Cybercurrency publications have been excitedly reporting this week that major e-cash processing giant PayPal has filed patents on cybercurrency, perhaps indicating that it intends to add such products to its range.
Numerous patents have recently been filed by a diversity of companies interested in exploiting the commercial possibilities of cryptocurrency.
In its filing with the US Patent and Trademark Office, PayPal refers to an expedited virtual currency transaction system suggesting that it may involve creating secondary wallets that each include a respective secondary wallet private key, and a transaction is performed using the primary wallet private key to transfer different predefined amounts to each of the secondary wallets. When an instruction is received to transfer a payment amount to a second user, they are
allocated a subset of the first users secondary wallet private keys that together contain cryptocurrency that equals the needed amount.