sale. A virtual bank is provided comprising a first amount of virtual currency units. Virtual user bank accounts are provided within the virtual bank and assigned to users. The virtual bank accounts comprise a second amount of virtual currency units separately allotted into respective ones of the virtual user bank accounts. The virtual currency units in a given bank account assigned to a given user are at the sole disposal and accessibility of that given user. An exchange rate of the virtual currency units is determined based on the value of real currency in the real bank account, the total of the first amount of virtual currency units and the total of the second amount of virtual currency units. Users are provided to exchange virtual currency units for real currency in the real bank account based on the exchange rate. A given amount of virtual currency units is selectively allotted to the user based on a purchase of a product and/or service by the user. Users are provided to purchase products and/or services with total or partial payment by virtual currency units from their respective user bank accounts. 
       FIG. 1  shows the virtual currency system  10  comprising a virtual currency controller  12  and a user interface  14  that is in communication with the virtual currency controller  12  and being provided thereby. The user interface  14  is also in communication with a merchant provided customer interface  16  that is provided by a merchant controller  18  that communicates with the virtual currency controller  12 . 
     As shown in  FIG. 2 , the user can navigate other web-based platform interfaces  16  via the user interface  14 . For example, the user may visualize or otherwise access platforms such as Facebook™, Amazon™, LinkedIn™, eBay™, YouTube™, Google™, etc. via user interface  14 . In another embodiment, the user interface  14  may be used to visualize a variety of merchant websites. Thus, the user may access merchant controller information for the purposes of effectuating a transaction via the interface  14  which communicates with any variation of the merchant provided interface  18  for such ends. The interface  18  can be a platform or an icon, portion, section and the like on another website or platform for example. In one non-limiting example, the user interface  14  in  FIG. 2  is shown to be superimposed directly on interface  16 . As such, a user of the system  10  can access a merchant-provided customer interface  16  via the virtual currency controller provided user interface  14 . In the present non-limiting example, interface  14  is a window superimposed on the interface  16 , a user can select to purchase a variety of items (A, B, C) displayed on interface  16  via interface  14  by clicking on an icon (A, B, C) via cursor  15  for example. The foregoing purchase is communicated to both controllers  12  and  18 . 
     Turning to  FIGS. 3 and 4 , both the virtually currency controller  12  and the merchant controller  18  include a respective memory  20  and  22  comprising computer implementable steps as will be discussed herein. 
       FIG. 5  shows the system  10  comprising the controller  12  including a memory  20  of the computer implementable steps (including a series of Formulas further described below). The controller  12  provides virtual currency units (VCU)  24 . Users  11  have access via the interface  14  to virtual user accounts  26  containing their VCUs  24 . Thus, the VCUs  24  are held within a virtual bank  28 . More specifically, the virtual bank  28  comprises a total amount (Q) of VCUs  24  not held by users  11 . Therefore, there is a total amount (M) of VCUs held by users  11  in their personal virtual accounts  26  within the virtual bank  28 . 
       FIG. 5  also shows that the virtual currency controller  12  is in communication with the merchant controller  18  and that the user interface  14  communicates with user interface  16 . The virtual currency controller  12  ultimately provides VCUs  24  to users  11  purchasing products and/or services via the user interfaces  14  and  16  as explained above thus allowing each user to accumulate VCUs  24  into their virtual bank account  26  within the virtual bank  28 . A given virtual bank account  26 , much like a real bank account, is accessible only to the authorized user via the user interface  14 . As shown, the virtual bank  28  thus comprises a plurality of user accounts  26  accessible to authorized users  11  only. 
     Turning to  FIG. 6 , the virtual currency controller  12  also provides virtual currency points (VCP)  30  to the users  11 . Thus, the virtual currency controller  12  comprises a database  38  of VCPs  30 . As will be further explained below, VCPs  30  are exchangeable for VCUs  24 . Hence, in lieu of users  11  obtaining direct VCUs  24  via the purchase of products and/or services mentioned above, users  11  are assigned VCPs  30  which can be exchanged for VCUs  24 . 
