More Friends, More Crypto

The Universal Group, a South Korean cryptocurrency company, has filed a patent teaching a method rewarding users for recommending friends to join a cryptocurrency platform through social media. The reward is, of course, in the cryptocurrency of the recommended platform and is automatically granted through a blockchain.

The incentivization system uses a blockchain wherein each recommended friend is an additional node, and the rewards increase with the number of recommendations a user makes. The patent publication comes just days before the Song Myoung-ho Coin, named for the president of the Universal Group, is set to be listed on the BitMart global cryptocurrency exchange. The Universal Group also has the TSL coin, which has been globally traded since April of 2019. The patent application is the company’s first and may help boost usage of the new cryptocurrency if implemented. A similar patent was filed recently for the CoinLinked platform, which teaches a social media component with a reward system. You can view more patents at the intersection of social networking and cryptocurrency on the Magic Number® Patent Radian®.