Patent ID: 8630951

Claim:
A system for electronically circulating a currency, comprising: a server computing device communicatively coupled to a network and comprising a memory, processor and a computer-readable storage medium, the server computing device comprising: a transaction provider resident on the computer-readable storage medium of the server computing device and in communication with a deposit institution holding an asset having a value via the network, the transaction provider configured to generate in the computer-readable storage medium a plurality of virtual currency notes, wherein each virtual currency note is assigned a respective unique currency identifier (UCNID) and has a respective value, wherein a sum of the values of the virtual currency notes does not exceed the value of the asset, wherein the transaction provider is configured to assign ownership of virtual currency notes to respective owners by binding UCNIDs of virtual currency notes to respective unique entity identifiers (UEIDs), including binding a selected one of the plurality of the virtual currency notes to a UEID of a first entity, and wherein the transaction provider is further configured to provide for transferring ownership of the selected virtual currency note from the first entity to a second entity while maintaining the asset in the deposit institution in response to a transfer request received at the server computing device via the network, wherein the selected virtual currency note retains the particular UCNID after being transferred to the second entity, wherein the selected virtual currency note is transferrable by the second entity, and wherein transferring ownership comprises verifying that the UEID of the first entity is bound to the UCNID of the selected virtual currency note.