Paypal, an online payment services provider, stole the US Patent and Trademark Office’s gate for the “accelerated virtual money transaction system.” For the first time since 2016, the company has filed patent applications related to crypto-money. Paypal made the last application for the modular payment system which is accepted as bitcoin, litecoin and dogecoin.
Within the system described in the patent application, secondary purses are created which have their own special key. The secondary wallets are pre-set, sending different amounts, using the private key of the primary (first) wallet and the transaction is completed. When instructions for transferring funds to another user are received, a subset of the primary key of the first user is sent to the secondary wallet. This special key also covers the predetermined amount of money. The creation of the secondary key accelerates the completion of the process.
Increased speed of demand
In the case of Paypal’s application, it is stated that the proposed system is needed due to the time difference between the start and verification of transactions, ie the delay period. The application, which claims to have hit the user’s experience for ten minutes or more for Bitcoin approvals, said that waiting times in crypto paroles are considerably higher than credit card payments made with nominal amounts. The application contains the following statements about it:
“The waiting period, which can easily reach 10 minutes in most of the crypto money transactions, should be for both the person who paid and the person who paid. In this case, both parties may prefer to send with traditional payment methods instead of crypto money. Despite its many advantages, such problems have slowed down the adoption process of crypto money. Therefore, the market needs an accelerated virtual money transaction system. ”