     Turning back to  FIG. 5 , the value of VCUs  24  is dependent on real fiat currency held within a system  10  controlled bank account  32  in a real bank or other financial institution  34 . In the example herein, the real fiat currency is USD, denoted with reference numeral  33 . Merchants  36  who own or otherwise control the respective controllers  18  invest monies  33  into the bank account  32  as will be explained herein. 
     As will be explained further below, the VCUs  24  can also be exchanged for real fiat currency  33 . 
     Turning back to  FIG. 6  and still referring to  FIG. 5 , the controller  12  comprises a database  38  of VCPs  30  as previously mentioned. Users  11  are provided VCP accounts  40  of the VCPs  30  that they have accumulated. A given number of VCPs  30  (nVCP) is exchangeable for a given number of VCUs  24  (nVCU). 
     As will be explained further below, the real market value (exchange rate) of the virtual currency is determined by a series of computer implemented steps held in the memory  20  of the controller  12 . Thus, the virtual currency controller  12  provides for modulating the circulation and market value of the VCUs  24  as will be detailed below. 
     The virtual currency controller  12  provides virtual currency points  30 . A predetermined amount of virtual currency points  30  can be exchanged for virtual currency units  24 . 
     In order to facilitate the description, the following acronyms are provided: 
     VCU: Virtual Currency Unit ( 24 ) 
     VCP: Virtual Currency Points ( 30 ) 
     YV: Set value of the virtual currency (see  FIG. 7 ). The YV is the market value (exchange rate) of the VCU  24 . 
     BSV: Bank cash value (see  FIG. 7 ). The BSV is the market value of the actual real currency (e.g. US Dollars) held in the bank account  32 . The virtual bank  28  is therefore in communication with the real bank account  32  held in a real bank or financial institution  34 , and the moneys  33  within this real bank account  32  guarantee the VCU  24 , much like in the gold standard monetary system in which the standard economic unit of account is based on a fixed quantity of gold, the virtual currency is based on the real quantity of the BSV in its real account. 
     X: New dollars added to the bank. This is the amount of new moneys  33  added to the BSV. 
     TDV: Total dollar value (see  FIG. 7 ). The TDV is the BSV plus an additional amount of moneys provided as a shock absorber (SA) for absorbing fluctuations of the YV due to overvaluation or undervaluation of the YV. Therefore, TDV=BSV+SA. The present system  10  provides for merchants  36  to deposit moneys  33  into the account  32 . These new moneys are represented by X. In essence, the system  10  sells services to the merchants  36  such as advertising and the like. A portion (e.g. 10-30%) of the moneys from this sale is deposited into the account  32 . A predetermined percentage, (e.g. 0%-15%-30% etc.) of these deposits comprises the SA and the remainder (e.g. 100%-85%-70% etc.) comprises the BSV. 
     SA: Shock absorber (see  FIG. 7 ). Is a money value portion of the TDV that is set aside for absorbing fluctuations of the YV due to overvaluation or undervaluation of the YV. SA is a variable that is subject to change. 
     SAR: Shock absorber ratio. This is the percentage of the TDV that is set aside as a SA. 
     Q: Virtual currency bank quantity (see  FIG. 7 ). Q is the total amount of VCU  24  held by the Virtual Bank  28  and not owned by users  11 . 
     M: Virtual currency owned by users  11  (see  FIG. 7 ). M is the total amount of VCU  24  that are owned by members (users) in their private accounts. 
     C: Constant value of φ, otherwise known as the Golden Ratio which is 1.6180 (1.6180339887498948482 . . . ). 
     P: Virtual currency points quantity. P is the amount of VCUs  24  exchanged for a given amount of VCPs  30 . 
     Z: Virtual currency dollars quantity. Z is the quantity of VCU  24  that a member wishes to convert/exchange for actual real currency (e.g. USD) 
     D: Item VCU price (discount)/Virtual Price. D is the quantity of VCU  24  required for a user to purchase an item (product or service) offered by a merchant  36 . 
     VS: Value stream. Merchants  36  may offer items (products or services) to users  11  via the system  10  as explained above. These items are offered at a given D which may be the full acquisition price or a discount on the real currency price. The Items may be offered as a promotional gift to have the users  11  become customers of the merchants (joining a website, purchasing other products etc.). In any event, once the user purchases a given item with VCU  24  based on D, this amount is exchanged for real fiat currency  33  and all or a portion thereof is redeposited into the bank account  32  as X. 
     When new moneys  33  are deposited (X) into the real bank account  32 , this information is communicated to the controller  12  which then processes a series of computer implemented steps stored in its memory  20  including the following Formulas (see  FIG. 5 ): 
     
