In news released over the weekend, it appears that PayPal is looking for ways to boost cryptocurrency transaction times.
PayPal published an application for an "Expedited Virtual Currency Transaction System" late last week.
According to the application, a method is being developed where private keys are swapped from a buyer to a seller behind the scenes.
That sounds completely different than how things are done currently.
How would it work?
Details are still a bit fuzzy, but some snip-its from the release can help us get a slightly clearer picture of what they are trying to do.
Specifically this was mentioned in the application:
"The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction."
(Source: https://www.coindesk.com/paypal-eyes-instant-crypto-payments-tech/)
Judging from this, it certainly sounds like an entirely different way of transaction using virtual currencies is being proposed!
Overall, the goal of the new technology is to greatly reduce the amount of time it takes for digital payments to be processed.
Currently for every transaction that is sent, it must wait to be included in the next block of the network to be fully processed and confirmed.
PayPal is proposing a way to create secondary wallets that would have their own unique private keys.
The payment system would then transfer these private keys corresponding to the exact amount of any given cryptocurrency.
Interesting to say the least.
Whether something like this catches on remains to be seen, but it certainly could speed up transaction times.
More on the Patent can be found here:
Stay informed my friends.
Image Source:
https://www.jtvdigital.com/blog/how-to-generate-a-1-click-paypal-payment-link/
