Bank of America Wins Patent for Crypto Exchange System
From Coindesk
Bank of America may be looking into cryptocurrency exchange services for its corporate clients – or at least keeping its options open should they become interested.Read more: https://www.coindesk.com/bank-of-america-outlines-cryptocurrency-exchange-system-in-patent-award/In a patent awarded by the U.S. Patent and Trademark Office on Tuesday, the second-largest bank in the U.S. outlined a potential cryptocurrency exchange system that would convert one digital currency into another. Further, this system would be automated, establishing the exchange rate between the two currencies based on external data feeds.
The patent describes a potential three-part system, where the first part would be a customer’s account and the other two would be accounts owned by the business running the system. The user would store their chosen cryptocurrency through the customer account.
The second account, referred to as a "float account," would act as a holding area for the cryptocurrency the customer is selling, while the third account, also a float account, would contain the equivalent amount of the cryptocurrency the customer is converting their funds to.
That third account would then deposit the converted funds back into the original customer account for withdrawal.
Much of this sounds bogus as a patent in my opinion. Seems like much of this has already been done and released open source. Good luck enforcing patents for ideas that were already working before you filed for a patent.
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I read this and was the 51st person to upvote it but only the fourth person to view it. Why do we allow people to upvote articles they don't even look at??? For Steemit to work we need to be encouraging QUALITY content. The upvote button should only be on the articles actual page.
people are busy; and greedy xD
Bots... controlled by people.
I mean I really am not too mad about it. I only vote on things I actually read, but whatever. Modern social media is a fractured mess; humans love to turn simple things like talking to each other into chaotic, sprawling messes. Then add making money by talking to each other to that mix, and oh boy.
Take my upvote! #OpenSourceOrDie
Nice post