Mastercard to Patent Crypto Payments Speed Up Solution

World payment giant made another step on the field of cryptocurrencies
18 July 2018   1107

Mastercard won a patent for the technology to accelerate the cryptocurrency transactions,  CoinDesk reprots.

According to a document published by the US Patent and Trademark Office, Mastercard recognizes that "consumers who value anonymity and security increasingly prefer crypto currencies to fiat currencies," but the processing speed of crypto-currency transactions is an obvious "drawback" of this method of payment.

There is a need to improve on the storage and processing of transactions that utilize blockchain currencies. It often takes a significant amount of time, around ten minutes, for a blockchain-based transaction to be processed ... Conversely, traditional fiat payment transactions that are processed using payment networks often have processing times that are measured in nanoseconds … Therefore, many entities, particularly merchants, retailers, service providers, and other purveyors of goods and services, may be wary of accepting blockchain currency for products and participating in blockchain transactions.

Mastercard Patent

To reduce the processing time for transactions, the company proposes to introduce a new type of user accounts, which will be able to carry out cryptocurrency transactions tied to the fiatic currencies. This account will be used to link several profiles that will allow user to set "the amount of currency, the amount of blockchain currency, account ID and address".

Such transactions will be carried out using the means of payment of the financial currencies and transfer the crypto currency. Mastercard notes that when transferring cryptocurrencies in such way, "payment networks may be able to evaluate the likelihood of fraud and assess risk for blockchain transactions using existing fraud and risk algorithms and information that is available to payment networks, such as historical fiat and blockchain transaction data, credit bureau data, demographic information, etc., that is unavailable for use in blockchain networks"

Mastercard hard already made steps on the field of cryptocurrency. Last year, in a patent application, the company described the technology of refunds when working with crypto-currencies.

Old Korean Social Network to Close After Tokensale

Cyworld platform started operating back in 1999 and it conducted an IEO at CoinZest this year
14 October 2019   49

Investors who acquired the clink cryptocurrency issued by the South Korean social network Cyworld are worried about the status of their investments due to the company's sudden closure, reports Korea Times. Some of them are ready to go to court.

The Cyworld platform was launched in 1999 and was especially popular among the country's population until the mid-2000s. The company, however, failed to see the trend towards the development of mobile solutions on time and as a result lost its position in the market. On October 1, it closed her platform without posting any warnings to users.

At the same time, the Clink site was unavailable, and Cyworld management continues to ignore the numerous requests of investors. The Korean exchanges CoinZest and BitSonic, where Clink is still being traded, are considering delisting the asset. Industry officials say Clink's investor losses will be at least 1 billion won ($ 845,000).

Clink's primary distribution was through IEO through the CoinZest platform earlier this year and, according to the Korea Times, it was the company's attempt to bring a fading social network back to life. A total of 24 million Clink tokens were sold for a total of 480 million won ($ 400,000).

In the second half of 2019, employees who have not received salaries since the end of 2018 began to leave the company en masse. Since the start of trading, the Clink price has fallen from 26 won to 0.19 won. According to the Coingecko portal, Clink's current capitalization and revolving volume are unknown, while the marginal issue volume is 10 billion units.