Patent ID: 11107156

Abstract:
Presenting a framework for digital finance based on the notion of a unified digital expression to value and identity which carries this value—advancing beyond the standard form of digital finance where value (a number) is expressed without any coin, or bill identity. The solution is based on ordered financial bits (fbits) which may be comprised of ingredient fbits, or of elemental fbits which are qbits—real or simulated. As such this solution (BitMint) is ready for quantum computing when it materializes commercially. A BitMinted entity carries its terms of exchange, and redemption; it may carry its transactional history, and apply equally to cash, credit and investment instruments. It allows full operational flexibility to its controllers who mint and redeem it. The BitMinted entity, BitMint “coin”, or simply “coin” will keep transacting even if the Internet is slow, or jammed. The coin may be cut to any small denomination desired, or lumped to any large sum of interest. It spans from international payments, to Internet-of-Things value exchange. The BitMint coin will flip at will from transactional privacy to transactional transparency, and back. Designed as a national currency framework, the BitMint coin lends itself to fair, efficient and transparent taxation. BitMint is the mathematically optimized solution to the objective of combining identity and value into a non-separable value carrier (coin).