Paypal claimed recently it filed a patent to speed up Bitcoin transaction speed which has been a big issue limiting the efficient use of the cryptocurrency as an efficient currency. The transaction fee of bitcoin goes up whenever the network is overcrowded as seen in the latter part of last year and this has significantly reduced the optimism many people had for Bitcoin earlier on.
Paypal is one of the companies making attempt to provide a solution that will change the way we use bitcoin to a large extent. It filed this Patent with the US Patent and Trademark office. This technology is supposed to speed up bitcoin payment transaction time using a secondary wallet. This Patent details a new system that will transfer private keys outside the blockchain system in order to increase the transaction time in the bitcoin network.
However, a Bitcoin developer is challenging this Patent claiming that this technology already existed in the network before. Peter Todd, an applied cryptocurrency consultant and bitcoin developer claimed that the technology was designed way earlier than Paypal by a former bitcoin -marketplace coinkite and it was known as Opendime.
Opendime is a hardware bitcoin wallet similar to Trezor and Ledger but structurally different from these other 2 hard ware devices. It also comes with a multi-signature bankgrade security features. Opendime allows bitcoin users to transfer bitcoin with internal private keys.
However the case may be a solution to this lingering problem of waiting time and high transaction cost of bitcoin may soon become a thing of the past.Some developers have also advocated for the use of Lightning in resolving this issue. If any of these technologies work then mainstream adoption of bitcoin may be closer than we can ever imagine.
Let me know your thoughts on this. Do you think the Paypal has a right to filing this Patent as its own or the technology is the same Paypal is trying to imitate? Let me know your comments below