Coinbase Earns Bitcoin Email Technology Patent

Coinbase cryptocurrency broker CEO Brian Armstrong has been patented for a US technology that aims to make bitcoin trading “as simple as sending an email” – and using this still popular service.

According to the portal Coindesk reported last Tuesday (17), Armstrong’s goal is to “democratize” operations with cryptocurrency, making them more accessible to less advanced users.

For him, this kind of technology would help create a
more inclusive financial system.

“Coinbase’s vision is to create more economic freedom for all people and companies in the world over the next 10 years,” said the company’s CEO last August.

Details still unclear

The brokerage firm, the largest in the United States, was asked by Coindesk for additional details about the new technology. However, so far there is no return record.

According to the information already made available, the sender requests the sending of cryptocurrency to an email address. The system, in turn, automatically transmits the agreed amount – provided it has the required balance – from the sender’s wallet to the wallet corresponding to the recipient’s email address.

It is also noted that the new patent specifically mentions bitcoin and does not allude to other cryptocurrencies. However, Coindesk considers that a supposed expansion of this service would not be a major obstacle to be overcome.

The portal mentions that there are no restrictions on
email for Coinbase’s patented technology. That means at least
in principle that users could use email addresses already
existing if they wish.

Nor is it foreseen to charge users for
future bitcoin operations via email are likely.

Since it was founded in 2012, Coinbase has earned a total of $ 2 billion in cryptocurrency transaction fees. The exchange is present in 53 countries, including Brazil.

Other patents

In addition to technology to simplify bitcoin operations,
Coinbase obtained the patent of two other actions with potential for
facilitate the life of the Crypto community.

One is the patent for an application that ensures that
crypto user accounts comply with both local and global laws.

The other patent concerns the creation of an execution protocol
for closing non-compliant accounts.

Obstacles to Cryptocurrency Adoption

Last April, Armstrong took part in a live in which he cited the top three factors that cryptocurrencies need to deal with for greater adoption worldwide.

According to Coinbase CEO, cryptocurrencies can achieve mass adoption by improving scalability and usability while reducing volatility.

Armstrong
he added that there are currently up to ten teams working on
scalability solutions such as Lightning
Network
, with the objective of
improve the speed of transactions.

Thanks
developing these solutions, says Armstrong, cryptocurrencies can
reach 500 to 5,000 transactions per second and start working on volumes
Visa and PayPal.

Also in this live, Coinbase CEO complained about the complicated process to be followed by the user interested in dealing with crop currencies. He suggested that investing in retail cryptocurrencies should work very easily, using the popular Chinese app WeChat as an example of usability.

Despite the hurdles, Armstrong believes that in the next four years about 1 billion people worldwide will be using cryptocurrencies.


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