We hope that they will be acquired by a community-minded company with the vision to realize their potential for creating sustainable commerce and a more level economic playing field.
Minneapolis, MN (PRWEB) October 28, 2008
DualCurrency Systems of Minneapolis Minnesota announced that its two business methods patents for DualCurrency Pricing, Accounting and Transaction Settlement Systems, awarded in 1997, will be auctioned off in Chicago, IL on October 30, 2008 as part of the Ocean Tomo Live Fall Auction. The auction's online catalogue can be viewed at Ocean Tomo Auction Catalogue.
DualCurrency Systems (DCS) Founder Joel Hodroff explained that the company was unable to raise needed venture funding to bring its novel payments platform to market. "We are selling our patents at auction to realize some gain for our investors and to allow an industry leader with sufficient financial and technological resources to deploy this sweeping innovation in the US and globally," said Hodroff. "Our patents have equally valuable commercial and social applications," he added. "We hope that they will be acquired by a community-minded company with the vision to realize their potential for creating sustainable commerce and a more level economic playing field." The company launched an email campaign in mid-October linking their DualCurrency solutions and their issued US Patents to the current economic crisis.
New Money for Economic Crisis
Under the terms of the auction IP Sales Agreement, DualCurrency Systems will retain a non-exclusive, fully paid-up, worldwide license with which to continue its work. The company seeks opportunities to collaborate with public policy and academic think tanks, as well as with corporate product innovations departments in banking, payment systems, loyalty rewards, card services and e-commerce.
Next-generation payments platform and reward programs
On the commercial side, the company devised "Universal Rewards Solutions," wherein any participating loyalty reward could be redeemed by any participating merchant using standard credit card, debit card or e-commerce payment platforms. This would help frustrated consumers to more easily redeem trillions of frequent flyer miles and other reward points currently stocked-piled in their accounts. It would also drive much needed traffic to participating merchants and additional transaction revenues to payment systems operators. Universal Rewards Solutions Power Point Presentation
Another commercial application is "HealthBucks," a wellness-incentives program designed to improve public health while lowering health-care costs for employers, employees and taxpayers alike. Current wellness incentives, such as gift cards, are expensive for employers and health-care systems. Inexpensive alternatives such as logo gear are generally not sufficient to compel healthy lifestyle changes among employees. HealthBucks incentives would look and spend like cash, yet would cost employers only pennies on the dollar. This is because HealthBucks would be backed by merchants' currently underutilized business capacity (empty restaurant tables, empty college desks, off-hours at health clubs and oil change shops, unsold retail inventories, etc.), all made available on a part-cash; part-HealthBucks basis.
HealthBucks PowerPoint Presentation
Hodroff observed, "DualCurrency Commerce releases currently wasted wealth throughout the economy to move us beyond the zero-sum-game of traditional economics and commerce. It poses a unique win-win proposition for all business stakeholders, owners/investors, employees, customers and communities alike. Once DualCurrency networks are built and operating, the value proposition will be obvious to all, just as we now see the superiority of paper currency over gold coins and electronic banking over paper currency."
Sustainable Prosperity Now! White Paper
About DualCurrency Systems:
DualCurrency Systems (DCS) of Minneapolis, Minnesota, holds the first issued U.S. Patents for a next generation payment platform for banks, card processors and e-payments intermediaries. The DCS system exploits a significant inefficiency in the market by capturing currently overlooked wealth, such as empty restaurant tables, empty airline seats, empty college desks and excess retail inventory. The system utilizes a proprietary financial instrument -- part barter dollar; part business scrip -- to stretch consumer cash, as well as a Virtual Community Warehouse to store the new assets. Additional purchasing power is delivered to Network consumers through: increased employee benefits that don't raise cash labor costs for employers; incentives for wellness behaviors; supplements to social security that don't raise taxes on businesses or individuals; and rewards for community volunteerism.
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