In-game currency conversion mechanism to cryptocurrency - Patent Pending held by the Tap Project
Method and System for Converting Digital Assets in a Gaming Platform
The advent of blockchain technology has enabled decentralized asset management and transactions that are currently changing the landscape of gaming.
The Tap Project, using the Tap Coin, (a utility token that allows gamers to convert their in-game earned and premium currencies into cryptocurrencies) has developed a system and method for conversion of such assets, skins, environments, non-fungibles, and earned and premium virtual currencies on a decentralized ledger, according to their current patent pending status with the USPTO (US62/648408).
In the application, The Project describes the method for additionally secured exchanges between the servers, digital assets (skins, environments, currencies, and non-fungibles), and the blockchain.
“This is a remarkable milestone for the project,” says Co-founder , Haniff Knight. “We have really stepped into a new age of gaming, and I’m glad to see we are leading the way and pushing boundaries with this patent application.”
What does this mean?
Filing for a patent allows The Tap Project the ability to fully expose and release their system, method and conversion mechanism publicly in a way that allows everyone to fully understand how the utility token and the project work. This defines the transactions between gaming platforms, user devices/wallets, distributed ledgers, and the Tap Platform and SDK.
Additionally, The publication of a patent application can grant the applicant certain provisional rights to the technology therein. If a patent is granted, the applicant can receive a reasonable royalty for infringing activity occurring from the date of publication of the patent application to the issue date of the patent.
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