CN114723423A

CN114723423A - Global liquidity and settlement system

Info

Publication number: CN114723423A
Application number: CN202111472216.4A
Authority: CN
Inventors: 格雷·布勒格
Original assignee: Fogg Global
Current assignee: Fogg Global
Priority date: 2018-04-27
Filing date: 2019-04-29
Publication date: 2022-07-08
Also published as: CN114626837A

Abstract

The invention discloses a global mobility and settlement system. The disclosed embodiments include a computer-implemented method for performing token escrow exchanges on a network of nodes. The method includes placing a buy/sell order through a brokerage firm and sending a signed buy/sell order trade and a cryptocurrency wallet to a token escrow exchange node. The method also includes performing a buy order commit operation by requesting transfer of currency tokens to the token escrow exchange node and receiving currency tokens through the buyer node. For each sell order, the security token is transferred through the seller node to the token escrow exchange node. Security tokens are issued from a token escrow exchange node. For each sell order, a monetary token is sent to the seller node. The method includes a similar operation to trade out orders.

Description

Global liquidity and settlement system

The application is a divisional application with the application number of 201980043951.8, the application date of the mother application is 2019, 04 and 29, and the invention name is a global mobility and settlement system.

Cross reference to related applications

This application claims 2018, filed on 27/4 and 2018, and entitled "global settlement network," U.S. provisional patent application serial No. 62/663,889, the entire contents of which are incorporated herein by reference.

Technical Field

The teachings of the present disclosure relate generally to decentralized settlement networks. More particularly, the teachings of the present disclosure relate to a decentralized global liquidity and settlement system that enables participants using a cryptocurrency platform to settle cross-border token transactions in a compliant manner.

Background

The advent of cryptocurrency and blockchain tokens can fundamentally reshape the private capital market. In 2017, the total value of all tokens increased to U.S. dollars of 377 billions, nearly 19,000% over the last year. Further, the total capital invested in 2017 by the first token Issuance (ICO) is $ 62 billion. This figure increased to $ 79 billion in 2018, although the funds raised in the next half of the year accounted for only 20% of the total. To benchmark the funds generated by the sale of tokens, the total amount of funds developed by the U.S. pioneer in 2017 (i.e., the seed wheel and the a-wheel) through the traditional privacy process was estimated to be $ 80 billion.

Further expansion of the block chain driven based capital market is threatened by the fundamental problem that regulatory bodies in the united states and other jurisdictions consider many tokens to be securities and thus apply the securities law to these tokens. This includes requiring that security tokens be traded only on regulated trading systems and exchanges. Most of the existing transaction platforms do not have licenses in any jurisdiction, and the existing transaction platforms find themselves to face a very serious dilemma. If the trading platform wishes to facilitate trading of tokens that are considered by regulatory agencies to be securities, they may: (a) registering as a brokerage-independent trader in each country that owns a large number of users, (b) choosing not to register and risking becoming the target of regulatory law enforcement and other legal actions in those countries, or (c) stopping the admission of users in those countries to trade. These options present significant problems for token trading platforms.

Summary of the invention

Embodiments of the present disclosure include a computer-implemented method for performing token escrow exchanges on a network of nodes. The method includes placing a buy/sell order through a brokerage firm and sending a signed buy/sell order trade and an encrypted currency wallet to a token escrow exchange node. The method also includes performing a buy order deal operation by requesting transfer of monetary tokens to a token hosting exchange node to deal with the buy order and receiving monetary tokens by a buyer node. For each sell order, the security token is transferred to the token escrow exchange node through the seller node. The security tokens are then issued from the token escrow exchange node. For each sell order, a monetary token is sent to the seller node. The method includes a similar operation to trade out orders.

Other aspects of the technology can be seen from the drawings and the detailed description.

This summary is provided to introduce a selection of concepts in a simplified form that are further described below in the detailed description. This summary is not intended to identify key features or essential features of the claimed subject matter, nor is it intended to be used to limit the scope of the claimed subject matter.

Brief description of the drawings

Various features and characteristics of the disclosed technology will become more apparent to those skilled in the art upon review of the specific examples taken in conjunction with the accompanying figures. Embodiments of the disclosed technology are illustrated by way of example, and not by way of limitation, in the figures of the accompanying drawings and in which like reference numerals refer to similar elements.

Fig. 1 is a high-level schematic diagram of a process of a global mobility and settlement system (GLASS) network according to some embodiments of the present disclosure.

FIG. 2 illustrates a block flow diagram of a commit transaction in a network, according to some embodiments of the present disclosure.

Fig. 3 illustrates a flow diagram of a settlement process on a GLASS network according to some embodiments of the present disclosure.

Figure 4A is a flow diagram of a buy order operation of a token escrow exchange according to some embodiments of the present disclosure.

Figure 4B is a flow diagram of a sell order operation for a token escrow transaction, according to some embodiments of the disclosure.

Figure 4C is a flow diagram illustrating the operation of a bid order exchanged for a trading token in accordance with some embodiments of the present disclosure.

Figure 4D is a flow diagram of operations for trading a sell order in exchange for a token escrow according to some embodiments of the present disclosure.

Figure 5 is a screen view of a network security token trading interface according to some embodiments of the present disclosure.

FIG. 6 is a schematic block diagram illustrating an example processing device in which aspects of the disclosed technology may be embodied.

The figures depict various embodiments for purposes of illustration only. One skilled in the art will recognize that alternative embodiments may be employed without departing from the principles of the present technology. Thus, while specific embodiments are shown in the drawings, the techniques may be modified in various ways.

Detailed Description

The embodiments described below represent the necessary information to enable those skilled in the art to practice the embodiments and illustrate the best mode of practicing the embodiments. Upon reading the following description in light of the accompanying drawing figures, those skilled in the art will understand the concepts of the disclosure and will recognize applications of these concepts not particularly addressed herein. It should be understood that these concepts and applications fall within the scope of the disclosure and the accompanying claims.

The terminology used herein is for the purpose of describing embodiments only and is not intended to limit the scope of the present disclosure.

Reference to "one embodiment" or "an embodiment" means that a particular feature, structure, or characteristic described in connection with the embodiment is included in at least one embodiment of the present disclosure. The phrase "in one embodiment" in the present disclosure does not necessarily refer to the same embodiment, nor does a different or alternative embodiment necessarily mutually exclusive of other embodiments. Furthermore, various features are described which may be exhibited by some embodiments and not by others. Similarly, various requirements are described which may be requirements for some embodiments but not other embodiments.

As used herein, unless specifically stated otherwise, terms such as "processing," "computing," "calculating," "determining," "displaying," "generating," or the like, refer to the action or processes of an electronic device that manipulates and transforms data represented as physical (electronic) quantities within the computer memories or registers into other data similarly represented as physical quantities within the device memories, registers or other such storage media, transmission or display devices.

