Coinbase’s Armstrong has just been granted a US patent for an invention that could make sending Bitcoin as easy as email so we are about to read further in the bitcoin news today.
The patent that was granted on Tuesday and filed in 2015, shows how the system for users is created so they can make a cryptocurrency payment with email addresses linked to corresponding wallet addresses and the sender can easily make a request to send cryptocurrency to an email address. Later, the system automatically will transmit the agreed amount if they have the required balance from the sender’s wallet to the corresponding wallet of the receiver.
The system takes about 48 hours for the transaction to be cleared and once the receiver confirms the payment as well. The cryptocurrencies that are not in use will be stored in a secure vault that can be easily accessed by the email address that was linked to the corresponding wallet. Coinbase made more than $2 billion in transaction fees since 2012 and the proposed email system that will not charge the users fees. According to the new patent, the mining fees will be paid for by the exchange. The patent mentions specifically bitcoin and doesn’t say whether the system will support other cryptocurrencies but it wouldn’t be such a big issue.
There seems to be no restriction on the email providers which means that the users could use existing email addresses when they wish to. The email system will also include a featured exchange facility for all of the users to make in-app bitcoin trades by using the fiat currency from a previously linked bank account. Whether the exchange plans a new service based on the patent is not clear currently. Coinbase’s Armstrong didn’t respond for further comments.
Two other patents were granted to Coinbase as well and one is an application for ensuring the users’ accounts are in compliance with international and local law and the other an enforcement protocol for closing the non-compliant accounts. The email transaction system will make all of the crypto transactions easier for the less experienced users. Armstrong said he wanted to make an inclusive financial system as we read in the coinbase news previously:
“The vision for Coinbase is creating more economic freedom for every person and business in the world over the next 10 years.”
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