TECHNICAL FIELD

[0001 ] The present invention relates to payment systems and methods. In particular, although not exclusively, the invention relates to payment systems for incentivising behaviour, payment systems for providing transparency of future transactions, payment systems for charitable donations, and payment and rewards systems for incentivising education.

BACKGROUND ART

[0002] It is well established that students that are financially rewarded for learning are generally more focused and achieve much higher results than students that are not rewarded. This is particularly relevant in in resource-constrained settings, where education and the need to contribute financially to the household often compete.

[0003] One problem with rewarding students financially, however, is that it also encourages cheating. In particular, students may report having studied to receive financial rewards without actually having studied. Attempts have been made to alleviate this problem by monitoring compliance. As an illustrative example, teachers may monitor and record the attendance and participation of students directly. However, this has in turn resulted in further problems in that the monitoring is time consuming, and takes further time away from teachers, and in extreme cases can even result in corruption.

[0004] Another problem with rewarding students financially is that even when study has been completed, the financial rewards may be taken from students, or used on items or activities that may be detrimental to the student’s education, such as alcohol or gambling. Attempts have been made to alleviate this problem by providing controlled rewards, such as gift cards or coupons redeemable at a single vendor. This, however, generally reduces the value of the reward to the student.

[0005] Similar problems exist in relation to other types of rewards, payments and welfare. As an illustrative example, parents often have little to no control over how pocket money is used, and it is difficult to stop welfare and other payments being used for potentially harmful activities, such as alcohol, gambling or drug misuse.

[0006] Various attempts have been made to control the use of rewards, payments and welfare in similar manners to the gift cards provided above. However, a problem with such approach is that it severely limits the use of the rewards, payments and welfare for legitimate purposes also. [0007] A similar problem again exists in relation to charities, where donors have little control over how donations are used.

[0008] As such, there is clearly a need for an improved payment system.

[0009] It will be clearly understood that, if a prior art publication is referred to herein, this reference does not constitute an admission that the publication forms part of the common general knowledge in the art in Australia or in any other country.

SUMMARY OF INVENTION

[0010] The present invention is directed to a payment system, which may at least partially overcome at least one of the abovementioned disadvantages or provide the consumer with a useful or commercial choice.

[001 1 ] With the foregoing in view, the present invention in one form, resides broadly in a payment method comprising:

providing a restricted coin to a user, the restricted coin including restrictions associated with redemption of the coin, the restrictions identified in a transaction ledger of the coin;

enabling the user to purchase goods or services using the restricted coin, wherein the purchase includes determining that the purchase of the goods or services is compliant with the restrictions using the transaction ledger; and

in response to determining that the goods or services are compliant with the restrictions using the transaction ledger, generating a new entry in the transaction ledger according to the previous entries in the ledger and a transaction associated with the purchase of the goods or services.

[0012] Advantageously, the method enables the control of payments.

[0013] Preferably, the method including generating the restricted coin. The restricted coin may be associated with an underlying asset. The restricted coin may be linked to a local currency.

[0014] Preferably, the ledger comprises a blockchain ledger. The restrictions may be identified in a block of the blockchain ledger. The restrictions may be explicitly provided in the block of the blockchain ledger. Alternatively, the restrictions may be implicitly associated with a block of the blockchain ledger.

[0015] Preferably, the restriction data of the restricted coin comprises one or more of a restricted item list and a restricted vendor list. The method may comprise subsequently verifying transactions using the ledger. This may include verifying compliance with restriction data of previously recorded transactions.

[0016] Preferably, the restriction data of the restricted coin comprises one or more criteria which must be met to remove the restrictions from the coins. If the criteria are not met, the restrictions may not be removed from the coins.

[0017] The user may store the restricted coins in a digital wallet.

[0018] The method may also include providing unrestricted coins. The unrestricted coins may utilise a similar or identical structure to the restricted coins, but without any restrictions associated therewith. The unrestricted coins may be stored in the same digital wallet as one or more restricted coins.

[0019] The user may be able to purchase non-restricted coins. The non-restricted coins may be transferred between users. The non-restricted coins may supplement restricted coins for a restricted purchase.

[0020] The non-restricted coins may be bought and sold on an exchange.