When used with respect to lists of items, the word "or" is intended to encompass all of the following interpretations: any of the items in the list, all of the items in the list, and any combination of the items in the list.

Throughout the description and examples, the words "comprise," "comprising," and similar words are to be construed in an inclusive sense as opposed to an exclusive or exhaustive sense, unless the context clearly requires otherwise; that is, it is intended to mean "including, but not limited to".

As used herein, the terms "connected," "coupled," or any variant thereof, mean any direct or indirect connection or coupling between two or more elements; the coupling or connection between these elements may be physical, logical, or a combination thereof. For example, two components may be coupled directly to each other or via one or more intermediate channels or components. As another example, devices may be coupled in such a way that information may be passed between each other while not sharing any physical connections with each other.

Words used in the singular or plural in the embodiments may also include the plural or singular, respectively, where the context permits.

As used herein, "global liquidity and settlement system" (GLASS) refers to a decentralized network or platform that enables a cryptocurrency platform to comply with settlement cross-border token transactions. The exchange may market and serve participants in any jurisdiction regardless of whether the tokens traded are considered securities in that jurisdiction.

As used herein, the term "deal recommendation" or variants thereof is an integral part of the GLASS network. An entity may have the role of a transaction referrer; the user type is a token trading platform or exchange. One function of this action is to obtain a compliant settlement of the transaction by non-residential participants. The transaction facilitator does not need to have rights in the GLASS network. The transaction facilitator pays a non-refundable network fee for each transaction submitted to the GLASS network, and a settlement fee for each transaction cleared through the GLASS network.

As used herein, the term "transaction settlement" or variants thereof is an integral part of the GLASS network. An entity may have a "settlement provider" role; the user type is a licensed entity (e.g., an Alternative Transaction System (ATS), brokerage firm). One function of this role is to share network fees and earn settlement fees for transactions to settle by trading promoters in local jurisdictions. Settlement providers need to have a profit in the GLASS network (i.e., a profit on the GLASS token). The settlement provider may charge a portion of the network fee based on the proportion of its royalty held relative to the total number of settlement provider royalties. The settlement provider may also charge a clearing fee for each transaction that it settles.

The GLASS network of the present disclosure may not require an exchange to determine whether a token is a security in any jurisdiction (e.g., country). Each jurisdictions may have one or more licensed entities (e.g., ATS, brokerage dealers) on the network to settle transactions within that jurisdiction without seriously impeding transaction speed. Because the local regulatory entity may be responsible for the local securities legal compliance for each transaction, the exchange participating in the transaction may reduce regulatory risks. Since these transactions will be settled by the entity having the license plate of the security transaction, the distinction between the utility token and the security token is largely independent of the participating exchanges. This will allow the trading area to freely acquire customers in the united states and other jurisdictions where tokens are actively being regulated as securities.

Shares post in san francisco, california has created a platform for online trading of private company shares by matching buyers and sellers in transactions involving private company shares. SHARESPOST also starts in the field of digital securities by completing a secondary transaction of the digital securities and first involving the hosting of customer digital assets. The trading platform will register as an ATS at the U.S. Securities and Exchange Commission (SEC) and as a clearing broker-house at the financial administration (finna).

The GLASS network may include registered entities of different jurisdictions to facilitate transactions. The registration entity may be a settlement provider on the GLASS network, the settlement provider providing instant coverage at a key financial center. To earn settlement and network fees, other licensed platforms are added to the network as settlement providers. The management entity of the GLASS network may conduct regulatory scrutiny on settlement providers and ensure that each settlement provider operates under local laws that are in compliance with its jurisdictions. In some embodiments, the settlement provider and the community of trading platforms (community) are autonomous.

The disclosed embodiments include a marketplace for investor participants to interact with token issuers, provide opportunities for primary and secondary issues, and data and research to assist participants in making informed investment decisions. The trade may be linked to a management brokerage account to securely host and manage both legal and cryptocurrency as well as digital and traditional securities. The investor participant is a registered entity that includes an institution or qualified investor. They may provide liquidity seeking buyer demand from the united states in a GLASS network. Thus, the GLASS network allows participating exchanges to settle compliant transactions in tokenized securities across multiple jurisdictions.

Token market overview

In 2017, companies raised $ 62 billion by first-class sales of tokens. This is a 6,900% increase over capital raised by currency issuers in the 2016's. While the first token Issuance (ICO) financing increased from 2017 to 2018, ICO financing tended to shrink during this time. Shrinkage can be attributed to certain factors. For example, one factor that results in decreased ICO funding is compliance costs generated by issuers to comply with enhanced regulations. For years, token issuers were completely blind to security issuing laws, either because they were unfamiliar with relevant regulations, or because they adhered to their issue not being a security, or because they believed that the regulatory bodies would be invisible to them. Given that regulatory agencies are not visually imperceptible to the ICO, the financing pace has been significantly slowed. Issuers now have to deal with complex, time consuming and costly regulatory issues. Thus, many potential ICO issuers are finding the regulatory environment too complex and are completely abandoning the token financing mode.

Prior to modern regulation, ICO investors could resell tokens at any time after release. This is not possible in most jurisdictions. For example, in the united states, since tokens are considered securities, most token issues must be held by the first investor for at least one year before they can be resold. This limitation, coupled with a more pessimistic market, makes investors more cautious because they have no option to withdraw for at least one year.

Early token issuers funded funds for the construction of technical protocols and applications. As the industry matures, issuers are now developing new applications for digital tokens and intelligent contracts. Publishers are creating products with realistic value while still retaining the benefits and efficiencies of blockchain technology. Examples of products include asset-supported tokens, where the tokens represent the interests of a fund (e.g., a BCAP token from Blockchain Capital) or other asset (e.g., legal currency, real estate, merchandise). Some companies seek to issue tokens that represent traditional equity instruments (e.g., finum's FIN token represents a common stock). These assets are commonly referred to as "security tokens," and the first sale of a tokenized security is commonly referred to as security token issuance (ST 0). Once regulatory is clear, the STO market may quickly become a larger market than the current utility token market.

The success of many pioneer enterprises in financing material capital has encouraged other private companies (more advanced stages in their life cycle) to take advantage of the energy and flexibility of token financing. In fact, private technology companies (commonly referred to as "unicorn") with market value over $ 10 billion have planned to tokenize a portion of their existing business. Tokenized securities issued by globally known companies are expected to bring more mainstream investors to the token market.

