The crypto exchange Gemini that was founded by the Winklevoss brothers, who are one of the wealthiest crypto investors out there, has recently won a patent for cold storage involving air-gapped computers, geographically remote vaults, plastic cards as well as papyrus.
The patent was originally filed under the brothers’ firm Winklevoss IP, LLC, in a document that was published on Tuesday by the US Patent and Trademark Office (USPTO). As such, it outlines a plan to develop a network of computers that are capable of generating accounts for storing cryptocurrencies or exchange-traded products (ETPs).
Isolated except when necessary to transfer assets, the computers in this plan would act as cold storage devices. As such, they would generate the keys for new accounts, which would then be segmented into different parts and written onto an external memory device such as a CD, DVD or flash drive.
The patent also outlined different ways of manufacturing cards, stating that “for example, two sets may be stored on paper, and a third set is stored on papyrus,” but also noting that at least one set of keys must be stored on an electronic memory device.
Linked to an access portal, the computers will be connected to the blockchain network in order to process transactions, as the document explains. Aside from this, the patent also notes that digital asset ledgers are used to facilitate financial transactions – which is why securing them enables consensus protocols to operate properly and prevent attacks from happening.
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“The first one is that it can support multiple collateral types. This, of course, means ERC-20 tokens. It also means Bitcoin through WBTC. A range of cross-chain assets that are emerging now. Also, there will be other stablecoins. Centralized stablecoins that already exist on the Ethereum blockchain. But most importantly, security tokens.”The MakerDAO foundation initially owned all of its MKR tokens but as Rune explained, they sold them off to multiple huge players in the EthereMum world in order to fund teams of 100 people. He says that MKR exists only to be able to vote in the system. The system rewards people who hold CDPs and when everything goes well, the MKR total supply is reduced, tokens get burned off and the value of the remaining tokens increases. Dai is extremely unique and some consider it as the real stablecoins, unlike the pegged coins. Dai is built on an open system so people who invest in cryptocurrency can access the stability of the Oracle system. Christensen also explained how real security tokens operate better in the world of traditional assets. He said:
“Security tokens are still something that is quite new. But what that really represents to Maker is the ability to now interact with real-world assets. The ability to interact with real-world finance and provide arbitrage opportunities between the traditional finance world and the tokenized world. That means that in the future the Dai will not just be backed by volatile cryptocurrencies, but things like real estate, bonds, and stocks.”The most important way to use Dai is as a stablecoin. If anything happens to the Ethereum network, there could be some negative consequences to the market but MakerDAO couldn’t get in a worse position than the one last year.
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