[0021 ] The ledger may be configured to provide transparency of future transactions to a creator of the restricted coin. This may be particularly useful in allowing the user to see how a donation has been spent.

[0022] The method may include providing one or more educational tasks to the user, wherein the restricted coin is provided to the user in response to completing the one or more educational tasks.

[0023] Preferably, the educational tasks are electronically provided to the user.

[0024] Preferably, completion of the task automatically determined.

[0025] Suitably, completion of the task may comprise answering one or more questions. In some embodiments, completion of the task comprises correctly answering one or more questions.

[0026] Completion of the task may comprise completion of a plurality of sub-tasks.

[0027] Preferably, an identity of the user is verified in association with completion of the task. Suitably, the identity of the user is verified using biometric data. [0028] The tasks may be generated according to the user. As such, different tasks may be provided to different users.

[0029] The user may be a charity and the restricted coin may comprise a donation.

[0030] In another form, the invention resides in a payment and rewards system

comprising at least one server configured to:

provide a restricted coin to a user, the restricted coin including restrictions associated with redemption of the coin, the restrictions identified in a transaction ledger of the coin;

enable the user to purchase goods or services using the restricted coin, wherein the purchase includes determining that the purchase of the goods or services is compliant with the restrictions using the transaction ledger; and

in response to determining that the goods or services are compliant with the restrictions using the transaction ledger, generate a new entry in the transaction ledger according to the previous entries in the ledger and a transaction associated with the purchase of the goods or services.

[0031 ] In yet another form, the invention resides broadly in an educational rewards method comprising:

providing one or more educational tasks to a user using a computational device; enabling the user to complete the educational task and automatically register completion of the task; and

in response to completion of the task, providing a restricted coin to the user, the restricted coin including restrictions associated with redemption of the coin, the restrictions identified in a transaction ledger of the coin.

[0032] Advantageously, the method enables incentivised learning, while minimising risk of fraud and corruption.

[0033] Preferably, the method comprises generating the one or more educational tasks for the user. The one or more educational tasks may be generated according to the user.

[0034] Preferably, an identity of the user is verified in association with completion of the task. Suitably, the identity of the user is verified using biometric data.

[0035] The method may comprise enabling the user to purchase goods or services using the restricted coin, wherein the purchase includes determining that the purchase of the goods or services is compliant with the restrictions using the transaction ledger; [0036] The restricted coins, and their use may be according to the payment and rewards system.

[0037] In yet another form, the invention resides broadly in an educational rewards system comprising at least one server configured to:

provide one or more educational tasks to a user using a computational device; enable the user to complete the educational task and automatically register completion of the task; and

in response to completion of the task, provide a restricted coin to the user, the restricted coin including restrictions associated with redemption of the coin, the restrictions identified in a transaction ledger of the coin.

[0038] In yet another form, the invention resides broadly in an educational rewards method comprising:

providing one or more educational tasks to a student using a computational device; enabling the student to complete the educational task and automatically register completion of the task; and

in response to completion of the task, providing a coin of a cryptocurrency to a person associated with the student, as a reward for the student’s performance.

[0039] The person associated with the student may comprise a teacher of the student.

[0040] Any of the features described herein can be combined in any combination with any one or more of the other features described herein within the scope of the invention.

[0041 ] The reference to any prior art in this specification is not, and should not be taken as an acknowledgement or any form of suggestion that the prior art forms part of the common general knowledge.

BRIEF DESCRIPTION OF DRAWINGS

[0042] Various embodiments of the invention will be described with reference to the following drawings, in which:

[0043] Figure 1 illustrates a payment and rewards system incorporating a digital currency system, according to an embodiment of the present invention;

[0044] Figure 2 illustrates the digital currency system of the payment and rewards system, according to an embodiment of the present invention; [0045] Figure 3 illustrates a screenshot of a student task screen, illustrated on the student device, according to an embodiment of the present invention.

[0046] Figure 4 illustrates a screenshot of an example reward screen, according to an embodiment of the present invention.

[0047] Figure 5 illustrates a payment and rewards method, according to an embodiment of the present invention.

[0048] Figure 6 illustrates an educational rewards method, according to an embodiment of the present invention.