Regulatory bodies were initially slow reacting to the emergence of cryptocurrency and token economy. However, regulatory agencies have forced the development of token platforms. Decentralized cryptocurrency and digital tokens are vastly different from traditional legal currencies and securities. Blockchain technology has led to the creation of new financial instruments and transactions. Therefore, regulatory agencies around the world need time to understand these new technologies and their impact on the financial market. In 2017, the regulatory body started to represent how tokens should be treated according to the securities laws.

New regulatory requirements present significant challenges to token trading platforms. Online trading platforms are global and, therefore, users come from many different jurisdictions. This problem is ignored when the platform assumes that they are not trading securities, and is not in a regulatory position. However, regulatory bodies now believe that many tokens are securities, which, together with the entities that facilitate their transactions, will be subject to corresponding regulation.

Trading platforms have limited options for recent regulatory compliance. For example, trading platforms must enact compliance mechanisms within each jurisdictional where they own a large number of users, or refuse to provide these users with the convenience of stock token trading. The former may be operationally impractical and the latter may result in significant loss of revenue. Alternatively, the transaction platform may choose to defeat the regulatory authorities as a "black hat" operation that evades government enforcement actions. In the long term, it seems unlikely that platform operators will be able to successfully circumvent government actions, and such platforms may become marginal participants, unable to retain mainstream investors and institutions. The ICO market is hampered by uncertainty as to how the platform and regulatory authorities should proceed.

In the united states, SEC indicates its position for ICOs in a mandatory law enforcement action against DAO token issuers. According to established case law, the SEC applies the "hawser test" (Howey test) to determine whether DAO tokens are securities. In short, the Haowei test considers a token to be a security if its value depends on the revenue generation from the sale of the token. SEC is still actively performing its position, i.e. many tokens are securities. The Securities and Exchange Commission (SEC) established a group responsible for reviewing the issuance of tokens and ensuring compliance with the us securities laws. Thereafter, during the issuer's first token Issuance (ICO), enforcement is taken on the issuer, closing these issues, and forcing the issuer to return funds for collection.

Currently, security tokens can only be legally traded at the ATS or national exchange in the united states. Thus, the SEC alerts investors that a platform without a license claims itself to be a legitimate exchange. Thus, existing token platforms have received summons and a large number of survey information requests, possibly resulting in legal action. Some offshore platforms (including Binance, Bittrex, Huobi and many others) have been under regulatory scrutiny for cryptocurrency trading platforms. The survey may provide the onshore and offshore encrypted trading platforms another review by the regulatory authorities of their compliance in providing services to us investors. In addition, legislation has recently been introduced to regulate cryptocurrency and other tokens as a new, legally distinctive class of assets. This essentially turns off the financing model of the ICO in the United states.

Thus, the issuance of security tokens at excessive cost and channel time would seem unnecessary at all. Thus, issuers, trading platforms, consultants, and other token service providers have suspended business in the united states until the SEC provides greater regulatory transparency and a compliant token trading mode.

In china, the central government has not issued detailed policies for encrypting currency and tokens. But the actions of china suggest that the chinese authorities may take a strong route to tokens. The regulatory body has disabled the ICO and placed the domestic cryptocurrency exchange to stop the transaction. Companies that have issued tokens are required to refund investors. However, off-the-shelf transactions (OTC) of bitcoins and other cryptocurrencies continue. Investors either have a bee in overseas trading services or are trading tokens in japan and hong kong using a virtual private network. It is reported that chinese officials also consider whether to block these foreign exchanges. The China national Internet information office (CAC) increases the strength of anti-encryption measures, and requires chat application program providers such as WeChat to obey public commands, thereby avoiding information related to encryption currency. In addition, the issuance of security tokens is considered an illegal financial activity.

Japan has gained a popularity with cryptocurrency, perhaps because of its history as a foreign currency exchange center. The japanese financial services office (FSA) means that if people pay for goods and services using some digital money or exchange other digital money, it can be regarded as "virtual money". It has been reported that FSA will set out regulations that limit individuals to invest in ICOs to protect investors.

In singapore, the singapore financial administration (MAS) focuses its actions on anti-money laundering rules. MAS indicates that the securities law may also be applicable to ICO. MAS stands for tokens that can be classified as "capital market products" and that will be regulated according to the national securities and futures laws. MAS promulgated a case study of tokens and their analysis of whether tokens are safe. The MAS updated guidelines detailing how parties involved in the issuance of digital assets should comply with anti-money laundering (AML) and anti-terrorism financing (CFT) regulations.

In korea, the Financial Services Committee (FSC) prohibits domestic companies and pioneer enterprises from holding ICOs. The chinese strike on token exchanges has prompted many chinese investors to shift their trading activities to the korean exchange. In order to limit cryptocurrency and token transaction activities to adults traded at local exchanges, korea prohibits foreign and minors from creating foreign exchange accounts. The country also prohibits anonymous accounts. Therefore, many korean blockchain companies have established encrypted ports of shelter in switzerland, dabuo and singapore. The korean government has considered to cancel the ICO ban and plans to tax both cryptocurrency and ICO. Like other jurisdictions, cryptographic platforms have been the subject of investigation and take criminal action when deemed necessary.

In the european union, the European Securities and Market Authority (ESMA) indicates that ICOs will only be supervised if tokens qualify as financial instruments. At the same time, ESMA emphasizes the need to ensure that investors are fully informed and protected. In order to combat money laundering and subsidizing terrorist organizations, european council is considering taking steps to ensure identity confirmation of investors. The european union committee (EC) also prohibits european union countries from creating their own cryptocurrency, fearing that banks will lose control over the supply of currency. The European treasures agree that it is not necessary to expedite encryption supervision urgently; instead, they would prefer to wait for an authoritative analysis before deciding on the next action. The European Bank Administration (EBA) and ESMA issue reports on encrypted assets, respectively. EBA calls the european union committee to assess whether regulatory measures need to be taken to implement european union-wide measures for encryption, on the other hand, ESMA analyzes how existing securities laws are applicable to digital assets and suggests to EC any regulatory vulnerabilities that must be taken into account.

The GLASS network of the present disclosure overcomes many of the deficiencies and obstacles described above that exist due to different jurisdictions. The GLASS network is the first cross-border transaction settlement network. Previous platforms have license plate transaction cryptocurrency within their limited local jurisdictions. Some unlicensed ICO platforms and consultants in the united states seek to register with authorities or have started a registration procedure. Entities in the united states may trade digital securities via appropriate registrations. However, the entity may not prove capable of providing a hosted service for the customer's digital securities and may lack experience as a private securities aftermarket. Given the heavy registration process, no ATS currently trades a large number of unregistered securities.

The U.S. regulatory approval required for a security token trading platform includes a number of features. One feature includes brokerage-owned members that create or purchase FINRA through a membership agreement that specifically authorizes unregistered, unproven securities exchanges by non-reporting issuers. Other features include the brokerage firm registering with a Security Investor Protection Company (SIPC) and registering as an ATS on SEC and filling out an ATS form that meets SEC requirements.