       
         
           
             
               
                 
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                   newQ 
                   = 
                   
                     Q 
                     + 
                     D 
                   
                 
               
               
                 
                   ( 
                   d 
                   ) 
                 
               
             
             
               
                 
                   newQ 
                   = 
                   
                     Q 
                     - 
                     D 
                   
                 
               
               
                 
                   ( 
                   e 
                   ) 
                 
               
             
             
               
                 
                   ( 
                   VI 
                   ) 
                 
               
               
                 
                     
                 
               
             
             
               
                 
                   newM 
                   = 
                   
                     M 
                     - 
                     Z 
                   
                 
               
               
                 
                   ( 
                   a 
                   ) 
                 
               
             
             
               
                 
                   newM 
                   = 
                   
                     M 
                     - 
                     D 
                   
                 
               
               
                 
                   ( 
                   b 
                   ) 
                 
               
             
             
               
                 
                   ( 
                   VII 
                   ) 
                 
               
               
                 
                     
                 
               
             
             
               
                 
                   VS 
                   = 
                   
                     BSV 
                     - 
                     
                       
                         ( 
                         D 
                         ) 
                       
                       ⁢ 
                       YV 
                     
                   
                 
               
               
                 
                     
                 
               
             
           
         
       
     
     The following non-limiting examples will be used to further illustrate the above-mentioned computer implemented steps: 
     Example 1 
     The current financial status of the system  10  is: 
     YV=0.5 USD/VCU 
     BSV=USD 42,693.75 (82.5% of TDV) 
     SA=USD 9,056.25 (17.5% of TDV) 
     Q=USD 68,132.50 
     M=USD 117,255.00 
     TDV=USD 51,750.00 
     C=1,618 
     X=Variable 
     Z=Variable 
     P=Variable 
     SAR=17.5% 
     The system  10  provider receives an influx of USD 50,000.00 from merchants  36 . A portion of this influx is deposited to the account  32  that is in communication with the controller  12 . In this example, 13.75% is deposited into account  32 , namely USD 6,875.00. As such, X=USD 6,875.00. The new Q is obtained by applying Formula (V)(a) above=USD 72,381.5729. The new TDV is obtained by applying Formula (II)(b) above=USD 58,625.00 and more precisely Formula (II)(c) above=USD 58,624.75 
     The new BSV is obtained with Formula (III)(b) above=USD 48,365.625 and the new SA with Formula (IV)(b) above=10,259.125. As such, the new YV is based on Formula (I)(b) above=0.5395 (which considers both the new Q and the new BSV). 
     Therefore, when the above series of calculations are implemented following the influx of USD 50,000.00, the initial given values are modified to provide the following results: 
     YV=0.5395 USD/VCU 
     BSV=USD 48 385.625 (82.5% of TDV) 
     SA=USD 10,259.125 (17.5% of TDV) 
     Q=USD 72,381.5729 
     M=USD 17,255.00 
     TDV=USD 58,624.75 
     Example 2 
     When a user  11  exchanges an amount of VCPs  30  (nVCP) for a given number VCUs  24  (nVCU), the Virtual Bank  28  loses that number of VCU (i.e. P). Therefore, the newQ=Q−P. Consequently, the amount of VCUs  24  owned by the users increases by the same amount that the Virtual Bank  28  lost, i.e. P. Therefore, the newM=M+P. 
     Keeping the above in mind and updating Formula (III)(a), the BSV=(Q−P)(YV+(M+P)(YV), thus providing us with a new BSV. Accordingly, the YV (exchange rate value) of the VCU  24  are updated by applying Formula (I)(c). Since P cancels itself out in Formula (III)(a), the BSV and the YV remain the same. The computer implemented steps in the memory  20  of the controller  12  have recorded the transfer of VCUs  24  from the virtual bank  28  to the users  11  (M in the memory  20  of the controller  12 ). 
     Example 3 
     In this example, the values of YV, BSV, SA, Q, M and TDV are the resulting values at the end of Example 1. 
     A given user  11  wishes to turn 1150 VCUs held in its Virtual Bank Account  26  into real currency  33  (e.g. USD). Therefore, Z=1150. Using Formula (II)(d) above, newTDV=(Z)YV, the new TDV is obtained=USD 58,000.325. Accordingly, the SA is updated with Formula (IV)(a)=USD 10,150.7568. Having now updated, both the TDV and the SA, the BSV is updated based on Formula (II)(a), where TDV=BSV+SA and as such, where BSV=TD−SA=USD 47,853.5681. 
     The new Q is obtained by Formula (V)(c) newQ=Q+Z=USD 73.531.5729. The new M is obtained by Formula (VI)(a) newM=M−Z=USD 16,105.00. Hence, the exchange rate or market value of the VCU  24  is updated based on Formula (I)(c) 
     