[0049] Figure 7 illustrates a payment system incorporating a digital currency system, according to an embodiment of the present invention.

[0050] Preferred features, embodiments and variations of the invention may be discerned from the following Detailed Description which provides sufficient information for those skilled in the art to perform the invention. The Detailed Description is not to be regarded as limiting the scope of the preceding Summary of the Invention in any way.

DESCRIPTION OF EMBODIMENTS

[0051 ] Figure 1 illustrates a payment and rewards system 100 incorporating a digital currency system 105, and Figure 2 illustrates the digital currency system 105, according to an embodiment of the present invention. The payment and rewards system 100 and the digital currency system 105 are particularly useful in financially rewarding students for studying, in a manner that enables control of how the rewards are used. This can in turn prevent cheating and corruption, as outlined below.

[0052] While the below examples are described with reference to rewarding learning, the skilled addressee will, however, readily appreciate that the payment and rewards system 100 and the digital currency system 105 may be useful in other scenarios, including outside of education, and particularly where there is a desire to control how the rewards or financial incentives are used.

[0053] The system 100 includes a student device 1 10 in the form of a mobile computing device, which provides educational content to students 1 15 using a mobile application on the student device 1 10. The educational content includes tasks, and the student is rewarded for completion of the tasks using the digital currency system 105. [0054] In use, the student 1 15 registers to a learning server 120 using the student device 1 10. This process may include generating a username and password, as well as verification of the student’s identification and eligibility to an educational program run by the learning server 120. In other embodiments, the student 1 15 may be pre-registered to the system 100.

[0055] The student 1 15 may be any person learning using the system 100 and need not be a traditional full-time student, or even be enrolled in any educational institution. As an illustrative example, the student 1 15 may be an illiterate (or semi-literate) adult learning to read and write using the system. This may be performed in addition to existing employment, or job seeking activities, for example.

[0056] Educational tasks are generated at the learning server 120 and provided to the student 1 15 using the student device 1 10. New tasks may be generated periodically (e.g. weekly), or upon completion of an earlier task. The tasks are generally generated according to the student’s circumstances and needs.

[0057] The tasks are performed by the student 105 by interacting with the student device 1 10, and the student’s performance of the task is registered by the student device 1 10 and uploaded to the learning server 120. In other words, when the student performs a task (e.g. answers a question), the student device 1 10 uploads results of same to the learning server 120.

[0058] Figure 3 illustrates a screenshot 300 of a student task screen, illustrated on the student device 1 10, according to an embodiment of the present invention. The student task screen is part of a literacy application on the student device 1 10.

[0059] The student task screen includes an image component 305, and character entry fields 310, enabling the student 1 15 to spell the word corresponding to the image component. As the student 1 15 spells the words in the student task screens, new images are provided, and as such, the task of the student 1 15 relates to performing a plurality of sub-tasks, namely individual spelling tasks.

[0060] In some embodiments, performance of the task comprises active participation (regardless of the outcome), and in other embodiments, performance of the task comprises determining that a task is successfully completed (e.g. that a correct answer is provided in response to a question). In other embodiments again, rewards may be provided only when tasks are completed above a certain level or threshold (e.g. greater than 75% accuracy).

[0061 ] As the tasks are completed, or completed to a sufficient level, financial rewards are provided to the student 1 15 in the form of digital coins of the digital currency system 105, which may be accumulated and used to purchase goods and services, as outlined below.

[0062] Figure 4 illustrates a screenshot 400 of an example reward screen, according to an embodiment of the present invention. The example reward screen includes a reward message 405, which would generally indicate the reward that has been achieved (e.g. that the student has earnt another coin), and a rewards balance element 410, indicating an amount of award (e.g. coins) that has been obtained or accumulated.

[0063] The digital coins provided as rewards are restricted. In the system 100, a government 125 or similar institution buys or funds the restricted coins, and provides certain restrictions as to how the coins may be used. For example, the restricted coins may be restricted in that they cannot be used on certain goods (e.g. not alcohol or tobacco), or only at certain merchants. In other embodiments, the restricted coins may be backed by a corporate entity, or otherwise be privately underwritten.