Approval by the regulatory body is simply the first step to become a compliant and fully operational token trading platform. For example, in the united states, token trading platforms need to prove to finna that the following requirements are met before being approved to begin trading operations:

techniques and procedures that can reliably authorize investors to reserve a registration requirement exemption as set forth by the U.S. securities laws;

techniques and procedures that can reliably ensure that customer information and files are properly collected and archived, and customer (KYC) requirements are known to apply to the parties to the transaction;

techniques, processes, and licensed personnel that can reliably ensure that transactions are reviewed under anti-money laundering (AML) laws;

a trading and order matching system that meets a range of technical requirements including best execution requirements (i.e., obligations for brokerage and market makers to execute customer orders at the most favorable price);

technologies and procedures that comply with the network security requirements specified by FINRA;

individuals who manage trades and any customer interactions on securities, who are well trained and obtain FINRA license plates (typically series 7 and 63); and

FINRA who supervise these individuals registers compliance personnel.

Finally, registering a brokerage owner requires additional compliance programs to maintain the hosting of digital assets. The contract order includes adherence to SEA's rules 15c3-3 (to enforce published requirements) to host customer funds; advanced technology stacks and strict internal procedures to ensure the security of digital assets hosted by customers.

Unlike most U.S. platforms that are still in the process of registering or have not yet begun, the network of the present disclosure is likely to have completed its first level digital security transaction and is able to distribute and trade security tokens. Thus, the disclosed GLASS network has been responding to increasingly complex regulatory agencies to obtain appropriate registrations and license plates to trade unregistered securities in the United states, and in, for example, Singapore, Dubai, and hong Kong.

Global liquidity and settlement system (GLASS)

The GLASS network is the first decentralized settlement network for cross-border transactions that complies with applicable regulations. By ensuring compliance, the GLASS network can address regulatory limitations of current token trading ecosystems regardless of the location of buyer, seller, or trading platform connections, and regardless of whether the tokens being traded are securities. In one embodiment, the GLASS network includes two types of participants: settlement providers and transaction promoters as previously described.

Fig. 1 is a high-level schematic diagram of a process 100 of a GLASS network, according to some embodiments of the present disclosure. As shown, global buyers and sellers 102 place orders on a security token exchange 104 (a transaction facilitator). The transaction is then encrypted and sent to the blockchain smart contract with security message 106. The settlement certificate is then sent to the settlement provider in the buyer jurisdiction 108.

As previously mentioned, the settlement provider is a regulated entity (e.g., ATS, broker-dealers, recognized market operators). There tends to be at least one settlement provider in each country that has license plates to facilitate the trading of security tokens by residents of the jurisdiction. In some embodiments, the GLASS network has instant settlement capabilities in the United states. Any subsidiary acquiring license plates abroad can expand the regional coverage of the GLASS network. Other regulated entities outside the network may be encouraged to join the GLASS network to become a settlement provider to earn settlement fees.

Any trading platform may incorporate GLASS as a trading facilitator, including unlicensed exchanges, brokerage firms, and other trading platforms that legally allow non-residential customer trading to be referred to by regulatory entities in the jurisdiction of the country where the customer is located. When a transaction facilitator matches a foreign buyer and/or foreign seller in a token transaction, it submits the transaction to the network by: (a) sending customer and transaction information in encrypted format that the settlement provider needs to use to review transactions using the GLASS Security protocol, and (b) "crediting" the required fee to the GLASS 20 intelligent contract with the GLASS token. The parties to the trade must agree to use a third party brokerage house.

The settlement provider performs the compliance functions (e.g., certification, KYC, AML) required for the transaction within its jurisdiction and assumes the necessary obligations to the customer in accordance with local regulatory requirements. If the transaction is in compliance, the settlement provider deposits the digital compliance certificate into the settlement network intelligent contract and sends the transaction facilitator instructions to issue the customer's payment/tokens to the transaction counterparty. The transaction facilitator records the transaction confirmation using the smart contract. The settlement provider completes this process by submitting any necessary reports or dockets to the local regulatory body. If the transaction facilitator needs to present a compliance certificate to any regulatory authority, the compliance record for the transaction is permanently maintained by the GLASS Smart contract.

Fig. 2 is a schematic block diagram illustrating a commit transaction flow 200 in a network in accordance with some embodiments of the present disclosure. As shown, to submit a transaction to the network, the transaction facilitator 202 includes a GLASS token for paying a network fee and a settlement fee for the smart contract 204. The GLASS network fee may be a relatively small, non-refundable fee that is paid by the transaction facilitator to compensate the settlement provider 206 as part of the network and to vet the transaction for settlement. It also prevents any transaction facilitator from submitting a spam transaction. The network fees are distributed by all settlement providers in proportion to their equity in the GLASS tokens.

The settlement fee may be a relatively large fee that is held by the settlement provider only if the settlement provider is able to settle the promoted transaction. The settlement fee compensates the settlement provider for the responsibility that the settlement provider assumes by processing the transaction at its regulatory entity. Unlike network fees, settlement fees are held entirely by settlement providers clearing transactions. If the promoted transaction is not compliant and therefore cannot be cleared by the settlement provider, the settlement fee may be refunded to the transaction promoter submitting the transaction.

In some embodiments, the management entity is responsible for reviewing settlement providers seeking to join the GLASS network and confirming that they have obtained the appropriate license plate in the local jurisdictions. In some cases, approval by the settlement provider requires a legal opinion book presented by a counselor in the same jurisdiction as the settlement provider. Approved settlement providers will be added to the white list of the network. The management entity will seek to balance the number of settlement providers per jurisdiction with the volume of transactions in the jurisdiction. This will ensure that settlement providers are not oversupplied or under-supplied in every jurisdictional. The management entity may also require that the settlement provider comply with network administration, privacy and security standards.

As the volume of transactions increases, the GLASS network may be extended to any number of settlement providers. Therefore, the efficiency of settlement will be higher and lower, and the cost will be reduced. As a result, the cost of an exchange settling a token trade by establishing and operating its own brokerage firm or other regulated entity will become increasingly expensive.

Example technical considerations

The GLASS network has a settlement function based on a GLASS intelligent contract. This settlement function may be implemented using the Solidity programming language on the chain of etherhouse blocks with ERC20 compliant tokens ("GLASS tokens"). The GLASS tokens and the GLASS intelligent contracts may be used to transfer settlement fees, network fees, and equity benefits to settlement providers. Although the GLASS tokens are hosted on the Etherhouse blockchain, transactions for any other blockchain may be settled on the GLASS network.

