Coinbase has patented a technology that will seriously enhance the safety of cryptocurrency

Coinbase has patented a technology that will seriously enhance the safety of cryptocurrency

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Recently, Coinbase has patented a technology that will make trading on their exchange more secure.

“Now users the problem of safety causes anxiety, because the private keys their bitcoin address can be stolen, – brings a squeeze over from the patent of Coindesk. – the Existent decisions do not guarantee complete safety of the private keys”.

Within the framework of the described system, there will be a special process that should significantly improve safety. Now, several keys will be created, which will be combined into one master key, which will be encoded with a random user phrase. Such keys will be public and reusable, and you can delete it when the user wants it. The master key will be used to encode the private key during payment confirmation.

Also, the original method called “freeze logic” is used – the administrator can interrupt the transaction if there is a failure in the system.

Extract from the patent reads:

“At any moment to time after loading the master key system can be frozen. Deblocking is produced by means of the key from the “ceremony keys”. Verification can be executed at any state of the system, and payments are possible only at deblocking of the system”.

The patent also explains that API-keys are included in the system. This will allow different sites to create their own versions of the system, customizable individually.

The API key is composed of two others: from the key that is on the site’s database and from the key stored in the Coinbase database. To make a payment it is necessary that both these keys match. This adds one more security layer.

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