[0064] As the coins are backed by the government 125 and in a local currency, merchants (or vendors) are able to accept the coins, without risking any devaluation of the currency, for authorised purchases. This enables the coins to be redeemed arbitrage-free by the merchants in the local currency. Furthermore, as the coins are restricted, the system 100 reduces or minimises corruption, as the others are unable to access the rewards directly. Similarly, the restrictions prevent trading of coins directly between users, which otherwise would enable the purchase restrictions to be bypassed.

[0065] Once the student 1 15 has accumulated coins, he or she may redeem the coins for goods or services 130 using an online store of a merchant server 135. The online store comprises an online store similar to existing online stores, but when accepting the digital currency, further verifies that the transaction complies with the requirements of the restricted coin, as outlined below.

[0066] Now turning to Figure 2, the digital currency system 105 comprises both restricted coins 205 and non-restricted coins 210. The restricted coins 205 are provided as a reward for performing the educational tasks mentioned earlier, and the non-restricted coins are coin variants without such restriction.

[0067] As outlined above, the restricted coins 205 are generally locked to local currency (e.g. 1 Fijian dollar = 5 coins), which enables vendors to trust that the value of the currency they receive will have stability (at least to the extent of the currency in which it is locked). When the restricted coins are backed by the government 125, funds may be provided to an administrator of the system, corresponding to a value of the coins 205. As such, the coins 205 may be redeemed directly for that value at an exchange 215, much like any other currency transfer, but at a fixed rate. In the meantime, may be used to generate interest as a source of revenue for the manager of the system 100.

[0068] The coins 205, 210 are stored in digital wallets 220 of the students 1 15 and vendors. Unrestricted coins 210 may be traded directly between user’s wallets 220 as a means of funds transfer, restricted coins may be transferred between a wallet 220 of a student and a wallet 220 of a merchant when making an authorised purchase, and unrestricted coins 210 may be bought and sold from the users’ wallets 220 using other currencies and the exchange 215.

[0069] The digital wallets 220 may be located on a portable computing device of the user, such as the student device 1 10, or at a remote location, e.g. on a server, which is remotely accessible by the user. A location (or other identifier) of the digital wallets 220 may be used to identify a destination of the funds transfers.

[0070] In some embodiments, restricted coins 205, when sold to an authorised vendor, are converted to unrestricted coins 210. As such, the vendor is able to freely use those coins. As outlined in further detail below, the coins 205, 210 are associated with a transparent and verifiable ledger. As such, users are able to verify that the previously restricted coins have been redeemed in an appropriate manner.

[0071 ] The restricted coins 205 are associated with one or both of an approved vendor list 225 and an approved item list 230. The approved vendor list 225 and the approved item list 230 may be explicit, and be coded into the coin, or implicit. In the case of explicit coding of the approved vendor list 225 and the approved item list 230, subsequent verification of the transaction may be made to avoid fraudulent transactions.

[0072] The coins 205, 210 are associated with a transparent ledger, which comprises a record of the transactions associated with the coins 205, 210. As the ledger is transparent and includes details of the transactions, details of the transactions may be verified by thirds parties. This may be used to verify the owner of the coin, as well as verify that any restrictions associated with the coin have been adhered to.

[0073] The ledger is provided by a blockchain, and the wallets 220 are associated with an identifier (or address) which is stored in the blockchain for each transaction. Each transaction, and details thereof, is stored as a block in the blockchain, which is linked and secured to the remaining blocks using cryptography. In particular, each block contains a hash of the previous block, a timestamp and transaction data. [0074] In other words, the coins comprise part of a peer-to-peer decentralised cryptocurrency. In some embodiments, the coins are based upon the NEO cryptocurrency, but the skilled addressee will readily appreciate that any suitable cryptocurrency may be used as a basis for the coins.

[0075] As outlined above, coins may be backed by one or more underlying assets, such as a local, traditional currency. When it comes to restricted coins, these coins may be locked to the local currency. Unrestricted coins need not, however, be locked to a local currency, and thus may fluctuate in value with respect to the local currency. This fluctuation may, however, be minimised by providing robust central pricing, as outlined below.

[0076] In particular, a pool of assets may be held as backing of the unrestricted coins on issue, and these assets can be held in multiple currencies. In such case, the pool of assets in a particular currency is termed a“local asset”. This pool of assets can be evaluated in any currency by converting the local asset values to the chosen currency.