Any confidential information, including transaction data, buyer information, and seller information, may be stored under the chain by the transaction facilitator and settlement provider in encrypted JSON files. In some embodiments, only transaction promoters and settlement providers that facilitate a particular transaction may access the associated encrypted JSON file that stores confidential information. The compliance certificate may be anchored to the blockchain transaction by using a cryptographic hash. In some embodiments, the transaction details may be encrypted and routed point-to-point between the parties. In some embodiments, a data cryptographic hash with only a one-time pad is stored on the blockchain as an identifier for notary purposes.

The public etherhouse blockchain may be used for white list settlement provider blockchain addresses and transaction facilitator addresses. In some embodiments, compliance certificates are publicly stored in the Etherhouse blockchain transaction for ready access by transaction promoters and settlement providers.

Fig. 3 illustrates a flow diagram of a settlement process 300 on a GLASS according to some embodiments of the present disclosure. In step 302, the promoter SDK of the transaction promoter allocates funds for the fee measured in the GLASS token. In step 304, the promoter SDK approves funds of the GLASS token. In step 306, the transaction facilitator recommends the transaction to the settlement provider and escrows the fee. In step 308, the promoter SDK submits the value of the transaction to the notary node. These values may include transaction hash and clearing party address. In step 310, the notary node passes the boolean value to a clearing party setting to verify the white list transaction facilitator associated with the particular address.

In step 312, the Notary node passes the boolean value to the clearing party settings to verify the whitelist clearing party associated with the particular clearing party address. In step 314, the network setup passes the boolean value to the mortgage node (stabbing node) as to whether there are enough depositor rights associated with the depositor address. In step 316, the notary node communicates to obtain network fees associated with the network settings. In step 318, the notary node communicates to obtain the settlement party cost associated with the settlement party address to the settlement party settings. In step 320, the notary node passes escrow information to the mortgage node. Escrow information may include transaction hash, clearing party address, and maximum cost (max fee). In step 322, the notary node checks the boolean value to determine if hosting is sufficient. In step 324, the supplier SDK of the checkout party supplier passes the approval to the notary node. The approval is associated with a transaction hash. In step 326, the notary node performs a transfer of the GLASS token, wherein the transfer is performed based on the promoter address and the settlement party address. In step 328, the notary node transfers the network fee to all clearing parties based on the clearing party's equity proportion in the GLASS token.

Administration of GLASS networks

GLASS includes governance mechanisms to ensure that GLASS network participants comply with policies including network rules. For example, an abatement mechanism may act as an administrator as an abatement facility. When necessary to scale and increase the effectiveness of the GLASS network, the governance mechanism may review and enforce policy changes (including setting network fees and/or settlement fees). In terms of operational efficiency and scale, the remediation mechanism may be specified by the settlement providers, for example, by electing according to the proportion of the GLASS tokens held by the respective settlement provider.

In some embodiments, the remediation mechanism may act as an administrator. Alternatively, the administrator may be independent of the remediation mechanism. Network administrators may review settlement providers seeking to join the GLASS network and ensure that they obtain license plates that comply with local jurisdictions. In some embodiments, all transaction facilitators may easily join the GLASS network and settle transactions once a desired number of GLASS tokens are held (kick) in the GLASS network. The settlement provider for each jurisdiction may then accept or reject the promoted transaction for each transaction. In addition, the personal transaction facilitator is whitelisted by the personal settlement provider to comply with local regulations. Additionally, transaction promoters and/or settlement providers that violate network rules (e.g., behavioral criteria) or are not eligible to participate in the GLASS network, upon review of the governance mechanism, will be deleted from the intelligent contract white list of the GLASS network, and will not be able to use the GLASS network to promote and settle transactions.

Publishing marketplace

In some embodiments, the distribution marketplace is integrated with the GLASS network. The release market is the U.S. ATS authorized to trade digital assets. The issuing market associates a number of buyers, sellers and issuers of unregistered securities with billions of dollars of compliant transactions.

The GLASS network may adhere to SEC rules to trade unregistered, certificateless securities (i.e., security tokens) on a distributed ledger. Thus, the ATS can perform a secondary digital security transaction in any token issued by any blockchain entity. The publication can be used for trading and escrowing of digital securities in the united states. Thus, the release market allows companies to issue their security tokens according to the U.S. security laws, and buyers and sellers can trade in compliance. The release marketplace may join GLASS as a key lessee (anchor tenant) on the network, providing settlement for the transaction facilitator.

As FINRA approved clearing broker self-underwriters, investor participants in the release market can deposit and host legal currencies, cryptocurrencies, and digital tokens into real brokerage accounts, regardless of whether they are securities or not. Through these brokerage accounts, they will be able to buy and sell cryptocurrency, utility tokens, and security tokens, as well as trade leading stocks of private growth companies (such as unicasts). The participants may also use self research efforts (prepracticary research) to gain insight into the prospects of token issuers and their value of tokens.

In some examples, a token issuer may use an online distribution process to make its token distribution in a mass-market (i.e., "mass-market" to the public) manner of section D506 (c). In addition to existing investor relationships, an issuer can also leverage network sales, marketing, and distribution capabilities. This includes teams of individuals distributed in different jurisdictions around the world. Sales teams are associated with many private technology companies investors who trade in the release market.

After release, token issuers may contact and communicate with token holders on the GLASS network to support the ecosystem of their network, which publishes research and data about private technology companies.

Figure 5 is a screen view of a network security token trading interface that may be used to track and manage security token trading information. For example, the investor participant can use the interface to view valuation benchmarks and indexes that track the value of tokens. The issuer participant may have financial disclosures through an interface with the token holder that are necessary to support the secondary transactions of U.S. compliance. They may also track and manage the token holder community through the company pages of the security token trading website.

GLASS token

The GLASS tokens may be available to participants on the GLASS network. In some embodiments, a maximum number (e.g., one billion) of GLASS tokens are generated by a smart contract during a single token generation event. In some embodiments, the GLASS tokens may be used for settlement purposes. For example, the GLASS network may use GLASS tokens to establish and incentivize encrypted trading communities around the world. For participating exchanges, the GLASS network may provide a shared settlement infrastructure. The use of the shared settlement infrastructure may be taxed by collecting the GLASS tokens to the participants on a usage scale. To encourage service providers to join the GLASS network and maintain a shared settlement infrastructure, the GLASS network may pay the service providers for GLASS tokens.

The exchange may have one of two roles on the GLASS, each role having its own token utility and operations. A transaction facilitator participates in a mortgage (trading) GLASS token, submitting token transactions to the network for compliance settlement. The settlement provider may earn settlement fees and network fee components by settling the transaction for the transaction facilitator. The network fees paid by the transaction facilitator will be distributed to all settlement providers in proportion to the tokens they hold. The settlement fee is paid to the settlement provider only when the transaction is settled. If the transaction is not settled, the settlement fee is returned to the transaction facilitator via the intelligent contract.