       
         
           
             newYV 
             = 
             
               
                 
                   new 
                   ⁢ 
                   
                       
                   
                   ⁢ 
                   BSV 
                 
                 
                   ( 
                   
                     newQ 
                     + 
                     newM 
                   
                   ) 
                 
               
               = 
               
                 USD 
                 ⁢ 
                 
                     
                 
                 ⁢ 
                 0.5448 
                 ⁢ 
                 
                   : 
                 
                 ⁢ 
                 
                     
                 
                 ⁢ 
                 VCU 
                 ⁢ 
                 
                     
                 
                 ⁢ 
                 
                   1.0 
                   . 
                 
               
             
           
         
       
     
     Therefore, when the above series of calculations are implemented following the transaction of a member redeeming 1150 VCU, the initial values at the end of Example 1 are modified to provide the following results: 
     YV=0.5338 USD/VCU 
     BSV=USD 47,853.561 (82.5% of TDV) 
     SA=USD 10,150.7568 (17.5% of TDV) 
     Q=USD 73,531.5729 
     M=USD 16,10500 
     TDV=USD 58,004.325 
     Example 4 
     In the present system  10 , merchants  36  offer products and services to users  11  in exchange for VCUs  24 . The merchants  36  do not take possession of the VCUs  24  put deposit these VCUs  24  in the Virtual Bank  28  which is controlled by the system  10 . 
     Therefore, the VCUs  24  paid by the users  11  to the merchants  36  are in fact a discount (D) offered by the merchants  36  on a product or a service. The VCUs  24  are merely an incentivizing element to create a link between the users  11  and the merchants  36 . The users  11  pay VCUs  24  and the merchants deposit the VCUs  24  into the bank account  28 . 
     Therefore, the YV is therefore obtained with Formula (I)(e): 
     
       
         
           
             
               modified 
               ⁢ 
               
                   
               
               ⁢ 
               YV 
             
             = 
             
               
                 BSV 
                 - 
                 
                   
                     ( 
                     D 
                     ) 
                   
                   ⁢ 
                   YV 
                 
               
               
                 
                   ( 
                   
                     Q 
                     + 
                     D 
                   
                   ) 
                 
                 + 
                 
                   ( 
                   
                     M 
                     - 
                     D 
                   
                   ) 
                 
               
             
           
         
       
     
     The newQ is Q+D and the newM is M−D. D represents the amount of VCUs lost from a given one of the virtual user accounts  26  and gained by the virtual bank account  28 . 
     The VS is obtained by Formula (VII):
 