[0077] For example, if the assets in the currencies USD$, AUD$ etc. are USD$Ai , AUD$A ₂ , etc then a Global Asset Value (GAV) may be given in AUD$ by GAV ₂ = Xi _,2 Ai + X _2,2 A ₂ + . . . + Xio,2 Aio. More generally, the GAV in every currency can be expressed as a single vector:

whe e

[0078] Unrestricted coins may then be valued on a basis that reflects the GAV in the particular currency, the total number of unrestricted coins, as well as the GAV in each currency. In particular, the buy and sell central price for each unrestricted coin may be determined by:

¨ ft is tbs central price offered in the currency corresponding i.o index y at the time of fits ttarisseiton;

¨ <3AV _j is the global asset value in currency ;; evaluated st the time of the transaction;

¨ N is the total number of Dijits an issue irastiodhttly prior to the time of the transaction.

More generally, the central price P in every currency cart be expressed as a single vecto [0079] Advantageously, this reduces volatility in pricing of unrestricted coins.

[0080] In certain embodiments, vendors may provide restricted reward or loyalty coins to students purchasing goods from them. This may, similar to generic loyalty programs, encourage loyalty to a particular merchant by the students. The loyalty coins may be separate to restricted and unrestricted coins, or may be defined by restricted coins only redeemable at a particular merchant. The loyalty coins may or may not be backed by one or more underlying assets.

[0081 ] According to certain embodiments, when the student 1 15 registers to the learning server 120, biometric data of the student 1 15 is captured or registered. Examples of biometric data includes facial image data of the student, and fingerprint data of the student. When the student completes a task (or prior to completing the task), new biometric data of the student 1 15 is captured (e.g. a new facial image) and compared to the stored biometric data.

[0082] This enables the system 100 to verify that the student 1 15 is actually completing the tasks (or at least present when the tasks are completed), rather than having given the student device to someone else.

[0083] EXAMPLE: GOVERNMENT INVESTS IN EDUCATION

[0084] In one useful application of the system 100, a government wishes to invest in education of its people. In addition to funding schools, the government may allocate a certain amount of funds to reward based education.

[0085] In such case, the government may purchase a number of restricted coins, and associated the restricted coins with certain restrictions (e.g. not to be used on alcohol).

[0086] Students then perform educational tasks, and are automatically rewarded for performing these tasks using the restricted coins purchased by the government.

[0087] The restricted coins may then be redeemed, in accordance with the restrictions associated with the coins, and thus have a value to the student and thus incentivize learning by the student.

[0088] As the ledgers associated with the coins are transparent, the government may monitor how the coins have been distributed and spent, to assist in evaluating the educational program.

[0089] EXAMPLE: PARENT REWARDS CHILD WITH RESTRICTED COIN

[0090] In other useful application of the system 100, a parent purchases one or more restricted coins, and associates those restricted coins with certain restrictions (e.g. only to be used on educational items).

[0091 ] The parent may give the restricted coin(s) to a child, e.g. periodically (like pocket money), or upon completion of tasks around the house, for example.

[0092] The child may collect such restricted coins, and make purchases therefrom. The parent is able to thus control how the pocket money (or coins) are used, and thus prevent them from being used for illegitimate uses, or even specify the use of the coins.

[0093] Figure 5 illustrates a payment and rewards method 500, according to an embodiment of the present invention. The payment and rewards method 500 may utilise the system 100 of Figure 1.

[0094] At step 505, a restricted coin is generated, the restricted coin including restrictions associated with redemption of the coin. The restrictions are recorded in a ledger, and in particular block of a blockchain associated with the coin.

[0095] At step 510, the restricted coin is transferred to a user, and a new block is generated according to the previous blocks and the transaction to the user. As such, the restrictions are still recorded in the blockchain associated with the coin and thus cannot be removed.

[0096] At step 515, goods or services are purchased using the restricted coin, wherein the purchase includes determining that the goods or services are compliant with the restrictions using the blockchain associated with the coin.

[0097] At step 520, and upon determining that the goods or services are compliant with the restrictions, the restricted coin is transferred to the merchant providing the goods and services, and a new block is generated according to the previous blocks and the transaction to the merchant. Details of the purchase are also provided in the new block, enabling others to verify the transaction.