The GLASS network of the present disclosure may be implemented as a system including components such as servers and other devices interconnected by an existing network (e.g., the Internet). The GLASS network may include any combination of private, public, wired, or wireless portions. Data or information communicated over the GLASS network may be encrypted or unencrypted at various locations in the network or along different portions of the network. Each component of the system may include hardware and/or software to process data or information, perform operations, and communicate over a network. The devices or components associated with the GLASS network may include a processor, memory or storage, network transceiver, display, operating system and application software, and the like. Examples of devices include smartphones, tablets, personal computers, and any device capable of communicating over a GLASS network.

Order promotion and token escrow exchange

Some deal recommenders may not have inventory matching with both parties to the deal, but only the buyer or seller. In addition, the greater liquidity requirements of the GLASS network suggest that only the party that accepts the order and the party that represents the transaction facilitator are conscientious to match. Thus, the following details how an order promoter submits a party for a transaction, facilitates settlement of the transaction using a token escrow exchange system, and provides liquidity to the order shared by the GLASS network participants.

Figures 4A-4D are flow diagrams of token escrow exchange processes according to some embodiments of the present disclosure. The figure illustrates a combination of operations to complete the token escrow exchange process. These operations include buy operations, sell operations, trade buy orders operations, and trade sell orders operations. The operations are performed by one or more nodes of the network. A node may represent a processing device such as a computer terminal, peripheral device, or mobile device. The operations of the token escrow exchange process may be performed by a combination of processing devices. Thus, different aspects of the operations may be performed by different processing devices. Thus, although fig. 4A through 4D refer to a single node, each node may represent a combination of nodes or devices.

The buy/sell orders placed on the GLASS network are submitted to an Application Programming Interface (API) that converts each order into a coded transaction that is submitted to the blockchain. Submitting a buy/sell order indicates an intent to authorize the withdrawal of tokens. Buy/sell orders persist on the blockchain. Once the other half of the buy/sell order is submitted and the match is complete, the asset will be extracted from the asset addresses of the buyer and seller as the exchange is allowed. The extracted assets are immediately exchanged and transferred between buyer and seller nodes. For example, the order may be any type of order, including a limit order or a market order. Further, matching of buy/sell orders can be performed manually or automatically to balance the cost of utilizing blockchains.

Figure 4A is a flow diagram of a buy order operation 400-1 of a token escrow exchange according to some embodiments of the present disclosure. In step 402, the buyer node proceeds to place a buy order via the broker-dealers node. In step 404, the broker-dealers node sends the characteristics of the buy order to the marketplace node. These characteristics may include any approved variables associated with the network or the provider.

In step 406, the market node creates unsigned tokens for the buy order to allow trading. In step 408, the marketplace node creates an unsigned buy order deal. At step 410, the unsigned deal is sent by the marketplace node to the broker-autofirm node. In step 412, the unsigned allow transaction is sent by the broker autoseller node to the buyer node. In step 414, the buyer node signs the allowed transaction and sends the signed allowed transaction along with the cryptocurrency wallet of the cryptocurrency token. In step 416, the broker self-operator node signs and sends the buy order transaction and the encrypted currency wallet to the token escrow exchange node.

The cryptocurrency wallet may include a device, physical media, program, or service that stores public and/or private keys, and may be used to track ownership, receipt, or consumption of the cryptocurrency. In some embodiments, the crypto currency wallet is an ethernet wallet connected to an ethernet blockchain to manage, transfer, or receive ethernet currency and interact with ERC20 tokens on the ethernet blockchain. Such as a MetaMask wallet, which is an ethernet wallet that allows users to connect to an ethernet blockchain. In some embodiments, the etherhouse wallet is a network wallet with multiple extensions for different browsers. As an ethernet house wallet, a user may use it to manage, transfer, receive ethernet coins, and interact with the numerous ERG20 tokens on the ethernet house blockchain. The Etherhouse wallet also allows users to access a decentralized network using several Etherhouses Dapp.

Figure 4B is a flow diagram of a sell order operation 400-2 of a token escrow exchange according to some embodiments of the present disclosure. In step 418, the seller node places an order through the brokerage and self-operator node. In step 420, the broker-dealers node sends the characteristics of the sell order to the marketplace node. In step 422, the market node creates unsigned tokens for the sell order to allow trading. In step 424, the marketplace node creates an unsigned sell order trade. In step 426, the unsigned deal is sent by the marketplace node to the broker-autofirm node. In step 428, the unsigned allowed trade is sent by the broker-dealership node to the buyer node. In step 430, the buyer node signs the allowed transaction and sends the signed allowed transaction with the cryptocurrency wallet for the security token. In step 432, the brokerage selfholder node signs the sell order trade and will send to the token escrow exchange node with the encrypted currency wallet.

Figure 4C is a flow diagram of operations 400-3 for placing a buy order in exchange for escrow of tokens, according to some embodiments of the present disclosure. In step 434, the broker node matches the buy/sell order with the Best Execution (Best Execution) of the marketspace node. In step 436, the market node commits the buy order and the sell order via the token escrow exchange node based on the buy/sell order match. In step 438, a request is issued to transfer the monetary tokens of the buy order to the token escrow exchange. In step 440, the money tokens are transferred to the buyer node. The monetary tokens are then transferred from the buyer node to the token escrow exchange node in step 442.

For each sell order, a sequence of three ordered steps 444, 446, and 448 is performed. In step 444, the token escrow exchange node issues a request to transfer the security tokens of the sell order to the token escrow exchange. In step 446, the security tokens are transferred to the seller node. The security tokens are then transferred from the seller node to the token escrow exchange node in step 448.

In step 450, the token escrow exchange node sends the security tokens to the buyer node. At step 452, the security tokens are sent to the buyer node.

For each sell order, a sequence of two ordered steps 454 and 456 is performed. In step 454, the token escrow exchange node sends the monetary tokens to the seller node. In step 456, the seller node receives monetary tokens.

Figure 4D is a flow diagram of operations 400-4 for selling orders in exchange for escrow of scrip, according to some embodiments of the present disclosure. In step 458, the broker node matches the buy/sell order with the best execution of the marketplace node. In step 460, the market node commits the buy order and the sell order through the token escrow exchange node. In step 462, a request is issued to transfer the security tokens of the sell order to a token escrow exchange node. In step 464, the security tokens are transferred to the seller node. In step 464, the security tokens are transferred from the seller node to the token escrow exchange node.

For each buy order, a sequence of three ordered steps 468, 470 and 472 are performed. In step 468, the token escrow exchange node issues a request to transfer the money tokens of the buy order to the token escrow exchange. The requested currency tokens are then transferred to the buyer node in step 470. At step 472, the monetary tokens are transferred from the buyer node to the token escrow exchange node.

