PayPal is looking for a way to increase the speed of cryptocurrency payments, shows the recently released patent registration.
The application for the “Expedited Virtual Currency Transaction System”, published on March 1 by the USPTO, describes the method by which private keys – numbers and letters lines used for transactions or otherwise monitor their cryptocurrency holdings – this has changed with the buyer on the seller behind the scenes.
The goal of the concept is to reduce the time it takes for payments to pass between the consumer and the merchant, avoiding the process of sending the transaction and waiting for it to be included in the next unit on the network. For this, PayPal offered a way to create secondary purses with their own unique secret keys for buyers and sellers. The system will transfer personal keys corresponding to the exact amount of any cryptocurrency.
As stated in the material:
“The systems and methods of the present disclosure virtually exclude the amount of time that the recipient must expect to make sure that they will receive payment for the virtual currency in the virtual currency transaction by transferring to the secret keys of the recipient that are included in the virtual currency purses that are associated with the predefined virtual currency amounts, which are equal to the amount of the payment specified in the transaction of the virtual currency “.
The view is noteworthy, a few years after PayPal announced a partnership with several bitboy processors that allowed sellers to take the cryptocurrency through the company’s payment center, starting in 2014.
The co-founder of PayPal, Peter Thiel, also reportedly invested heavily in bitcoin through the Founders Fund, VC, which he founded.