[0098] Figure 6 illustrates an educational rewards method 600, according to an embodiment of the present invention. The method 600 may be performed with the system 100 of Figure 1 .

[0099] At step 605, one or more educational tasks are generated for a student, and provided to the student using a computing device. The tasks may comprise tasks similar to the task illustrated with reference to Figure 3.

[00100] At step 610, the user performs the task on the computing device, and performance of the task is automatically registered.

[00101 ] At step 615, a restricted coin is provided to the user in response to completion of the task. The restricted coin includes restrictions associated therewith, which enables control over how the coin is used, as outlined above. The restrictions are recorded in a block of a blockchain associated with the coin.

[00102] At step 620, goods or services are purchased using the restricted coin, wherein the purchase includes determining that the goods or services are compliant with the restrictions using the blockchain associated with the coin.

[00103] While the above based systems describe rewarding students for tasks, the system may also be used for rewarding teachers for student task completion. This is particularly useful for home based teachers, distance education teachers (i.e. teachers teaching students remotely), or teachers outside of normal teaching environments, as it enables the student progression to be monitored and rewarded.

[00104] In such case, the reward may comprise a restricted coin, as outlined above, or a non-restricted coin. The reward may supplement the teacher’s income, or the reward may comprise the teacher’s income. The skilled addressee will readily appreciate that the term “teacher” in this context need not relate to a formally qualified teacher, but refers to anyone in a teacher-like relationship with the student, including a parent or family member in a home schooling environment, or a tutor providing tutoring.

[00105] In such configuration, the system may enable retired teachers, and others, to provide teaching or tutoring services, including to students in remote locations, while receiving remuneration for same. In addition to coins being funded by government and other large entities, as described above, parents may fund coins for the purpose of tutoring their children.

[00106] Figure 7 illustrates a payment system 700 incorporating a digital currency system 105, according to an embodiment of the present invention. The payment system 700 is particularly useful in providing transparency to a user regarding if and how a restricted coin is used. This is particularly useful for charities and charitable donations, which can be to registered organisations or to individuals. This can in turn provide security to the donor that his or her donation is being used for what he or she intended.

[00107] The system 700 is similar to the system 100 and may share the digital currency system 105 with the system 100, and includes a donor device 710 in the form of a mobile computing device, which enables a donor 715 to make restricted donations to a charity using a mobile application on the donor device 710.

[00108] In use, the donor 715 registers to a central server 720 using the donor device 710, from which he or she may purchase restricted and unrestricted coins. The coins are backed by the government 125, as outlined above.

[00109] Typically, the donor 715 would purchase unrestricted coins using another currency (e.g. a fiat currency on a credit card), and these restricted coins would be placed in the donor’s wallet.

[001 10] The donor may then view one or more charitable opportunities 730 by connecting to a charity server 735. The charitable opportunities 730 may be very broad (e.g. relate to regions in which the charity operates), or be very specific (e.g. relate to specific relief projects), or a combination thereof. In one example, the charitable opportunities 730 may be arranged in a hierarchical structure, which in turn enables the donor 715 to select a charitable opportunity 730 that is as broad or narrow as he or she wishes, and in an area (geographically or purpose, for example), which he or she finds important.

[001 1 1 ] The donor 715 may then provide a restriction to one or more coins in the wallet that these coins may only be used for that particular charitable opportunity. This then enables the donor 715 to donate these coins to the charity, and be ensured that they are used only for that particular charitable opportunity.

[001 12] In some embodiments, the restrictions may include a maximum value that may be used on administration of a charitable opportunity. The charity may advertise the amount used in administration, and the donor 715 may place restrictions on the coins that relate to not exceeding that particular amount. This may ensure that not only is the donation directed to the right area, but also is not being used for high levels of administration costs.

[001 13] If the charity were to later be unable to meet the administration restrictions, the charity may be unable to use the coin, and thus be forced to lower its administration costs, or return the coin. In some embodiments, the coin may be automatically returned to the donor 715 if not used within a particular time period.

