PayPal news
PayPal will increase the speed of payments using cryptology
As the recently filed patent application shows, PayPal is looking for a way to increase the speed of payments with the help of crypto-currency technologies.
The application for the "accelerated transaction system in virtual currency", published on March 1 by the US Patent and Trademark Office (USPTO), describes the method by which private keys are strings of numbers and letters used to make transactions or otherwise monitor their crypto-currency deposits - Transition in the transaction process from the buyer to the seller.
The purpose of the concept is to shorten the processing time of the payment, eliminating the waiting period for the transaction confirmation and including it in the next block in the network. For this, PayPal offered to use secondary purses with its unique private keys for buyers and sellers. The system will transmit private keys corresponding to the exact amount of this crypto currency.
The application explains:
"The systems and methods of this mechanism virtually abolish the waiting time interval for receiving payment in virtual currency by transferring to the recipient private keys that are included in virtual currency purses associated with the predetermined virtual currency amounts equal to the payment amount specified in the transaction."
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