 VS=BSV −( D ) YV  
 
     The new BSV is thus updated with Formula (III)(c) and the new YV obtained with Formula (I)(d). 
     The above examples demonstrated the effects of four different actions of the system as provided by the memory  20  of computer implemented steps regarding basing the VCUs  24  on the real fiat currency  33 : 
     Action 1: A merchant  36  depositing real money  33  into the real bank account  32 . 
     Action 2: A user  11  exchanges VCPs  30  for VCUs  24 . 
     Action 3: A user  11  redeems VCUs  24  for real currency  33 . 
     Action 4: A merchant  36  offers users  11  products and/or services for VCUs  24 . 
     In an embodiment, each VCU  24  has a serial number similar to real currency thereby avoiding counterfeiting. Moreover, the velocity of circulation of the VCUs  24  can be tracked. 
     In an embodiment, virtual user accounts  28  of VCUs can only be held by individuals (real people) and not by legal entities such as organizations or moral persons such as corporations, associations, partnerships. 
     In another example, the system  10  can inform the users  11  via interface  14  that the VCUs  24  will be split and a payout of real currency will be made to each user  11  at a given date. The message also requests that each user  11  sign up a new user  11 . If a new user  11  does sign up to the system  10 , then both the new user  11  and the user  11  that brought them in get bonus VCPs  30  and VCUs  24 . In this example, 50% of all VCUs  24  in circulation (i.e. within accounts  26 ) are paid out in real fiat currency  33 . The remaining VCUs  24  are then valued at USD 0.50-USD 0.75. The BSV is reduced by 50% while the Q is increased by 50%. As such, the increased VCUs  24  (i.e. the Q) can be offered as dividends or derivatives. Accordingly, VCUs  24  can be ‘rented’ out to users  11  who wish to redeem offers (from merchants  36 ) that require more VCUs  24  than exist in their accounts  26 . 
     In another example, merchants  36  can offer VCU redemptions to users  11  at a higher YV than the real YV determined by the system  10 . 
     The system  10  can offer derivatives by users  11  or institutions (banks etc.) paying a yearly fee to the system  10 , to have knowledge regarding the deposits in the system fiat currency account  32 . Moreover, the amounts collected in account  32  can be invested in secure investments (e.g. US GICs) with a foreseeable growth rate. 
     Users  11  can be offered VCPs  30  by merchants  36  via their handheld Interface  14  (smartphone) as a user is near one of the merchants&#39;  36  establishments. For example, a coffee establishment  36  can locate a user  11  near a store and send them a message via the interface  14  that they will receive a given amount of VCPs  30  for purchasing items (e.g. coffee). Alternatively, the merchants  36  can also offer a discount for payment by VCUs  24  as explained above. 
     Merchants  36  can also purchase a block of VCPs  30  and offer these VCPs  30  to users  11  and new users  11  for purchasing products and services. Certain types of VCPs  30  can be redeemed for VCUs  24  for a user  11  who signs up a new user  11  or get them to purchase a product and/or a service. 
     VCPs can also be won via lotteries or games offered by merchants  36 . 
     In another embodiment, the VCUs can be hedged as a zero-risk derivative. For example, if the VCU provider enters into a contract with merchant for a given term and a given value, the VCU provider can modulate the deposits of moneys into its bank account. The VCU provider can decide how many Action 1s and of what amount it can make. Therefore, the amount of the real money  33  of the merchant  36  and the time of the deposited into the real bank account  32  can be modulated. Therefore, the value of VCUs  24  based on the real fiat currency  33  (i.e. the exchange rate of the VCUs  24 ) can be modulated over the term of the contract. The VCU provider can thus due to the contract guarantee that the exchange rate of the VCU will be a given amount at a given time due to the known potential deposits in the provider&#39;s possession. 
     The following will describe an example of what happens to the real currency after it is deposited in the bank but before it is applied to the TDV (total dollar value). When real fiat money is deposited into an account of the VCU provider in the the form of receivables, this money will be divided so that a portion thereof will be for adding value to the VCU. Some of the funds are placed in a holding account avoiding a large cash injection into the TDV as applying all the credit to the VCUs at once will result in sharp value spike, causing instability and potential aggressive speculation. Therefore, the moneys are applied to the TDV in increments in order to ensure the integrity of the VCU. In doing so, the provider holds onto a deposit schedule that will provide for forecasting with greater certainty the future state of the BSV (bank set value) and the TDV. Knowledge of the future state of the BSV provides for a more certain forecasting of the future state, or value, of YV, namely the value of the VCU. This becomes a zero-risk derivative or a negligible risk derivative. Any entity who has access to the deposit schedule can offer to buy an existing VCU and offer a higher value for it based on this ability to forecast its future value. 
     The various features described herein can be combined in a variety of ways within the context of the present disclosure so as to provide still other embodiments. As such, the embodiments are not mutually exclusive. Moreover, the embodiments discussed herein need not include all of the features and elements illustrated and/or described and thus partial combinations of features can also be contemplated. Furthermore, embodiments with less features than those described can also be contemplated. It is to be understood that the present disclosure is not limited in its application to the details of construction and parts illustrated in the accompanying drawings and described hereinabove. The disclosure is capable of other embodiments and of being practiced in various ways. It is also to be understood that the phraseology or terminology used herein is for the purpose of description and not limitation. Hence, although the present disclosure has been provided hereinabove by way of non-restrictive illustrative embodiments thereof, it can be modified, without departing from the scope, spirit and nature thereof and of the appended claims.