[001 14] Once the coin has been donated, an identifier associated with the coin may remain in the donor’s wallet, which may be used to see if the coin has been spent and on what. This enables the donor to trace usage of his or her donations with great specificity, which in turn ensures that the donor is able to be well informed of the use of his or her donation. Such transparency may increase donation levels, as it enables the donor 715 to exactly see the results of his or her donation.

[001 15] The usage of the coin may be traced using the ledger, where details of the future transactions are either entirely transparent (unencrypted) or encrypted with a public key of the donor.

[001 16] Advantageously, the system 700 enables the donor to have greater power over how his or her donations are used, which may ultimately increase donations.

[001 17] The coins described above may be single use coins (i.e. may be given to a user, and only used once by that user). Such restriction may be incorporated into the restrictions of the coin (e.g. that the user must be the person redeeming the coin). Such configuration helps avoid coins being traded on the black market or between users to avoid the restrictions of the coin.

[001 18] In other embodiments, the coins may be transferred between users freely, or between categories of users. As an illustrative example, a coin may be donated to a charity for the purpose of purchasing food products. The charity may transfer the coin to a local arm of the charity, from which it is transferred to one or more end recipients.

[001 19] Advantageously, the systems and methods described above related to a digital cryptocurrency which is particularly useful for charities, for families, and in driving social change, such as reducing illiteracy. In relation to charities, the digital cryptocurrency provides both control to the donor in how the donation is used, and transparency in relation to how the donation is ultimately used. In relation to illiteracy, the use of blockchain-technology in the system creates an innovative economy with an encrypted coin/token payment system that may a) fund, develop, and distribute education technology solutions to tackle problems with education and illiteracy, and b) reward student-learning by distributing the restricted coin. The use of the restricted coin enables the reward to be spend at approved vendors whose services and products meet the educational criteria of the economy, or on approved goods.

[00120] By utilising blockchain technologies, as outlined above, the system enables a faster, more efficient and effective way of using existing charitable and educational funds, decentralizing the cost of charities and education.

[00121 ] Funds may be gained from processing transactions, and may be used to continue to develop education technology solutions (e.g. through an illiteracy fund), support ongoing operations of the system, and/or to reward existing coin holders with a yield on their holdings.

[00122] In contrast to cash incentives for incentivised learning, which often resulted in distrust and corruption, the systems and methods reduce the likelihood of corruption and fraudulent activities. Similarly, in contrast to cash donations, the systems and methods enable donations to be used for the purpose (and specified so), rather than be eaten up by administration.

[00123] The Restricted Coin may be programmed with pre-set protocols set by the underwriter attached, allowing them to only be spent or transferred to approved vendors or items. Therefore, parents of end users of our learning programs can have peace of mind, knowing that if they transfer restricted coins to their children’s wallets, the coins can only be spent on items they approve.

[00124] Furthermore, devices such as iPads, tablets, computers, will be able to receive our learning syllabi and tasks to complete and therefore enabling the students to automatically receive restricted rewards (coins) directly to their wallets.

[00125] The system of exchange of restricted coins may be arbitrage-free, and coins will be valued at a certain price always (dated), offering users stability and peace of mind.

[00126] Finally, the transparency of a public blockchain platform enables student and charity performance to be monitored, thus enabling continual improvement.

[00127] The computing devices, servers, and the like, need not be singular in nature, but instead may comprise a network of computing devices, and may be cloud based, where actual computer resources are allocated dynamically.

[00128] In the present specification and claims (if any), the word ‘comprising’ and its derivatives including‘comprises’ and‘comprise’ include each of the stated integers but does not exclude the inclusion of one or more further integers.

[00129] Reference throughout this specification 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 invention. Thus, the appearance of the phrases ‘in one embodiment’ or ‘in an embodiment’ in various places throughout this specification are not necessarily all referring to the same embodiment. Furthermore, the particular features, structures, or characteristics may be combined in any suitable manner in one or more combinations.

[00130] In compliance with the statute, the invention has been described in language more or less specific to structural or methodical features. It is to be understood that the invention is not limited to specific features shown or described since the means herein described comprises preferred forms of putting the invention into effect. The invention is, therefore, claimed in any of its forms or modifications within the proper scope of the appended claims (if any) appropriately interpreted by those skilled in the art.