An application published on March 1st, 2018 indicates that PayPal has filed for a patent that will allow faster crypto payments to happen.
The global payment company is seeking a faster way to boost the speed of cryptocurrency payments.
The concept seeks to address the issue of time when per taking crypto payments. Normally due to safety measures, these transactions take longer but this new method will reduce the amount of time it takes for a transaction to go through between a buyer and a seller.
The method will allow PayPal to shortcut the process that involves sending a transaction and having to wait for it to be added in the next block in the network.
To achieve this PayPal has proposed a way that will allow for the creation of secondary wallets that will have their own unique private keys for sellers and buyers.
The system is designed to transfer private keys that correspond to the exact number of any given cryptocurrency.
The application details a formula in which private keys, which are basically a string of letters and numbers that are used to transact and control one’s crypto holdings – are changed between a buyer and a seller behind the scenes.
A piece of the filing explains:
“The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”
This submission is notable as it comes years after PayPal announced it had partnered several Bitcoin payment processors in a move that allowed merchants to accept cryptos through its payment hub since 2014.
The new development isn’t surprising given that PayPal co-founder Peter Thiel is heavily invested in Bitcoin through the founder’s fund, a firm he helped launch.
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