In step 474, the token escrow exchange node sends currency tokens to the seller node. In step 476, the monetary tokens are sent to the seller node.

For each buy order, a sequence of two ordered steps 478 and 480 is performed. In step 478, the token escrow exchange node sends the security tokens to the buyer node. In step 480, the buyer node receives security tokens.

Fig. 6 is a schematic block diagram illustrating an example of a processing device in which at least some of the operations described herein may be implemented. The processing system may be the processing device 600, which represents a system that may execute any of the methods/algorithms described above. As shown in fig. 6, a system may include two or more processing devices, which may be coupled to each other via one or more networks. The network may be referred to as a communication network.

In the illustrated embodiment, the processing device 600 includes one or more processors 602, memory 604, a communication device 606, and one or more input/output (I/0) devices 608, all coupled to each other by an interconnect 610. Interconnect 610 may be or include one or more conductive lines, buses, point-to-point connections, controllers, adapters, and/or other conventional connection devices. Each of the processors 602 may be or include, for example, one or more general purpose programmable microprocessors or microprocessor cores, microcontrollers, Application Specific Integrated Circuits (ASICs), programmable gate arrays, or the like, or a combination of such devices.

The processor 602 controls the overall operation of the processing device 600. The memory 604 may be or include one or more physical storage devices, which may be Random Access Memory (RAM), Read Only Memory (ROM) (which may be erasable and programmable), flash memory, a micro hard drive, or other suitable type of storage device, or a combination of such devices. The memory 604 may store data and instructions that configure the processor 602 to perform operations in accordance with the techniques described above. The communication device 606 may be or include, for example, an Ethernet adapter, a cable modem, a Wi-Fi adapter, a cellular transceiver, a Bluetooth transceiver, etc., or a combination thereof. Depending on the particular nature and use of the processing device 600, the I/O devices 608 may include devices such as a display (which may be a touch screen display), audio speakers, a keyboard, a mouse, or other pointing device, a microphone, a camera, etc.

When processes or blocks are presented in a given order, alternative embodiments may perform routines having steps, or employ systems having blocks, in a different order, and some processes or blocks may be deleted, moved, added, subdivided, combined, and/or modified to provide alternative or subcombinations, or may be duplicated (e.g., performed multiple times). Each of these processes or blocks may be implemented in a number of different ways. Additionally, while processes or blocks are sometimes shown as being performed in a serial fashion, these processes or blocks may be performed in parallel, or may be performed at different times. When a process or step is "based on" a value or a calculation, the process or step should be interpreted as being based on at least the value or the calculation.

Software or firmware implementing the techniques described herein may be stored on a machine-readable storage medium and executed by one or more general-purpose or special-purpose programmable microprocessors. The term "machine-readable medium" as used herein includes any mechanism capable of storing information in a form accessible by a machine (a machine may be, for example, a computer, network device, cellular telephone, Personal Digital Assistant (PDA), manufacturing tool, any device with one or more processors, etc.). For example, a machine-accessible medium includes recordable/non-recordable media (e.g., Read Only Memory (ROM), Random Access Memory (RAM), magnetic disk storage media, optical storage media, flash memory devices), and so forth.

It is noted that any and all of the embodiments described above may be combined with each other, unless otherwise indicated above, or any such embodiments may be functionally and/or structurally mutually exclusive. Although the present disclosure has been described with reference to specific exemplary embodiments, it should be recognized that the present disclosure is not limited to the embodiments described, but can be practiced with modification and alteration within the spirit and scope of the disclosed embodiments. The specification and drawings are, accordingly, to be regarded in an illustrative sense rather than a restrictive sense.

The physical and functional components associated with processing device 600 (e.g., devices, engines, modules, and data stores) may be implemented as circuitry, firmware, software, other executable instructions, or any combination thereof. For example, the functional components may be implemented in the form of dedicated circuitry in the form of one or more suitably programmed processors, single board chips, field programmable gate arrays, general purpose computing devices configured by executable instructions, virtual machines configured by executable instructions, cloud computing environments configured by executable instructions, or any combination thereof. For example, the described functional components may be implemented as instructions on a tangible storage memory capable of being executed by a processor or other integrated circuit chip. The tangible storage memory may be a computer readable data store. The tangible storage memory may be volatile memory or non-volatile memory. In some embodiments, volatile memory may be considered "non-transitory" in that it is not a transitory signal. The memory spaces and memories depicted in the figures may also be implemented as tangible storage memories, including volatile memories or non-volatile memories.

Each functional component may operate independently of the other functional components. Some or all of the functional components may be executed on the same host device or on different devices. The different devices may be coupled through one or more communication channels (e.g., wireless or wired channels) to coordinate their operations. Some or all of the functional components may be combined into one component. Individual functional components may be divided into subcomponents, each of which performs a different method step or method steps of the individual component.

In some embodiments, at least some of the functional components share access to a memory space. For example, one functional component may access data that another functional component accesses or translates. Functional components may be considered to be "coupled" to one another if they share physical or virtual connections, either directly or indirectly, that allow data accessed or modified by one functional component to be accessed in another functional component. In some embodiments, at least some of the features may be upgraded or modified remotely (e.g., by reconfiguring executable instructions that implement portions of the features). The other arrays, systems, and devices described above may include additional, fewer, or different functional components for a variety of applications.

Aspects of the disclosed embodiments may be described in terms of algorithms and symbols representing operations on data bits stored in memory. These algorithmic descriptions and symbolic representations typically include a series of operations leading to a desired result. The operations are those requiring physical manipulations of physical quantities. Usually, though not necessarily, these quantities take the form of electrical or magnetic signals capable of being stored, transferred, combined, compared, and otherwise manipulated. In general, these signals are referred to, for convenience, as bits, values, elements, symbols, characters, terms, numbers, or the like. These and similar terms are to be associated with the physical quantities and are merely convenient labels applied to these quantities.

While embodiments have been described in the context of fully functioning computers, those skilled in the art will appreciate that the various embodiments are capable of being distributed as a program product in a variety of forms, and that the disclosure applies equally regardless of the particular type of machine or computer readable media used to actually effect the embodiments.

