PayPal develops its own system of instant cryptopayments

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PayPal develops its own system of instant cryptopayments

The processing giant PayPal works on its own system of cryptocurrency payments which has to increase the speed of transactions. Information on the corresponding patent application has appeared on the website of United States Patent and Trademark Office.

In the document  named “The Accelerated System of Transactions in Virtual Currency” the method of implementation of cryptocurrency payments by means of special private keys’ transfer between the seller and the buyer is described.

The main goal of the new system is to reduce the time demanded on confirmation of transactions and emergence of the new block in the network. For this purpose PayPal developers suggest to use so-called secondary e-wallets with their own set of unique private keys for buyers and sellers. The system will generate and transfer keys to which the required sum in this or that cryptocurrency is tied.

“These systems and methods practically exclude time during which the recipient has to wait ensure that he has received the payment in a virtual currency. It is reached by means of transfer of private keys which are included in virtual currency wallets and are connected with the predetermined quantities of the virtual currency equal to the amount of payment.”

— the document says.


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