The application for the “accelerated system of cryptocurrency transactions” was submitted to the US Patent and Trademark Office on August 30, 2017 and was published on Thursday, March 1.
The new system will allow to transfer private keys from the buyer to the seller “behind the scenes” and will shorten the time of funds transfer, eliminating the need to send a transaction and wait for its inclusion in the next block of the chain.
To implement this idea, PayPal proposes to create “secondary wallets” with its own unique private keys for buyers and sellers, which will correspond to a certain amount in any cryptocurrency.
As explained in the application, this method “excludes the waiting time that was necessary for the payee to be sure that during the transaction the cryptocash payment will reach him”. Referring to the long confirmation of transactions, one of PayPal’s competitors, Stripe payment service, refused to support Bitcoin.
Write: Sara Bauer