Claims

1. A computer-implemented method for performing token escrow exchanges on a network of nodes, the method comprising:

(i) performing a buy operation comprising:

receiving, by a broker-dealership node, a representation of a buy order placed by a buyer node;

sending characteristics of the buy order from the brokerage-based merchant node to a market node;

forwarding a representation of an unsigned token allowed transaction of the buy order to the buyer node;

signing the received unsigned buy order transaction from the market node; and

sending the signed buy order transaction and the cryptocurrency wallet to the token escrow exchange node;

(ii) performing a sell operation comprising:

receiving, by the broker-dealership node, a representation of a sell order placed by the seller node;

sending characteristics of a sold order from the broker-proprietor node to the marketplace node;

forwarding a representation of an unsigned token allowability transaction of the sell order to the seller node;

signing the received unsigned sell order transaction from the marketplace node; and

sending the signed sell order transaction and the cryptocurrency wallet to the token escrow exchange node;

(iii) performing a buy order fulfillment operation comprising:

requesting transfer of a monetary token to the token escrow exchange node to fulfill the buy order;

receiving, by the buyer node, a requested currency token;

(a) for each sell order:

requesting transfer of a security token to the token escrow exchange node; and

transferring, by the seller node, a security token to the token escrow exchange node;

sending the security token from the token escrow exchange node to the buyer node; and

(b) for each sell order, causing the monetary token to be sent to the seller node by way of the token escrow exchange node;

(iv) performing a sell order fulfillment operation comprising:

requesting transfer of a security token to the token escrow exchange node;

receiving, by the token escrow exchange node, a requested security token through a seller node;

(a) for each buy order:

requesting transfer of a currency token to the token escrow exchange node; and

transferring, by a buyer node, the requested currency token to the token escrow exchange node;

sending the requested currency token from the token escrow exchange node to the seller node; and

(b) for each buy order, causing the security token to be sent to the buyer node by the token escrow exchange node.

2. The method of claim 1, wherein unsigned tokens of the buy order allow a trade and an unsigned buy order trade to each be created by the market node, the method further comprising, prior to sending a signed buy order trade to the token hosting exchange node:

receiving the bid order unsigned token from the market node allows trading and the unsigned bid order trades.

3. The method of claim 1, wherein the unsigned token of the buy order allows transactions to be signed by the buyer node using a cryptocurrency wallet, and the unsigned token of the sell order allows transactions to be signed by the seller node using a cryptocurrency wallet.

4. The method of claim 1, wherein any matching of a sell order and a buy order is performed by an agent node other than a broker-dealers node or a market node.

5. The method of claim 1, wherein performing a buy order deal operation or a sell order deal operation further comprises:

matching buy orders and sell orders for the market node.

6. The method of claim 1, wherein each cryptographic currency wallet stores at least one of a public key or a private key of a token in a token escrow exchange.

7. The method of claim 1, wherein each cryptocurrency wallet is an ether house wallet connected to an ether house blockchain to transfer ethernet coins and interact with ERC20 tokens.

8. The method of claim 1, wherein each cryptocurrency wallet is a MetaMask wallet.

9. A computer-implemented method for performing token escrow exchanges on a network of nodes, the method comprising:

performing a buy operation comprising:

receiving a representation of a buy order placed by a buyer node through a brokerage-from-seller node, the representation of the buy order comprising a plurality of characteristics of the buy order;

creating an unsigned token allowed transaction for a buy order and an unsigned buy order transaction; and

sending the unsigned token allowance transaction and the unsigned buy order transaction of the buy order to the broker-vendor node, thereby enabling trade signing of the unsigned token allowance transaction of the buy order by the buyer node and signing of the unsigned buy order transaction by the broker-vendor node of the token escrow exchange node.

10. The method of claim 9, wherein the signed buy order trade is sent to a token escrow exchange node with an etherhouse wallet.

11. The method of claim 9, further comprising:

performing a sell operation includes:

receiving, by the broker-dealership node, an indication of a sell order placed by a seller node;

creating unsigned token allow trades for both sell orders and unsigned sell order trades; and

sending the unsigned token allowance transaction and the unsigned sell order transaction of the sell order to the broker self-organiser node, thereby enabling the trade allowance transaction signing of the unsigned token of the sell order by the seller node, and the signing of the unsigned sell order transaction by the broker self-organiser node.

12. The method of claim 11, wherein a signed buy order transaction and a signed sell order transaction are received by the token escrow exchange node.

13. The method of claim 11, further comprising:

performing a deal operation for a buy order includes:

receiving an indication of a match between a buy order and a sell order; and

the token escrow exchange node commits the buy order by receiving tokens of one or more sell orders.

14. The method of claim 13, further comprising:

executing trade operations for a sell order includes:

receiving an indication of a match between a buy order and a sell order; and

the token escrow exchange node commits the sell order by receiving tokens for one or more buy orders.

15. The method of claim 14, wherein the signed sell order transaction is sent to the token escrow exchange node with a torii wallet.

16. A computer-implemented method for performing token escrow exchanges on a network of nodes, the method comprising:

sending the signed buy order transaction and the first encrypted currency wallet from the buyer node to the token escrow exchange node;

transacting, by the buyer node, the buy order using the currency tokens of the token escrow exchange node;

for each matched sell order, transferring a security token to the token escrow exchange node by a seller node;

causing, by the token escrow exchange node, the security token to be sent to the buyer node; and

for each matching sell order, causing the monetary token to be sent to the seller node by way of the token escrow exchange node.

17. The method of claim 16, further comprising:

sending the signed sell order transaction and a second cryptographic money wallet from a seller node to the token escrow exchange node;

trading, by the seller node, the sell order using the security token via the token escrow exchange node;

for each buy order, transferring a monetary token to the token escrow exchange node by a buyer node;

causing, by the token escrow exchange node, the currency token to be sent to the seller node; and

for each buy order, causing the security token to be sent to the buyer node by the token escrow exchange node.

18. The method of claim 17, wherein sending a signed buy order transaction to the token escrow exchange node comprises:

sending characteristics of the buy order to the market node;

forwarding the unsigned token of the buy order allows for a representation of the transaction and an unsigned buy order transaction; and

the signed transaction is caused to be transmitted with a cryptocurrency wallet of the monetary token, wherein the cryptocurrency wallet stores at least one of a public key or a private key to track or transfer ownership of the monetary token.

19. The method of claim 17, wherein sending the signed sell order transaction to the token escrow exchange node comprises:

receiving, by the broker-autofirm node, a representation of a sell order placed by the seller node;

sending characteristics of the sold order to the market node;

forwarding the unsigned token of the sell order allows representation of the trade and the unsigned sell order trade; and

the method further includes causing a signed transaction to be sent with a cryptocurrency wallet of the security token, and sending the signed sell order transaction with the cryptocurrency wallet to a token escrow exchange node.

20. The method of claim 17, wherein each of the first cryptocurrency wallet and the second cryptocurrency wallet store a public key and a private key of a currency token.

21. The method of claim 17, wherein each of the first cryptocurrency wallet and the second cryptocurrency wallet is a tori wallet.

22. The method of claim 17, wherein any unsigned orders are created by a marketplace node.