PayPal has filed a patent application on a new method of cryptocurrency transactions

The Office of patents and trademarks USA (USPTO) received a patent application from the world’s largest electronic payment system PayPal, on a new method of acceleration of crypto-currency transactions.

In the application of the described method when both sides of the transaction make an exchange of private keys. This method will significantly reduce the transit time of the payment, because it does not require a transaction and waiting for it to be included in another unit network. The company proposed a unique method of creating recycled wallets, with private keys. The system automatically organizes the exchange of private keys between wallets of both parties.

«The presented method significantly reduces the waiting time necessary for the receiving party was fully confident of receiving payment»,- is spoken in the application of PayPal.

It is known that PayPal, in 2014, is collaborating with several major cryptocurrency services, including BitPay, Coinbase and GoCoin, but company executives have different attitudes to bitcoin. Peter Thiel (Peter Thiel), earned on investments in bitcoin hundreds of millions of dollars, I’m sure that the potential of crypto-currencies undervalued. Max Levchin (Max Levchin) questioned the long term of bitcoin, however, appreciated the technology of the blockchain.

John Reini (John Rainey), chief financial officer of PayPal believes that cryptocurrencies will become widely popular, but it will not happen soon.

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