Cryptocurrency investors rushed to Ripple Monday, driving the price up 15% in early trading, amid renewed rumors that Coinbase was considering adding it to its offerings.
The concept seeks to address the issue of time when per taking crypto payments. Normally due to safety measures, these transactions take longer but this new method will reduce the amount of time it takes for a transaction to go through between a buyer and a seller.
The method will allow PayPal to shortcut the process that involves sending a transaction and having to wait for it to be added in the next block in the network.
To achieve this PayPal has proposed a way that will allow for the creation of secondary wallets that will have their own unique private keys for sellers and buyers.
The system is designed to transfer private keys that correspond to the exact number of any given cryptocurrency.
The application details a formula in which private keys, which are basically a string of letters and numbers that are used to transact and control one’s crypto holdings – are changed between a buyer and a seller behind the scenes.