PayPal ups the ante in the cryptocurrency war
Daily Hunt March 08, 2018 Online payment service provider, PayPal, has filed a new patent application for an "expedited virtual currency transaction system" with the US Patent and Trademark Office. Currently, there is a global race to file patents in anything related to cryptocurrencies or blockchains and the technology incorporated in cryptocurrency-based transaction systems. Seeing this trend, PayPal seems to be adding the patent to its kitty for future needs and use. The inventors of the new transaction system are Cheng Tian and Sandy Lynn Godsey of San Jose, California, with PayPal Inc. as the applicant of the system proposed by them. How will the new system work? The technology described in the patent will work by creating a secondary wallet for each individual user. These secondary wallets will have their own private keys. A transaction will be performed by using the private key of the primary wallet to transfer a defined amount of money to the secondary w