Square, the company wins a patent for a new cryptocurrency payment network

Square, a renowned San Francisco based digital payments firm has won the patent that they applied for mentioning a new cryptocurrency payment network. This payment network is designed to allow the merchants to accept payments in any form of currency opening the gates to cryptocurrency. The patent was submitted to the U.S. Patent and Trademark Office (USPTO) last year in 2017.

The patent that they submitted stated the need for the payment services to welcome in the diversity of currency including virtual currencies like bitcoin, ether, litecoin, etc. Including this feature in the payment, networks will generate an enhanced performance of the service and increase the acceptance of the technology. The payment network they proposed facilitates the real-time transactions enabling all the users to pay in any form of currency of their choice. Although Square is not the first such platform in the market, in fact, there are many platforms that are operating on the same principles as BitPay.

What is exciting here is the fact that Square is already very popular in the market. Their deep penetration into the market makes it, even more, promising with their addition of cryptocurrency payment options.

Bitcoin Transaction Latency, Square Trying to Eliminate the Issue

There has been a challenge of Latency in cryptocurrency transactions since the begining. The patent that Square submitted also promises the solution to this issue of latency in bitcoin transactions.

Question is How?

As per their proposed measure, their payment service is going to maintain a private blockchain that records transactions from well-maintained wallet by the company. This feature will allow the POS system to identify the changed balances before the transactions are entered in the public blockchain. This proposed feature does not eliminate the risk of double spend attacks, however, shifts them to the payment service from the merchant.

This is not the only way they proposed to resolve the latency issue in the crypto-transactions. This patent also stated that transaction latency could also be eliminated by putting funds owned by users into custody by the payment network enabling Square to simply update the internal ledger rather than to a blockchain.

This is the new development that will transform the entire cryptocurrency payment network in the market.

 

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