PayPal Wants to Create a System to Hasten Crypto Transactions

PayPal Wants to Create a System to Hasten Crypto Transactions

Everybody nowadays wants to participate in the blockchain innovative race. Recently, the American system, which operates global payments, PayPal has swollen the ranks of DLT enthusiasts, including Walmart, IBM, Apple, Lenovo, and Microsoft.

What PayPal intends to do is to develop a system, which would speed up crypto transactions. The relevant application was published by the US Patent and Trademark Office on March 1. Who knows, maybe soon we will see a revolutionary system, which could compete with the Lightning Network.

Our top trading bots

PayPal Interested in Blockchain. Again

Not long ago PayPal submitted a patent application for a potential cyber money transaction system. However, it is not the first time when this online payments provider expressed its deep interest in DLT, and blockchain in particular.

The previous time it was in the middle of 2016. Then, PayPal filed an application for a patent of a modular payment module. This system was expected to accept such cyber coins as BTC, LTC as well as DOGE.

Now, PayPal wants to rival the already existing solutions for the blockchain overload problems.

Saving The World of Cryptos From Drag

In the document, it is explained that the new system for carrying out crypto payments is needed because of enormous time gaps between the stages of sending by one user and confirmation by miners. In particular, PayPal emphasized that this process usually takes more than ten minutes and the situation needed to be changed.

At the same time, in the filing, it is noted that such delays shape the distressing experience for crypto users, and even tradition credit cards beat cyber transactions in this.

That would not be serious if such delays did not slow down the worldwide adoption of cryptos. That is why PayPal is eager to create an expedited cyber money transaction system.

How will it work?

According to the filing, the new system is expected to shorten the waiting time thanks to the generation of secondary wallets. Each of these electronic “purses” would comprise a relevant private key.

The system envisages that transactions will be carried out with the help of a first wallet private key. Various predetermined sums of money will be, hence, sent to each of the secondary “purses.”

When there is a signal to send cyber money to an entirely different user, these secondary wallets are allocated a set of the primary user’s secondary “purse” private keys. Overall, these clues comprise digital coins which even to the necessary sum.

30-somethings led crypto purchases at South Korean exchanges in 2021
Crypto users between 30 and 39 years old are the demographic with the most deposits on major exchanges in South Korea.According to a Sunday report from...
Teller Finance deploys mainnet on Polygon, migrates 2,200 NFTs
Teller Finance, a non-collateral lending protocol for the DeFi market, has officially deployed its mainnet on Polygon, marking a significant milestone in...
Osprey Funds CEO says US will approve Bitcoin ETF in 2022 ‘at earliest’
The CEO of Osprey Funds — the issuer of over-the-counter Bitcoin trust OBTC —isn’t holding his breath for a Bitcoin (BTC) exchange-traded fund (ETF) approval...
Enjin's EFI token sale nets $20 million as NFT aspirations grow
A public sale of EFI token on CoinList netted Enjin $20 million in proceeds, setting the stage for a successful launch of a nonfungible token, or NFT, network...
China's miner exodus a ‘big net positive for crypto,’ Mike Novogratz says
As major miners are leaving China one after another following the country’s crackdown on Bitcoin (BTC), Galaxy Digital CEO Mike Novogratz has echoed other...
Cardano Falls 25% In Selloff
Investing.com - Cardano was trading at $1.178365 by 10:40 (14:40 GMT) on the Investing.com Index on Sunday, down 25.11% on the day. It was the largest one-day...
BTC price nears $60K showdown: 5 things to watch in Bitcoin this week
Bitcoin (BTC) is challenging familiar but significant all-time highs as a new week gets underway, rallying to $58,000 on Monday.After a surprise rally on...
Keep Network unveils v2 specs for tBTC protocol
The Keep Network has released details for the second iteration of its “trust-minimized” Bitcoin tokenization protocol, tBTC.In an April 11 blog post, Keep...
EOS Climbs 10% As Investors Gain Confidence
Investing.com - EOS was trading at $6.8473 by 20:45 (00:45 GMT) on the Investing.com Index on Sunday, up 10.35% on the day. It was the largest one-day percentage...
Cathie Wood: BTC investors shouldn’t transact until tax code changed
Cathie Wood, the founder and CEO of Ark Invest, is cautioning investors not to sell or transact their Bitcoin (BTC) until the United States Internal Revenue...
Ethereum’s Lubin Says Blockchain Will Develop Longer Than Internet
Many crypto-experts have predicted that the enactment of DLT would be as revolutionary as the one of the World Wide Web. However, the situation with its...
BTC Starter Kits & Crypto ATMs: House of Nakamoto Opens in Amsterdam
Bitcoin-beginners in Amsterdam can now seek support in the House of Nakamoto, a newly opened branch of the Austrian self-titled project. The latter guides...
Famous YouTuber Lost $2 Million Worth Crypto-Coins During Livestream
One might not be protected from hackers in the sphere of cryptocurrencies, even if one is the person who knows everything (or at least a lot) about cyber...
The Waves Team Presented A Beta Version Of The Desktop Client
The Waves team introduced a beta version of the desktop client, available for various operating systems.According to representatives of Waves Platform,...
ICO Benebit Team Disappeared With $2.7 million
The organizers of the ICO project Benebit disappeared with at least $2.7 million of investors' funds. According to other sources, the amount of money raised...